Multi-Tenant Office
For Sale
Contact for pricing
267 NE 2nd St, Prineville, OR 97754
Downtown office property with elevator service, fire sprinklers, and convenient onsite and street parking.
Property Size4,595 SF
Price / SF$237.21
Days on Market422
Property Features for 267 NE 2nd St
General Information
Standard status
Active
Size
4,595 SF
Total Parking Spaces
12
Elevators
Yes
Property subtype
OFFICE
Occupancy
100%
Additional Details
Sprinkler System
Yes
Building Details
Tenancy
Multi
Listing Agency:
RE/MAX Key Properties
(541) 213-8967
Listed By:
Ryan Amerongen · License #OR 201209792
(541) 213-8967
Source:
Moodyscre
Added: Jun 25, 2025
Changed: Aug 15
Last Checked: Aug 19 at 6:30AM
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 RE/MAX Key Properties
Investment Insights
Based on property information with market context.
Chukar Point is a 4,595-square-foot, multi-tenant office building in downtown Prineville. The property is fully leased to 8 tenants through the end of 2025 and is described as quality construction that has been well maintained.
Building features include an elevator and sprinklers throughout. The property provides 12 onsite parking spaces, with additional street parking available in front of the building.
Building features include an elevator and sprinklers throughout. The property provides 12 onsite parking spaces, with additional street parking available in front of the building.
Key Highlights
- 4,595‑square‑foot multi‑tenant office building
- Fully leased to 8 tenants through the end of 2025
- Located in downtown Prineville
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
$65,987
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
6.05%
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%
$1,319,740
$1.3M
Cap Rate 7%
$942,671
$942.7K
Cap Rate 9%
$733,189
$733.2K
Market Conditions
NOI Build-Up for 4,595 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
$93.7K $20.40/SF
− Vacancy
−$5.8K −$1.25/SF
EGI
$88.0K $19.15/SF
− OpEx
−$22.0K −$4.79/SF
NOI
$66.0K $14.36/SF
Area
Crook County, OR
Vacancy
6.14%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,319,740
Cap Rate 7%
$942,671
Cap Rate 9%
$733,189
Alternative Uses
Best Use
Office B
$942.7K
$824.8K – $1.10M
NOI $65,987 @ 7.0% cap · market cap 6.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $138,953 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
809
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Downtown office property with elevator service, fire sprinklers, and convenient onsite and street parking.
Where is this office building located?
The property is located at 267 NE 2nd St Prineville, OR.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: 4,595‑square‑foot multi‑tenant office building; Fully leased to 8 tenants through the end of 2025; Located in downtown Prineville
