Rio Vista Apartments 940 NW 2nd St 22 Unit Apartment Building $4,450,000 ($202,273/Unit) 6.40% Cap Rate Prineville, OR 97754

Northmarq is pleased to present Rio Vista, a 22-unit multifamily community located in Prineville. The property consists of low-rise, townhome-style units totaling approximately 20,900 NRSF, with an average unit size of roughly 950 square feet. Originally constructed in 1973, the asset has undergone extensive upgrades, including renovations to 20 of 22 units, new metal roofing installed in 2018, and recent exterior improvements such as fresh paint and a seal-coated, restriped parking lot completed in 2020. These improvements provide residents with modernized interiors and functional, spacious layouts while minimizing near-term capital expenditure requirements.
The property is offered at $4,450,000 ($202,000 per unit) and represents a turnkey, stabilized investment with meaningful upside. Current NOI is $284,783, reflecting a 6.4% in-place cap rate. The asset is 95% occupied, demonstrating strong tenant demand and operational stability. In-place rents remain approximately 6.01% below market, presenting a clear opportunity for revenue growth through mark-to-market adjustments. The community features surface parking with two spaces per unit, further enhanced by the recently improved parking lot, contributing to resident convenience and overall competitiveness within the submarket.
Ideally located less than a block from the Crook County Library and adjacent to Gervais Park, the property offers direct access to the Crooked River, scenic views of the Ochoco Mountains, and proximity to Meadow Lakes Golf Course. Prineville is situated in one of the Western U.S.’s fastest-growing regions, with population growth exceeding 38% since 2000 and continued momentum—supporting long-term rental demand.