28426 S 16th Ave, Federal Way, WA 98003 | MLS #NWM2510472 | Berkshire Hathaway HomeServices Northwest Real Estate
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Listing provided courtesy of Real Broker LLCNWMLSas Distributed by MLSGrid- MLS# NWM2510472MLS Provider

28426 S 16th AveFederal Way, WA 98003

Multi-Family · 12 Beds · 0.34 Acres
$1,700,000 Active

28426 S 16th Ave Overview

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Rare opportunity to acquire Soundview II, a turn-key, six-unit multifamily asset in Federal Way's coveted Redondo neighborhood. This condo-style complex features expansive 1,170 SF 2-bed/1.5-bath floor plans designed for high-retention ccupancy. Units boast premium amenities including private west-facing balconies with partial Puget Sound views, fireplaces, in-unit full-size W/D, LVP flooring, and stainless appliances. With the December 2025 Link Extension opening, residents enjoy rapid light rail access to SEATAC and Downtown Seattle while maintaining a significant affordability advantage. Historically self-managed with little deferred maintenance, the property offers a clear value-add runway; implement targeted cosmetic upgrades to countertops and cabinetry to capture immediate rent premiums. Positioned in a supply-constrained submarket with local development moratoriums and a median household income projected to grow 53% by 2030, Soundview Il is a high-yield, low-risk addition to any portfolio. Proximity to Dash Point State Park and I-5 ensures durable demand for years to come.

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28426 S 16th Ave Facts & Features

  • Type Multi-Family
  • Lot 0.34 Acres

Details

General

Association/HOA

  • Association Fee: $0.00

School Information

  • School District: Federal Way

Income/Expenses

  • Other Expense: 22467
  • Electric Expense: 2210
  • Fuel Expense: 2210
  • Gross Scheduled Income: 134860
  • Insurance Expense: 7134
  • Net Operating Income: 82106
  • Total Expenses: 52752
  • Total Monthly Income: 11400
  • Water/Sewer/Garbage: 2210

Building Information

  • New Construction: No
  • Year Built: 1978

Location/Region

  • Country: US
  • County Or Parish: King
  • MLS Area Major: 110 - Dash Point/Federal Way
  • Subdivision Name: Redondo

Tax Information

  • Tax Annual Amount: $16,521.00
  • Tax Year: 2026

General Information

  • Listing Terms: Cash, Conventional
  • Parcel Number: 7876210000
  • Property Sub Type: Multi Family
  • Property Type: Residential Income
  • Senior Community: No
  • Special Listing Conditions: None

Interior

Parking Information

  • Garage Spaces: 0

Beds/Baths

  • Bedrooms Upper: 0

Building Interior

  • Building Area Total: 0
  • Building Area Units: Square Feet
  • Calculated Square Footage: 0
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0

General Information

  • Cooling: No
  • Fireplace: No
  • Fireplaces Total: 0
  • Heating: Yes
  • Leasable Area: 7023
  • Living Area: 0
  • Main Level Bathrooms: 0
  • Power Production Type: Electric
  • Stories Total: 3

Exterior

Parking Information

  • Open Parking: No
  • Parking Total: 12
  • Parking Uncovered Total: 6

Lot Information

  • Irrigation Water Rights: No
  • Lot Size Acres: 0.3383
  • Lot Size Square Feet: 14736
  • Lot Size Units: Square Feet
  • Elevation Units: Feet
  • Water Source: Public

Waterfront/View

  • Waterfront: No

Building Exterior/Construction

  • Roof: Composition
  • Structure Type: Multi Family

General Information

  • Carport Spaces: 6
  • Carport: No
  • Covered Spaces: 6
  • Exterior Features: Wood Products
  • Number Of Units Total: 6
  • Sewer: Sewer Connected

Unit Information

Unit 1 Details

  • Actual Rent: 1900
  • Beds Total: 2
  • Baths Total: 2

Unit 2 Details

  • Actual Rent: 1900
  • Beds Total: 2
  • Baths Total: 2

Unit 3 Details

  • Actual Rent: 1900
  • Beds Total: 2
  • Baths Total: 2

Unit 4 Details

  • Actual Rent: 1900
  • Beds Total: 2
  • Baths Total: 2

Unit 5 Details

  • Actual Rent: 1900
  • Beds Total: 2
  • Baths Total: 2

Unit 6 Details

  • Actual Rent: 1900
  • Beds Total: 2
  • Baths Total: 2

28426 S 16th Ave Neighborhood

Community

98003 (Federal Way) Demographics

35
Median Age
4,212
Population Density (per sq. mile)
37%
College Educated
$59,560
Estimated Median Income
8,722
Estimated Total Home Owners
9,793
Estimated Total Renters
47% / 53%
Estimated Owner / Renter Divide
3
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

28426 S 16th Ave Monthly Cost

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* All calculations are estimates and provided by Reliance Network, for informational purposes only. Actual amounts may vary. ** Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information. Any mortgage broker or insurance agent that may appear is independent and is not affiliated with, endorsed by, or provided by the MLS.

28426 S 16th Ave Market Data

Based on the last 30 days in this zip code

$506,834
Average List Price
$301
Average Price per Square Foot
35
Properties Sold
81
Average Days on Market
170
Properties for Sale
Calculations provided by Reliance Network

28426 S 16th Ave History

Date Event Value Agent
4/20/2026Source: NWMLS Added to Database
April 20, 2026