Canyon Ridge 5211-5219 E 96th St 36 Unit Apartment Building $6,500,000 ($180,556/Unit) 6.54% Cap Rate Tacoma, WA 98446

We are pleased to present Canyon Ridge Apartments, a well-maintained 36-unit community located at 5211-5219 96th St E, Tacoma, WA 98446. This offering provides a value-add investment opportunity with recent capital improvements and modernized interiors.
The property features a mix of one- and two-bedroom units, averaging 728 square feet, 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. Additional enhancements include double-pane vinyl windows for energy efficiency and five 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, exterior paint, and seal coating in 2022, with further improvements in 2025, including new curbing, striping, and landscaping updates.
Canyon Ridge Apartments is available for $181,000 per unit and $248 per square foot, offering an attractive in-place cap rate of 6.54%. This well-positioned asset presents an excellent opportunity for investors seeking a stabilized community with long-term upside potential.