Contemporary Five-Unit Apartment
For Sale
$1,734,480
1951-1991 Lapis Avenue, Centerton, AR 72719
MULTI_FAMILY - Contemporary - Centerton, AR
Property Size7,982 SF
Lot Size0.54 Acres
Price / SF$217.30
Days on Market23
Property Features for 1951-1991 Lapis Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Bedrooms
15
Bathrooms
15
Full bathrooms
10
Half bathrooms
5
Rooms
Bedroom 14, Bathroom 11, Bedroom 2, Bedroom 9, Bathroom 7, Bedroom 3, Bedroom 10, Bedroom 7, Bathroom 9, Bathroom 13, Bedroom 4, Bathroom 3, Bedroom 8, Bathroom 8, Bathroom 10, Bathroom 12, Bathroom 1, Bathroom 15, Bathroom 14, Bedroom 1, Bedroom 11, Bedroom 5, Bathroom 6, Bathroom 4, Bedroom 12, Bedroom 6, Bedroom 13, Bedroom 15, Bathroom 5, Bathroom 2
Parking features
Open, Garage
Patio and Porch features
Patio, Porch
Exterior features
ConcreteDriveway
Fireplace
1
Appliances
Dishwasher, ElectricWaterHeater, Disposal, GasOven, GasRange, Microwave, RangeHood
Subdivision
Crystal Cove Phase II
Lot features
Cleared, Level, Near Park, Subdivision
Directions
From HWY 279, turn North onto Keller Rd. Left on Lapis Ave., property is on Left.
Standard status
Active
APN
06-09269-000
Size
7,982 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Description
PLAT 3/28/2024 L202415156 CRYSTAL COVE PH II-CENTERTON OF 3/28/2024 L202415156 (AKA CRYSTAL COVE HORIZONTAL PROPERTY REGIME-MASTER DEED 3/28/2024 L202415158 & AMENDED MASTER DEED 5/14/2024 L202424714(BYLAWS EXHIBIT C PG 36)-SEE ADMIN NTS REGARDING
Tax Annual Amount
21472
Legal Description
PLAT 3/28/2024 L202415156 CRYSTAL COVE PH II-CENTERTON OF 3/28/2024 L202415156 (AKA CRYSTAL COVE HORIZONTAL PROPERTY REGIME-MASTER DEED 3/28/2024 L202415158 & AMENDED MASTER DEED 5/14/2024 L202424714(BYLAWS EXHIBIT C PG 36)-SEE ADMIN NTS REGARDING
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
covered patio
private backyard
electric fireplace
Building Details
Year built
2026
Floors in Building
2
Number of units
5
Flooring type
Carpet, Tile
Building materials
Brick, Concrete
Roof type
Shingle
Architectural style
Contemporary
Listing Agency:
Lone Rock Realty
(479) 777-3379
Listed By:
Colley Bailey · License #PB00076160
(479) 856-9422
Added: Jul 23
Changed: Aug 4
Last Checked: Aug 13 at 11:06PM
MLS# 1356397
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.
Crystal Cove Townhomes is a new construction five-unit apartment building designed for long-term rental performance. Each unit is approximately 1,606 square feet and includes three bedrooms and 2.5 baths, with a primary suite on the main level. Interiors feature open-concept living with vaulted ceilings and an electric fireplace. The upper level offers two additional bedrooms, a full bath, and a loft-style overlook. Each unit also includes a covered patio and private backyard space.
The property is under construction and scheduled with a 2026 year built. Improvements and finishes include brick and concrete construction, tile and carpet flooring, a shingle roof, and a concrete driveway. Heating is provided by natural gas central systems, with central air and electric components for cooling.
Utilities are connected through public water and public sewer. Parking is offered with a mix of garages and open spaces, supporting tenant convenience across the five-unit layout.
The property is under construction and scheduled with a 2026 year built. Improvements and finishes include brick and concrete construction, tile and carpet flooring, a shingle roof, and a concrete driveway. Heating is provided by natural gas central systems, with central air and electric components for cooling.
Utilities are connected through public water and public sewer. Parking is offered with a mix of garages and open spaces, supporting tenant convenience across the five-unit layout.
Key Highlights
- Five‑unit contemporary apartment building under construction, year built 2026
- Lot size 0.54 acres and total property size 7,982 SF
- Each unit approx 1,606 SF with 3 bedrooms and 2.5 baths
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
$65,010
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
3.75%
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%
$1,300,200
$1.3M
Cap Rate 7%
$928,714
$928.7K
Cap Rate 9%
$722,333
$722.3K
Market Conditions
NOI Build-Up for 7,982 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
$125.5K $15.72/SF
− Vacancy
−$7.3K −$0.91/SF
EGI
$118.2K $14.81/SF
− OpEx
−$53.2K −$6.66/SF
NOI
$65.0K $8.14/SF
Area
Benton County, AR
Vacancy
5.80%
Lease Rate
$15.72 /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%
$1,300,200
Cap Rate 7%
$928,714
Cap Rate 9%
$722,333
Alternative Uses
Best Use
Apartment 5plus
$928.7K
$812.6K – $1.08M
NOI $65,010 @ 7.0% cap · market cap 3.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.19M
$1.92M – $2.56M
NOI $153,546 @ 7.0% cap · market cap 8.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
21
Businesses Nearby
Explore this area
Business Placement
Demographics for 72719, AR
16,248
Population
6,989
Households
2.3
Avg Household Size
30
Median Age
39%
College-Educated
96%
High-School Grad
9.2 sq mi
ZIP Area
1,766
Density / Sq Mi
$111,250
Median Household Income
$61,073
Median Earnings
$1,432
Median Rent
$283,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - New construction five-unit multifamily with covered patios, private backyards, and covered garage and open parking spaces.
Where is this apartment building located?
The property is located at 1951-1991 Lapis Avenue Centerton, AR.
What is the asking price?
The asking price for this property is $1,734,480.
What are key features of this property?
This property features: Five‑unit contemporary apartment building under construction, year built 2026; Lot size 0.54 acres and total property size 7,982 SF; Each unit approx 1,606 SF with 3 bedrooms and 2.5 baths
