Portage Creek Apartments
Multifamily | 28 Units | $260,714/unit
Marketing description
Portage Creek Apartments is a well-maintained 28-unit property located in Arlington, offering investors immediate rent growth with minimal execution risk. The property has benefited from significant capital improvements, with 24 of 28 units already renovated featuring updated flooring, paint, cabinets, and countertops. 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 washers and dryers and feature large floor plans averaging 1,009 square feet, 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, two of which are currently utilized by ownership and offer immediate incremental income potential. Most units also feature expansive private decks, adding desirable 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 Portage Creek Apartments as a high-quality asset with multiple, low-friction avenues for income growth and appreciation.
Investment highlights
Efficiently Scaled Asset: 28 units totaling 28,247 net rentable square feet, featuring a diverse mix of one, two, three, and rare five bedroom residences with an average unit size of 1,009 SF, appealing to families and workforce renters
Value-Add Opportunity: Rents well below market, providing significant upside through rent repositioning
Stabilized Occupancy: Fully occupied, demonstrating strong tenant demand and consistent cash flow
Established Construction: Built in 1992, offering more modern systems relative to older vintage assets
Attached Garage Parking: Offered with a number of units providing tenants with secure parking and additional storage
In-Unit Laundry: Laundry included within each residence
Strategic Location: Located in Arlington, Washington, with close proximity to Skagit Regional Health and Cascade Valley Hospital, supporting durable, healthcare-driven rental demand
Future Redevelopment Upside: The property offers potential to expand density through redevelopment of the excess parking area, allowing for the construction of additional apartment units.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
