21125 81st Street NE, Arlington, WA 98223 (MLS # 2505434)

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Listing provided courtesy of Northwest MLS; Northmarq Multifamily, LLC

PRICE $7,300,000
BEDS 0
BATHS 0
HOME SIZE 28,247 sqft
LOT SIZE 4.30 ac
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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.

LAST UPDATED 4/9/2026 TRACT Arlington
YEAR BUILT 1992 COMMUNITY Arlington
GARAGE SPACES 14.0 COUNTY Snohomish
STATUS Active PROPERTY TYPE(S) Multi Family


ADDITIONAL DETAILS
AIR None
AREA 770 - Northwest Snohomish
CONSTRUCTION Brick, Wood Siding
GARAGE Yes
HEAT Baseboard, Electric
LOT 4.3 acre(s)
LOT DESCRIPTION Paved, Sidewalk
MLS STATUS Active
STORIES 2
STYLE 56 - 10+ Units
SUBDIVISION Arlington
TAXES 41489
UTILITIES Sewer Connected
VIEW Yes
VIEW DESCRIPTION Territorial
WATER Public
ZONING Multi-Family

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Properties with the Logo icon are courtesy of Northwest MLS.

Listings courtesy of Northwest MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of 5/28/26 11:19 AM PDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. 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.

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