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Shadow Hills Apartments 1000 NE 3rd St 23 Unit Apartment Building $2,550,000 ($110,870/Unit) 6.28% Cap Rate Prineville, OR 97754
Investment Highlights
- Strong Upside Already Proven by Highest-Achieved Rents
- Extremely Low Vacancy on Highly Sought-After Location
- Professionally Managed and Maintained with Pride in Ownership
- Diverse Mix of 1, 2 and 3 Bedroom Flats, Most Units Attractive High Demand 2 Bedrooms
- Breathtaking Views of Central Oregon’s Natural Beauty
- Very Walkable and Bikeable Location
Executive Summary
Shadow Hills Apartments presents a compelling multifamily investment opportunity in the heart of Central Oregon. Strategically located along Prineville’s main thoroughfare, the property offers convenient access to shopping, dining, employment centers, and essential services. The community consists of 23 units across a well-maintained building, including nine one-bedroom/one-bath units, ten two-bedroom/one-bath units, and four three-bedroom/one-bath units. This diverse unit mix caters to a broad tenant base ranging from single professionals to families, supporting consistent occupancy and long-term demand.
The property has been thoughtfully maintained and enhanced to meet modern renter expectations. 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 further enhance resident safety and peace of mind. Over the past five years, ownership has executed a comprehensive capital improvement and rebranding program, 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.
With current rents estimated at 20% below market within a one-mile radius, Shadow Hills Apartments offers meaningful upside potential. 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.
The property has been thoughtfully maintained and enhanced to meet modern renter expectations. 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 further enhance resident safety and peace of mind. Over the past five years, ownership has executed a comprehensive capital improvement and rebranding program, 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.
With current rents estimated at 20% below market within a one-mile radius, Shadow Hills Apartments offers meaningful upside potential. 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.
Property Facts
| Price | $2,550,000 | Apartment Style | Low-Rise |
| Price Per Unit | $110,870 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.81 AC |
| Cap Rate | 6.28% | Building Size | 22,268 SF |
| No. Units | 23 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1978 |
| Property Subtype | Apartment | Parking Ratio | 2.16/1,000 SF |
| Zoning | R2 | ||
| Price | $2,550,000 |
| Price Per Unit | $110,870 |
| Sale Type | Investment |
| Cap Rate | 6.28% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.81 AC |
| Building Size | 22,268 SF |
| No. Stories | 2 |
| Year Built | 1978 |
| Parking Ratio | 2.16/1,000 SF |
| Zoning | R2 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Storage Space
- Heating
- Kitchen
- Walk-In Closets
- Yard
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Controlled Access
- Fenced Lot
- Laundry Facilities
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
| 2+1 | 9 | - | - |
| 3+1 | 4 | - | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
20/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 008045 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $821,610 |
Property Taxes
Parcel Number
008045
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$821,610
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Shadow Hills Apartments | 1000 NE 3rd St
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