1821 S 310th St, Federal Way, WA 98003
The Southwynd Apartments is a 20-unit multifamily property in Federal Way consisting of three buildings. The Property features a mix of (4) one-bed / one-bath, (12) two-bed / one-bath, and (4) three-bed / one-bath units. Southwynd Apartments offers investors attractive multiple avenues for upside – by raising rents to market or by renovating the 16 remaining classic units with new appliances and modern finishes. Assuming a $350,000 renovation budget, the Property stabilizes to a 6.8% yield-on-cost. 6.03% current cap rate 7.50% renovated cap rate. Additionally, Southwynd features an 11,183 SF vacant corner lot zoned RM1800 with development potential (buyer to verify).
Southwynd is well located within Federal Way. The Link Light Rail Extension is less than a mile from the Property and is set to open in 2025/2026. The Light Rail provides easy access to the Sea-Tac Airport, Downtown Seattle, Bellevue & Eastside, and other key neighborhoods in the Puget Sound Region. Southwynd is also within a mile of Walmart, Target, Trader Joe’s, and Federal Way High School. The Property is only a 15-minute drive from downtown Tacoma and four minutes from the I-5 on-ramp.