10917 Canyon Rd Puyallup, WA 98373

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.