Renovated Townhome-Style Apartment
For Sale
Contact for pricing
940 NW 2nd St, Prineville, OR 97754
Twenty-two townhome-style apartments with recent roof, unit, and parking lot upgrades are offered for sale in Prineville.
Property Size20,900 SF
Price / SF$186.60
Days on Market146
Property Features for 940 NW 2nd St
General Information
Standard status
Active
Size
20,900 SF
Total Parking Spaces
44
Property subtype
Multifamily
Occupancy
95%
Additional Details
Cap Rate
6.4%
Multifamily Units
22
Building Details
Year Built
1973
Year Renovated
2020
Buildings
2
Stories
2
Units
22
Construction
townhome-style
Tenancy
Multi
Listing Agency:
Northmarq
Listed By:
Steve Fischer · License #87455
(206) 505-9435
Source:
Crexi
Added: Apr 14
Changed: Aug 27
Last Checked: Sep 4 at 10:42PM
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 Northmarq
Investment Insights
Based on property information with market context.
Rio Vista is a 22-unit, low-rise, townhome-style multifamily community totaling approximately 20,900 NRSF. The property was originally constructed in 1973 and has seen extensive renovations, including updates to 20 of the 22 units. Exterior improvements include new metal roofing installed in 2018 and a 2020 seal-coated, restriped parking lot, along with fresh exterior paint.
The community provides surface parking with two spaces per unit. It is located less than a block from the Crook County Library and adjacent to Gervais Park, with access to the Crooked River and views of the Ochoco Mountains.
With 95% occupancy, the community is offered as a turnkey, stabilized investment, with in-place rents approximately 6.01% below market as of the information provided.
The community provides surface parking with two spaces per unit. It is located less than a block from the Crook County Library and adjacent to Gervais Park, with access to the Crooked River and views of the Ochoco Mountains.
With 95% occupancy, the community is offered as a turnkey, stabilized investment, with in-place rents approximately 6.01% below market as of the information provided.
Key Highlights
- 22‑unit multifamily community in Prineville, built in 1973; low‑rise, townhome‑style layout.
- Approximately 20,900 NRSF total with an average unit size of about 950 SF.
- Renovations completed in 20 of 22 units, plus new metal roofing installed in 2018.
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
$267,659
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
6.86%
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%
$5,353,180
$5.4M
Cap Rate 7%
$3,823,700
$3.8M
Cap Rate 9%
$2,973,989
$3.0M
Market Conditions
NOI Build-Up for 20,900 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
$526.7K $25.20/SF
− Vacancy
−$40.0K −$1.92/SF
EGI
$486.7K $23.28/SF
− OpEx
−$219.0K −$10.48/SF
NOI
$267.7K $12.81/SF
Area
Crook County, OR
Vacancy
7.60%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
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%
$5,353,180
Cap Rate 7%
$3,823,700
Cap Rate 9%
$2,973,989
Alternative Uses
Best Use
Apartment 5plus
$3.82M
$3.35M – $4.46M
NOI $267,659 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.03M
$7.90M – $10.53M
NOI $632,016 @ 7.0% cap · market cap 16.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
95%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
555
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?
Apartment building - Twenty-two townhome-style apartments with recent roof, unit, and parking lot upgrades are offered for sale in Prineville.
Where is this apartment building located?
The property is located at 940 NW 2nd St Prineville, OR.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 22‑unit multifamily community in Prineville, built in 1973; low‑rise, townhome‑style layout.; Approximately 20,900 NRSF total with an average unit size of about 950 SF.; Renovations completed in 20 of 22 units, plus new metal roofing installed in 2018.
