10917 Canyon RdPuyallup, WA 98373

Property Details for 10917 Canyon Rd

Year built

1985

Lot size

0.92 AC

Property size (Sq ft)

9,830 SF

Property type

Retail properties

Property subtype

Lifestyle centers

Description

Canyon Plaza, located at 10917 Canyon Rd E, Puyallup, WA 98373, presents a compelling investment opportunity. This 9,830 square foot, fee-simple shopping center boasts a diverse mix of six tenants, including Verizon Wireless and Windermere Professional Partners, all operating under NNN leases. The property, built in 1985 and renovated in 2005, enjoys 100% occupancy, generating a strong net operating income (NOI) of $270,611, representing a 6.50% cap rate on the $4,160,000 asking price. The center features 61 parking spaces and sits on a 0.92-acre lot. Four of the five leases include annual rent increases, providing built-in growth potential. A new five-year lease with Create Fitness further solidifies long-term occupancy. The property benefits from a prime location within a high-growth submarket, boasting a population of over 238,000 within a 5-mile radius and average household incomes exceeding $93,000. The submarket's low vacancy rate (3.3%) and lack of new retail construction create a high barrier to entry. In 2027, an opportunity exists to increase Crown Castle GT Company's easement income, potentially boosting NOI by at least $36,000 annually. This well-maintained, grocery-shadow anchored center offers a stable, high-performing investment in a thriving Washington state market.

Location Insight

City

Puyallup

County

Pierce

State

Washington

Latitude

47.1564

Longitude

-122.357

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