21125 81st Street NE

Arlington, WA 98223

  • Bed

  • Bath

  • 28247 SqFt

  • 1 DOM

  • Built: 1992

  • Status: Active

$7,300,000

X

21125 81st Street NE

Arlington 98223

$7300000

  • Bed

  • Bath

  • 28247 SqFt

  • 1 DOM

  • Built: 1992

  • Status: Active

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Krishna Regupathy

Principal Broker

(503) 893-8874

Portage Creek Apartments is a well-maintained 28-unit property located in Arlington, offering investors immediate rent growth with minimal execution risk. It has benefited from significant capital improvements, with 24/28 units already renovated featuring updated flooring, paint, cabinets, and CT. In addition, the exterior has been recently repainted, enhancing curb appeal and reinforcing the asset’s strong physical condition. Despite these upgrades, in-place rents remain below market, providing a clear opportunity to increase revenue without the need for further interior renovations. All units include in-unit W/D and feature large floor plans averaging 1,009 SF, a compelling differentiator in the local rental market. The unit mix is further enhanced by value-added amenities, including several units with attached garages and a total of 14 garages on site, 2 of which are currently utilized by ownership and offer immediate incremental income potential. Most units also feature expansive private decks, adding an outdoor living space that supports tenant retention and higher market rents. With a strong renovation base already in place, investors can focus on mark-to-market rent growth, selective completion of remaining upgrades if desired, and long-term optionality through future redevelopment potential via the excess parking area. Collectively, these attributes position the property as a high-quality asset with multiple, low-friction avenues for income growth and appreciation.

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Residence Information

  • 28247

  • Composition

  • 14,

  • 56 - 10+ Units

  • 1992

Features and Utilities

  • Brick, Wood

  • Public

  • Sewer Connected

  • 0

Financial

  • 41489

  • Cash, Conventional

  • 04-09-2026

Comparable Information

  • 1

  • 1

  • Cash, Conventional

  • $7,300,000

  • $7,300,000

  • Apr 09, 2026 21:52

Schools

Map

Listing courtesy of Northmarq Multifamily, LLC.

The content relating to real estate for sale on this site comes in part from the IDX program of the NWMLS of Seattle, Washington. Real Estate listings held by brokerage firms other than this firm are marked with the NWMLS logo, and detailed information about these properties include the name of the listing's broker. Listing content is copyright © 2026 NWMLS of Seattle, Washington. All information provided is deemed reliable but is not guaranteed and should be independently verified. Krishna Realty data last checked: Apr 10, 2026 03:02 | Listing last modified Apr 09, 2026 21:52. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.

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