Apartment Complex with Updated
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 Market462
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) 972-9191
Added: May 6, 2025
Changed: Aug 3
Last Checked: Aug 10 at 2:06AM
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 apartment complex in Jonesboro, AR offers a residential income property configuration with meaningful updates noted across the asset. Public remarks indicate three-year-old roofs, new flooring and paint, updated countertops, and some appliances. Several units also feature new HVAC systems and water heaters, and the exterior has been repainted within the last three years.
The property sits on a 3.53-acre site and totals about 40,000 square feet. It is described as being close to several large employers in the Jonesboro area, including Riceland, Arkansas State University (ASU), and St. Bernard’s.
For prospective buyers or operators, the recent capital improvements highlighted in the remarks can help reduce near-term maintenance concerns tied to roofs, interior finishes, and select mechanical equipment. The combination of updated exteriors, refreshed interiors, and multiple newer HVAC and water heaters may be useful for those evaluating multifamily investment opportunities or planning property management with a focus on maintaining unit readiness.
The property sits on a 3.53-acre site and totals about 40,000 square feet. It is described as being close to several large employers in the Jonesboro area, including Riceland, Arkansas State University (ASU), and St. Bernard’s.
For prospective buyers or operators, the recent capital improvements highlighted in the remarks can help reduce near-term maintenance concerns tied to roofs, interior finishes, and select mechanical equipment. The combination of updated exteriors, refreshed interiors, and multiple newer HVAC and water heaters may be useful for those evaluating multifamily investment opportunities or planning property management with a focus on maintaining unit readiness.
Key Highlights
- Close proximity to major employers like Riceland, ASU, and St. Bernard's.
- Recent renovations include new flooring, paint, and countertops, plus some new appliances, HVAC units and water heaters.
- Relatively new roofs, only three years old.
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
64
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment complex with recent roof, interior finishes, and multiple HVAC and water heater replacements.
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: Close proximity to major employers like Riceland, ASU, and St. Bernard's.; Recent renovations include new flooring, paint, and countertops, plus some new appliances, HVAC units and water heaters.; Relatively new roofs, only three years old.
