1000 NE 3rd St, Prineville, OR 97754

Shadow Hills Apartments presents a multifamily investment opportunity in Central Oregon. The property is located along Prineville’s main thoroughfare, providing access to shopping, dining, employment centers, and essential services. The community consists of 23 units, including nine one bedroom/one-bath units, ten two-bedroom/one-bath units, and four three bedroom/one-bath units. Most units feature designated off-street parking, modernized floor plans, luxury vinyl plank (LVP) flooring, dishwashers, updated baseboard heating, and window-mounted air conditioning. Controlled access entry and on-site security cameras enhance resident safety. Over the past five years, a capital improvement and rebranding program has been executed, including new signage, new exterior paint, selective siding repairs, parking lot resealing, replacement of air-conditioning units in multiple apartments, and interior renovations in over 70% of the units featuring updated flooring, appliances, and finishes. Current rents are estimated at 20% below market within a one-mile radius. The majority of value-add improvements have already been completed, allowing a new owner to benefit from stable in-place cash flow while capturing additional income through continued interior upgrades, rent optimization, and operational efficiencies. Positioned in a growing Central Oregon market, Shadow Hills represents an attractive opportunity for investors seeking a well-located asset with both stability and future growth.