Updated Apartment
For Sale
$4,500,000
1906 W Matthews Avenue, Jonesboro, AR 72401
Multi-Family, Jonesboro, AR
Property Size40,000 SF
Lot Size3.53 Acres
Price / SF$112.50
Days on Market508
Property Features for 1906 W Matthews Avenue
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Interior features
Washer Connection, Dryer Connection-Electric, Hot Water Heater-Gas, Smoke Detector, Fan - Ceiling
Exterior features
Partially Fenced, Storage Building, Outside Storage Area, Dumpster, Wood Fence, Video Surveillance
Fencing
Partial, Wood
Appliances
Free-Standing Stove, Dishwasher, Free-Standing Stove, Dishwasher
Subdivision
Stratford
Lot features
Level, Wooded, In Subdivision
Directions
Nettleton then right onto Gee St then left onto W Matthews, Apartments are on the right.
Standard status
Active
Size
40,000 SF
Lot size
3.53 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
STRATFORD HEIGHTS 1ST REPLAT+
Tax Annual Amount
26026
Legal Description
STRATFORD HEIGHTS 1ST REPLAT+
Building Details
Year built
1978
Floors in Building
2
Number of units
48
Flooring type
Vinyl
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Halsey Real Estate
(870) 972-9191
Listed By:
William Gay
(870) 926-2648
Added: May 6, 2025
Changed: Sep 14
Last Checked: Sep 25 at 1:06AM
MLS# 25017628
Copyright © 2026 Cooperative Arkansas Realtors Multiple Listing Service. 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 multifamily property includes approximately 40,000 square feet across 3.53 acres, with apartment buildings constructed in 1978. Recent work includes new flooring, interior paint, countertops, select appliances, several HVAC replacements, and updated water heaters. The roofs are three years old, and the exterior was repainted within the last three years.
The property includes vinyl flooring, gas water heaters, ceiling fans, washer and dryer connections, smoke detectors, dishwashers, and freestanding stoves. Exterior features include partial wood fencing, a storage building, outside storage, a dumpster, and video surveillance. The property is located at 1906 W Matthews Avenue in Jonesboro, near Riceland, ASU, and St. Bernard's.
The property includes vinyl flooring, gas water heaters, ceiling fans, washer and dryer connections, smoke detectors, dishwashers, and freestanding stoves. Exterior features include partial wood fencing, a storage building, outside storage, a dumpster, and video surveillance. The property is located at 1906 W Matthews Avenue in Jonesboro, near Riceland, ASU, and St. Bernard's.
Key Highlights
- 3.53‑acre multifamily property with approximately 40,000 square feet
- Apartment buildings constructed in 1978
- Three year old roofs
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
$239,947
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
5.33%
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%
$4,798,940
$4.8M
Cap Rate 7%
$3,427,814
$3.4M
Cap Rate 9%
$2,666,078
$2.7M
Market Conditions
NOI Build-Up for 40,000 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
$465.6K $11.64/SF
− Vacancy
−$29.3K −$0.73/SF
EGI
$436.3K $10.91/SF
− OpEx
−$196.3K −$4.91/SF
NOI
$239.9K $6.00/SF
Area
Craighead County, AR
Vacancy
6.30%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
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%
$4,798,940
Cap Rate 7%
$3,427,814
Cap Rate 9%
$2,666,078
Alternative Uses
Best Use
Apartment 5plus
$3.43M
$3.00M – $4.00M
NOI $239,947 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.00M
$6.13M – $8.17M
NOI $490,207 @ 7.0% cap · market cap 10.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
189
Businesses Nearby
Explore this area
Business Placement
Demographics for 72401, AR
43,127
Population
19,328
Households
2.2
Avg Household Size
33
Median Age
23%
College-Educated
89%
High-School Grad
88.5 sq mi
ZIP Area
487
Density / Sq Mi
$43,412
Median Household Income
$32,970
Median Earnings
$897
Median Rent
$185,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment buildings with recent interior and exterior improvements, including flooring, paint, countertops, HVAC units, and water heaters.
Where is this apartment building located?
The property is located at 1906 W Matthews Avenue Jonesboro, AR.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 3.53‑acre multifamily property with approximately 40,000 square feet; Apartment buildings constructed in 1978; Three year old roofs
