Northmarq is pleased to present Redondo Ridge Townhomes, an 18-unit townhome community located in Federal Way, Washington. Built in 1976, the property features spacious two-bedroom, one-and-a-half-bathroom townhomes averaging 1,010 square feet, with fireplaces, vaulted ceilings, private patios, and full-size side-by-side washers and dryers. Offered at $4,950,000 ($275,000 per unit / $272 per square foot), the property offers investors an attractive 6.04% in-place capitalization rate with meaningful upside through continued rent growth. Current rents average $2,101 per month, approximately 12.46% below market, while comparable townhomes are achieving approximately $2,400 per month. Additionally, there are four unrenovated units that can be renovated to capture approximately $500 per month in additional rental income. The property has benefited from significant capital improvements, including a new metal roof (2017), electrical panel upgrades (2018), fresh exterior paint (2026), and 14 of 18 extensively remodeled units featuring new cabinets, quartz countertops, flooring, paint, doors, millwork, and appliances, providing investors with a stabilized asset while preserving additional value-add potential. Located just 1.6 miles from the Federal Way Link Light Rail Station, the property offers convenient access to employment centers, shopping, dining, and regional transportation throughout the Puget Sound region.