Brick Duplex with
For Sale
$515,000
1662 & 1664 Evening Shade Drive, Fayetteville, AR 72703
Residential, Fayetteville, AR
Property Size3,112 SF
Lot Size0.10 Acres
Price / SF$165.49
Days on Market31
Property Features for 1662 & 1664 Evening Shade Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bathroom 6
Parking features
Open, Garage
Window features
Vinyl Frames
Patio and Porch features
Patio
Exterior features
ConcreteDriveway
Appliances
ElectricWaterHeater
Subdivision
Skyler Place Add
Lot features
Cleared, Near Park, Subdivision
Directions
From I-49, take Exit 65 and head east onto N Stephen Carr Blvd. Turn left onto Deane Street, then right onto N Evening Shade Dr. The home will be located on the left.
Standard status
Active
APN
765-23308-000
Size
3,112 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
Lot 28A & 28B Skyler Place Add
Tax Annual Amount
1721
Legal Description
Lot 28A & 28B Skyler Place Add
Utilities
Heating system
Central, Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2006
Floors in Building
2
Number of units
2
Flooring type
Carpet, Tile, Simulatedwood, Laminate
Building materials
Brick, VinylSiding
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Market Pro Realty - Rogers Branch · Keller Williams Realty
(479) 718-2800
Listed By:
The Duley Group
(479) 616-4663
Added: Jul 24
Changed: Aug 21
Last Checked: Aug 23 at 5:06AM
MLS# 1356291
Copyright © 2026 ArkansasONE MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 3,112 square feet, with 1,556 square feet in each unit. Built in 2006, the property combines brick and vinyl siding with shingle and asphalt roofing. Interior features include carpet, tile, simulated wood, and laminate flooring, while each residence is served by central heating with natural gas and electric central air. Open parking, garage parking, concrete driveways, and patios support everyday residential use. Public water and electric water heaters are also in place.
Located at 1662 & 1664 Evening Shade Drive in Fayetteville, the property is near the University of Arkansas, schools, shopping, dining, and entertainment. The location also provides connections to I-49. Its duplex configuration supports residential income use or an owner-occupant arrangement with one unit rented, as explicitly described in the property information.
Located at 1662 & 1664 Evening Shade Drive in Fayetteville, the property is near the University of Arkansas, schools, shopping, dining, and entertainment. The location also provides connections to I-49. Its duplex configuration supports residential income use or an owner-occupant arrangement with one unit rented, as explicitly described in the property information.
Key Highlights
- Duplex with 3,112 square feet total and 1,556 SF per unit
- Six bedrooms and six bathrooms identified across the property
- Built in 2006 with brick and vinyl siding construction
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
$28,006
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
5.44%
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%
$560,120
$560.1K
Cap Rate 7%
$400,086
$400.1K
Cap Rate 9%
$311,178
$311.2K
Market Conditions
NOI Build-Up for 3,112 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
$42.9K $13.80/SF
− Vacancy
−$2.9K −$0.94/SF
EGI
$40.0K $12.86/SF
− OpEx
−$12.0K −$3.86/SF
NOI
$28.0K $9.00/SF
Area
Washington County, AR
Vacancy
6.84%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$560,120
Cap Rate 7%
$400,086
Cap Rate 9%
$311,178
Alternative Uses
Best Use
Multifamily LT 5
$400.1K
$350.1K – $466.8K
NOI $28,006 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$354.0K
$309.7K – $413.0K
NOI $24,778 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$835.3K
$730.9K – $974.5K
NOI $58,472 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Explore this area
Business Placement
Demographics for 72703, AR
33,767
Population
17,202
Households
2
Avg Household Size
33
Median Age
49%
College-Educated
96%
High-School Grad
40.2 sq mi
ZIP Area
840
Density / Sq Mi
$60,232
Median Household Income
$39,190
Median Earnings
$958
Median Rent
$341,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property offers spacious layouts, patios, and proximity to the University of Arkansas, schools, shopping, and dining.
Where is this duplex located?
The property is located at 1662 & 1664 Evening Shade Drive Fayetteville, AR.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Duplex with 3,112 square feet total and 1,556 SF per unit; Six bedrooms and six bathrooms identified across the property; Built in 2006 with brick and vinyl siding construction
