36-Unit Apartment
For Sale
$1,600,000
2123 S Blake Street, Pine Bluff, AR 71603
Commercial / Industrial, Traditional, Pine Bluff, AR
Property Size21,630 SF
Lot Size1.74 Acres
Price / SF$73.97
Days on Market144
Property Features for 2123 S Blake Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
40
Lot features
Level
Directions
From I 530 take Hwy 79 exit; Property is on the right
Subdivision
PINE BLUFF (CENTRAL WEST)
Standard status
Active
APN
930-64498-000
Size
21,630 SF
Lot size
1.74 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 1
Tax Annual Amount
10748
Legal Description
Lot 1
Building Details
Year built
1992
Floors in Building
2
Flooring type
Carpet - Partial, Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
Re/Max Platinum
(870) 534-2823
Listed By:
Wes Brown · License #PB00087003
(870) 209-4628
Added: Apr 30
Changed: Sep 6
Last Checked: Sep 20 at 7:06PM
MLS# 26017376
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 36-unit apartment property contains an even mix of one-bedroom, one-bath residences within a 21,630-square-foot building. Constructed in 1992, the property includes carpet and vinyl flooring, along with a shingle roof. Current occupancy is 34 of 36 units.
The complex occupies 1.74 acres at 2123 S Blake Street in Pine Bluff, Arkansas, with access to a high-visibility street setting. Its residential configuration and consistent unit mix provide a straightforward physical profile for evaluating the property as an apartment asset.
The complex occupies 1.74 acres at 2123 S Blake Street in Pine Bluff, Arkansas, with access to a high-visibility street setting. Its residential configuration and consistent unit mix provide a straightforward physical profile for evaluating the property as an apartment asset.
Key Highlights
- 36 total apartment units, all configured as 1 bedroom and 1 bathroom
- 34 of 36 units currently occupied
- 21,630 square feet on 1.74 acres
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
$128,768
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
8.05%
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%
$2,575,360
$2.6M
Cap Rate 7%
$1,839,543
$1.8M
Cap Rate 9%
$1,430,756
$1.4M
Market Conditions
NOI Build-Up for 21,630 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
$259.6K $12.00/SF
− Vacancy
−$25.4K −$1.18/SF
EGI
$234.1K $10.82/SF
− OpEx
−$105.4K −$4.87/SF
NOI
$128.8K $5.95/SF
Area
Jefferson County, AR
Vacancy
9.80%
Lease Rate
$12.00 /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%
$2,575,360
Cap Rate 7%
$1,839,543
Cap Rate 9%
$1,430,756
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $128,768 @ 7.0% cap · market cap 8.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.55M
$4.85M – $6.47M
NOI $388,190 @ 7.0% cap · market cap 24.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
36
Residential units
94.4%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
Explore this area
Business Placement
Demographics for 71603, AR
30,236
Population
13,997
Households
2.2
Avg Household Size
43
Median Age
24%
College-Educated
90%
High-School Grad
167.8 sq mi
ZIP Area
180
Density / Sq Mi
$51,019
Median Household Income
$35,833
Median Earnings
$859
Median Rent
$116,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Uniform one-bedroom, one-bath apartments in a 1992-built residential property.
Where is this apartment building located?
The property is located at 2123 S Blake Street Pine Bluff, AR.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 36 total apartment units, all configured as 1 bedroom and 1 bathroom; 34 of 36 units currently occupied; 21,630 square feet on 1.74 acres
