About this home

We are pleased to present Redondo Ridge Townhomes, an 18-unit townhome community in Federal Way. Built in 1976, the property offers spacious 2-bedroom, 1.5-bath townhomes averaging 1,010 SF with fireplaces, vaulted ceilings, private patios, and full-size side-by-side washers and dryers. Offered at $4,950,000 ($275,000/unit, $272/SF), the asset delivers a 6.04% in-place cap rate with meaningful upside: current rents average $2,101, roughly 12% below the $2,400 achieved by comparable townhomes, and four unrenovated units offer approximately $500/month of additional income. Capital improvements include a new metal roof (2017), electrical panel upgrades (2018), fresh exterior paint (2026), and 14 of 18 units extensively remodeled with new cabinets, quartz counters, flooring, paint, doors, millwork, and appliances. Located 1.6 miles from the Federal Way Link Light Rail Station with convenient access to employment, shopping, and dining.

Exterior features

Schools

Property details

Heating

Baseboard, Wall Furnace

Cooling

None

Flooring

Laminate, Vinyl, Vinyl Plank, Carpet

View

Territorial

Lot

Cul-De-Sac, Curbs, Paved

Water source

Public

Sewer

Sewer Connected

Costs

Annual taxes

$49,865 (2026)

Location

Federal Way, WA 98003