999 NE 3rd St, Prineville, OR 97754

https://www.marcusmillichap.com/properties/196867/shadow-hills-apartments

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.