Remodeled
New
For Sale
$499,000
2229 NE Yellowpine Rd, Prineville, OR 97754
Interior and exterior improvements include updated kitchens, windows, doors, and mini-split heat pumps.
Property Size2,140 SF
Price / SF$233.18
Days on Market7
Property Features for 2229 NE Yellowpine Rd
General Information
Standard status
Active
Size
2,140 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1999
Buildings
1
Listing Agency:
Sunriver Realty
(541) 480-8565
Listed By:
Strategic Realty, LLC
(541) 595-8444
Source:
Movetobend
Added: Sep 28
Changed: Oct 4
Last Checked: Oct 4 at 9:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sunriver Realty
Investment Insights
Based on property information with market context.
Built in 1999, this 2,140-square-foot duplex has undergone extensive updates and has not been occupied since the work was completed. Improvements include new appliances, cabinets, solid-surface countertops, flooring, interior and exterior paint, mini-split heat pumps, windows, doors, and trim. Landscaping has also been updated.
Key Highlights
- 2,140‑square‑foot duplex
- Extensive renovation completed; unoccupied since the work
- New appliances, cabinets, and solid‑surface countertops
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
$30,021
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
6.02%
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%
$600,420
$600.4K
Cap Rate 7%
$428,871
$428.9K
Cap Rate 9%
$333,567
$333.6K
Market Conditions
NOI Build-Up for 2,140 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
$46.2K $21.60/SF
− Vacancy
−$3.3K −$1.56/SF
EGI
$42.9K $20.04/SF
− OpEx
−$12.9K −$6.01/SF
NOI
$30.0K $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%
$600,420
Cap Rate 7%
$428,871
Cap Rate 9%
$333,567
Alternative Uses
Best Use
Multifamily LT 5
$428.9K
$375.3K – $500.4K
NOI $30,021 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$391.5K
$342.6K – $456.8K
NOI $27,406 @ 7.0% cap · market cap 5.49%
Theoretical Best
Specialty Retail
$924.5K
$808.9K – $1.08M
NOI $64,714 @ 7.0% cap · market cap 12.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
67
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Interior and exterior improvements include updated kitchens, windows, doors, and mini-split heat pumps.
Where is this duplex located?
The property is located at 2229 NE Yellowpine Rd Prineville, OR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,140‑square‑foot duplex; Extensive renovation completed; unoccupied since the work; New appliances, cabinets, and solid‑surface countertops
