Multi-Room Office
For Sale
$350,000
2845 W Prince Street, Conway, AR 72034
CommercialSale, Conway, AR
Property Size1,960 SF
Lot Size0.35 Acres
Price / SF$178.57
Days on Market415
Property Features for 2845 W Prince Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Parking features
Parking Lot
Appliances
GasWaterHeater
Lot features
City Lot
Directions
From I-40 and Oak Street go West on Oak St, take round about 1st exit at Donaghey, take round about 3rd exit at Prince St. Stay straight (2nd exit) on next 3 round abouts, go all the way around the round about at Salem Rd heading back East on Prince St. 2nd busines on the right next door to Chipotle
Standard status
Active
APN
710-07576-000
Size
1,960 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Description
LOT 2 WESTHAVEN SUB
Tax Annual Amount
2348
Legal Description
LOT 2 WESTHAVEN SUB
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1967
Floors in Building
1
Flooring type
Vinyl
Building materials
Brick, Rock, VinylSiding
Roof type
Shingle
Listing Agency:
All Around Real Estate Dover
(479) 331-4663
Listed By:
Shery Ragsdale · License #SA00086850
(479) 857-3436
Added: Jul 18, 2025
Changed: Aug 31
Last Checked: Sep 5 at 12:06PM
MLS# 1315109
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 1,960-square-foot office property was built in 1967 and includes a main lobby plus 8 separate rooms. The layout is suited to office-based operations and can accommodate uses such as medical or legal offices, insurance services, salons, pet grooming, or daycare. Interior features include vinyl flooring, central heating and air conditioning, and a gas water heater. A new HVAC system was installed in July 2025.
The property occupies 0.3486 acres on W Prince Street in Conway, with a parking lot and access to public water and sewer. Its location provides proximity to downtown, shopping, the University of Central Arkansas, and Conway Regional Hospital. Brick, rock, and vinyl siding form the exterior, with a shingle roof.
The property occupies 0.3486 acres on W Prince Street in Conway, with a parking lot and access to public water and sewer. Its location provides proximity to downtown, shopping, the University of Central Arkansas, and Conway Regional Hospital. Brick, rock, and vinyl siding form the exterior, with a shingle roof.
Key Highlights
- 1,960‑square‑foot office property on 0.3486 acres
- 8 separate rooms plus a main lobby
- New HVAC installed in July 2025
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
$24,580
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
7.02%
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%
$491,600
$491.6K
Cap Rate 7%
$351,143
$351.1K
Cap Rate 9%
$273,111
$273.1K
Market Conditions
NOI Build-Up for 1,960 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
$36.5K $18.60/SF
− Vacancy
−$3.7K −$1.88/SF
EGI
$32.8K $16.72/SF
− OpEx
−$8.2K −$4.18/SF
NOI
$24.6K $12.54/SF
Area
Faulkner County, AR
Vacancy
10.10%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
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%
$491,600
Cap Rate 7%
$351,143
Cap Rate 9%
$273,111
Alternative Uses
Best Use
Office B
$351.1K
$307.3K – $409.7K
NOI $24,580 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$447.1K
$391.2K – $521.6K
NOI $31,294 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
Explore this area
Business Placement
Demographics for 72034, AR
47,873
Population
22,523
Households
2.1
Avg Household Size
33
Median Age
44%
College-Educated
94%
High-School Grad
47.9 sq mi
ZIP Area
999
Density / Sq Mi
$61,675
Median Household Income
$40,511
Median Earnings
$993
Median Rent
$250,000
Median Home Value
Market
Vacancy Rate% for Office 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?
Office units - Flexible commercial layout with a lobby, multiple private rooms, parking, and a recently installed HVAC system.
Where is this office units located?
The property is located at 2845 W Prince Street Conway, AR.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,960‑square‑foot office property on 0.3486 acres; 8 separate rooms plus a main lobby; New HVAC installed in July 2025
