Six-Duplex Multifamily
For Sale
$2,700,000
1147 SW Tee Lane, Prineville, OR 97754
Residential Income, Prineville, OR
Property Size14,400 SF
Lot Size0.17 Acres
Price / SF$187.50
Days on Market184
Property Features for 1147 SW Tee Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R2
Parking features
Driveway
Window features
Vinyl Frames, Double Pane Windows
Patio and Porch features
Deck
Interior features
Laminate Counters, Linen Closet, Open Floorplan, Shower/Tub Combo
Fireplace
1
Appliances
Dishwasher, Oven, Range, Refrigerator, Water Heater
Subdivision
Parr View
Lot features
Landscaped, Sprinkler Timer(s), Sprinklers In Front, Sprinklers In Rear
View
Territorial, Golf Course
Elementary school
Check with District
Middle school
Check with District
High school
Check with District
Directions
From Bend/Redmond, right onto SW Rimrock Way, to SW Tee Ln. Parking on SW Rimrock may be the best option.
Standard status
Active
APN
18498
Size
14,400 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3749
Utilities
Sewer type
Public Sewer
Heating system
Fireplace(s), Forced Air, Natural Gas
Water source
Public
Building Details
Year built
2007
Floors in Building
2
Number of units
12
Flooring type
Carpet, Vinyl
Building materials
Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty Central Oregon
(541) 585-3760
Listed By:
Brady Velikonia · License #201243904
(530) 521-8864
Added: Feb 19
Changed: Aug 19
Last Checked: Aug 22 at 5:06PM
MLS# 220215675
Copyright © 2026 Oregon Data Share. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises six duplex buildings totaling 12 units and 14,400 square feet. Each 2,400-square-foot building contains two 1,200-square-foot residences with two bedrooms and 2.5 bathrooms per unit. Both bedrooms are en suite, and each residence includes a one-car garage and additional off-street parking. Interior features include open floorplans, laminate counters, linen closets, and shower/tub combinations, with carpet and vinyl flooring. Appliances include dishwashers, ovens, ranges, refrigerators, and water heaters.
Built in 2007, the buildings have received new roofs and exterior paint within the last two years. The portfolio is 100% occupied and professionally managed. Public water and sewer serve the property, while heating includes forced air and natural gas; fireplaces are also present. The six duplexes occupy separate tax lots at 1147 SW Tee Lane in Prineville, with views overlooking Meadow Lakes golf course and no HOA or CC&Rs.
Built in 2007, the buildings have received new roofs and exterior paint within the last two years. The portfolio is 100% occupied and professionally managed. Public water and sewer serve the property, while heating includes forced air and natural gas; fireplaces are also present. The six duplexes occupy separate tax lots at 1147 SW Tee Lane in Prineville, with views overlooking Meadow Lakes golf course and no HOA or CC&Rs.
Key Highlights
- Six duplex buildings on separate tax lots with 12 total units
- 14,400 square feet across the portfolio; each building measures 2,400 square feet
- Each unit offers 2 bedrooms, 2.5 bathrooms, and en suite bedrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$202,008
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,040,160
$4.0M
Cap Rate 7%
$2,885,829
$2.9M
Cap Rate 9%
$2,244,533
$2.2M
Market Conditions
NOI Build-Up for 14,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$311.0K $21.60/SF
− Vacancy
−$22.5K −$1.56/SF
EGI
$288.6K $20.04/SF
− OpEx
−$86.6K −$6.01/SF
NOI
$202.0K $14.03/SF
Area
Crook County, OR
Vacancy
7.22%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,040,160
Cap Rate 7%
$2,885,829
Cap Rate 9%
$2,244,533
Alternative Uses
Best Use
Multifamily LT 5
$2.89M
$2.53M – $3.37M
NOI $202,008 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$2.63M
$2.31M – $3.07M
NOI $184,416 @ 7.0% cap · market cap 6.83%
Theoretical Best
Specialty Retail
$6.22M
$5.44M – $7.26M
NOI $435,456 @ 7.0% cap · market cap 16.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Explore this area
Business Placement
Demographics for 97754, OR
21,627
Population
9,985
Households
2.2
Avg Household Size
46
Median Age
21%
College-Educated
90%
High-School Grad
1,370.6 sq mi
ZIP Area
16
Density / Sq Mi
$76,698
Median Household Income
$42,395
Median Earnings
$1,224
Median Rent
$397,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied two-bedroom residences offer en suite bedrooms, one-car garages, and recent exterior improvements.
Where is this duplex located?
The property is located at 1147 SW Tee Lane Prineville, OR.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Six duplex buildings on separate tax lots with 12 total units; 14,400 square feet across the portfolio; each building measures 2,400 square feet; Each unit offers 2 bedrooms, 2.5 bathrooms, and en suite bedrooms
