Renovated Townhome-Style Apartment
940 NW 2nd St Prineville, OR 97754
940 NW 2nd St, Prineville, OR, 97754
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For Sale
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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$212.92
Days on Market100
Property Features for 940 NW 2nd St
General Information
- Standard status
- Active
- Size
- 20,900 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1973
Listing agency
Northmarq
(206) 505-9435
Listed by
Joe Kinkopf · License #WA 4255308576
Source
Crexi
Added: Apr 14 Updated: Jul 21 at 1:48PM Checked: Jul 21 at 1:48PM
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $526.7k | $25.20 |
| − Vacancy | −$40.0k | −$1.92 |
| EGI | $486.7k | $23.28 |
| − OpEx | −$219.0k | −$10.48 |
| NOI | $267.7k | $12.81 |
20,900 SF · lease $25.20/SF/yr · vacancy 7.60% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.82M
$3.35M – $4.46M
NOI $267,659 @ 7.0% cap · market cap 6.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.03M
$7.90M – $10.53M
NOI $632,016 @ 7.0% cap · market cap 14.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
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 $4,450,000.
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.
