We are pleased to present Canyon Ridge Apartments, a well-maintained 36-unit community in Puyallup. This offering provides a value-add investment opportunity with recent capital improvements. The property features a mix of 1&2 BD units, averaging 728SF, with 30 of the 36 units recently remodeled to include new flooring, baseboards, paint, lighting, appliances, and updated bathrooms - half of which also received new cabinets. Enhancements include double-pane vinyl windows and 5 on-site laundry rooms with coin-operated machines, all newly installed in December 2024 and fully owned by the property. Recent exterior upgrades include new roofs, paint, and seal coating in 2022, curbing, striping, and landscaping updates in 2025.
Property Features
Bedrooms
Heating and Cooling
- Heating Features: Baseboard
- Heating Fuel: Electric
- Heating: Yes
- Number of Fireplaces: 0
Interior Features
- Flooring: Vinyl, Wall to Wall Carpet
Exterior and Lot Features
- Deck
- Fenced-Partially
- Deck: Yes
Land Info
- Additional Parcels Description: 0320364090, 0320364091
- Lot Description: Paved, Sidewalk
- Lot Size Acres: 2.9883
- Lot Size Square Feet: 130170
Garage and Parking
- Covered Spaces: 0
- Off Street Parking: 60
- Open Parking Spaces: 60
- Open Parking: Yes
- Parking Total: 60
- Uncovered Spaces: 60
Home Features
- View: Territorial
- Security Features: Partially Fenced
Homeowners Association
- Association: No
- Calculated Total Monthly Association Fees: 0
Rental Info
- Gross Scheduled Income: 618900
- Leasable Area: 26220
School Information
- High School District: Puyallup
- School District: Puyallup
Multi-Unit Info
- Bedrooms in Unit-1: 2
- Bedrooms in Unit-2: 2
- Bedrooms in Unit-3: 2
- Bedrooms in Unit-4: 2
- Bedrooms in Unit-5: 2
- Bedrooms in Unit-6: 2
- Bedrooms in Unit-7: 2
- Bedrooms in Unit-8: 2
- Bedrooms in Unit-9: 1
- Bedrooms in Unit-10: 1
- Total Bathrooms in Unit-1: 1
- Total Bathrooms in Unit-2: 1
- Total Bathrooms in Unit-3: 1
- Total Bathrooms in Unit-4: 1
- Total Bathrooms in Unit-5: 1
- Total Bathrooms in Unit-6: 1
- Total Bathrooms in Unit-7: 1
- Total Bathrooms in Unit-8: 1
- Total Bathrooms in Unit-9: 1
- Total Bathrooms in Unit-10: 1
- Unit-1 Square Feet: 810
- Unit-2 Square Feet: 810
- Unit-3 Square Feet: 810
- Unit-4 Square Feet: 810
- Unit-5 Square Feet: 810
- Unit-6 Square Feet: 810
- Unit-7 Square Feet: 810
- Unit-8 Square Feet: 810
- Unit-9 Square Feet: 600
- Unit-10 Square Feet: 600
- Unit 1 Total Actual Rent: 1495
- Unit 2 Total Actual Rent: 1645
- Unit 3 Total Actual Rent: 1495
- Unit 4 Total Actual Rent: 1450
- Unit 5 Total Actual Rent: 1495
- Unit 6 Total Actual Rent: 1495
- Unit 7 Total Actual Rent: 1645
- Unit 8 Total Actual Rent: 1495
- Unit 9 Total Actual Rent: 1195
- Unit 10 Total Actual Rent: 1295
Other Property Info
- Annual Tax Amount: 59976
- Source Listing Status: Active
- County: Pierce
- Cap Rate: 6.48
- Directions: Take exit 135 from I-5 S. Take Pioneer Way E and Canyon Rd E to 96th St E in Summit. Turn right onto 96th St E.
- Tax Year: 2025
- Other Expense: 106940
- Source Property Type: Multi Family
- Possible Use: Multi-Family
- Insurance Expense: 16918
- Area: 79 - Puyallup
- List Development Name: Summit
- Source Neighborhood: Summit
- Parcel Number: 0320364089
- Subdivision: Summit
- Zoning Description: Multi-Family
Commercial Info
- Net Operating Income: 436668
- Operating Expense: 223391
Building and Construction
- Year Built: 1976
- Building Area Units: Square Feet
- Construction Materials: Brick, Wood, Brick, Wood
- Foundation Details: Slab
- Property Age: 49
- Roof: Composition
- Building Total Stories: 2
- Structure Type: Multi Family
- House Style: 10+ Units
- Elevation Units: Feet
- Year Built Effective: 1988
Utilities
- Power Production Type: Electric
- Sewer: Septic
