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… Read More 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. Read Less
Listing courtesy of Northmarq Multifamily, LLC
Listing Snapshot
Cumulative Days On Market
52
Days on Website
52
Last Updated
Property Type
Multi Family
Square Ft.
28,247
Lot Size
4.3 Acres
Year Built
1992
Property Tax
$41,489
MLS Number
2505434
30 Days Snapshot Of 98223
$705k
+7%
(avg) sold price
46
-2%
homes sold
67
-21%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Building Area Units: Square Feet, Building Area Total: 28247, Calculated Square Footage: 28247, Elevation Units: Feet, Leasable Area: 28247, Living Area: 0, Number Of Units Total: 28, Stories Total: 2, Structure Type: "Multi Family", Units In Building Total: 28, Year Built: 1992, Year Built Effective: 1992
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listings last updated on ,
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