Portofino is a hidden gem in Federal Way offering 12 units with a value-add potential, presenting a chance to maximize your returns. Enjoy the tranquility of this well-maintained property featuring spacious two-bed/two-bath apartments, in-unit washer/dryer, private patio/balcony, ample parking, and controlled access. With renovations already underway, there is a demonstrated opportunity to increase rents significantly following the completion of upgrades. Located near Federal Way's Downtown Light Rail Station, Portofino is strategically positioned for growth with limited apartment supply in the area. Take advantage of the surge in demand and future rent growth potential, as the Federal Way/Des Moines submarket experiences an increase in residents seeking affordable housing options. Investment Highlights Professionally managed and beautifully maintained with zero delinquency, Portofino presents an excellent repositioning opportunity near the heart of Federal Way and the Downtown Light Rail Station The property features 12 spacious two-bed and two-bath apartments averaging 847 square feet in a low density and tranquil setting; amenities include in-unit washer and dryer, private patio and balcony, ample parking, controlled access, and storage Majority of units in classic condition with rents averaging well below market rate; further monthly premiums of $288 post renovation achievable, proven through the value-add program implemented by current ownership to include new LVP flooring, stainless steel appliances, modern fixtures, and fresh paint Limited supply-side pressure has created significant value-add opportunities for existing apartment communities; the Federal Way/Des Moines submarket has had only 200 new deliveries in the past decade, while projections show a surge in apartment demand over the next four quarters with 174 net move-ins during 2024 Submarket rent growth driven by the demand from residents priced out of Seattle's inner core; landlords will gain increased pricing power once the light rail extension from Sea-Tac to Federal Way is completed in 2026