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    302 / 304 Wallace Street Prairie Grove, AR 72753

    View on Map
    For Sale
    $472,500

    MULTI_FAMILY - Prairie Grove, AR

    Property size:
    2,392 SF
    Lot size:
    0.43 Acres
    Added:
    Mar 27, 2026
    Days on Market:
    12
    Last Refresh:
    Apr 7 at 11:06 pm

    Property Features for 302 / 304 Wallace Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bedroom 2, Bedroom 6, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 5, Bathroom 4
    Parking features
    Driveway
    Exterior features
    ConcreteDriveway
    Appliances
    Dryer, Dishwasher, ElectricRange, ElectricWaterHeater, Washer
    Standard status
    Active
    APN
    805-19392-000
    Size
    2,392 SF
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Description
    S. 120.60 FT LOT 5 BLOCK 3 & PT NW SE 0.17 AC
    Tax Annual Amount
    2247

    Utilities

    Heating system
    Central, Ductless (Heating)
    Cooling system
    Window Unit(s), Ductless, Central Air

    Building Details

    Year built
    2004
    Floors in Building
    1
    Number of units
    4
    Flooring type
    Tile
    Building materials
    VinylSiding
    Roof type
    Shingle, Fiberglass, Asphalt

    We can help!

    Listing Contact
    Corey Lewis

    Listing agent Corey Lewis License #SA00098829

    Listing office Mathias Real Estate 5571 Bleaux Ave, Ste B PO Box 1146 Farmington, AR 72730, Fayetteville, AR

    Listing date Mar 27, 2026

    MLS# 1340148

    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.

    Overview

    Four-Unit Multifamily Investment Opportunity

    This investment opportunity features two duplex buildings, totaling four units, and is located near schools. The property offers strong rental potential in a desirable area with consistent tenant demand. Each duplex includes well-maintained units with functional layouts. Each unit also comes with its own dedicated storage shed. The property, situated on a 0.43-acre lot, is ideal for investors seeking steady cash flow or those looking to expand their rental portfolio. The total property size is 2392 square feet. This multi-unit property is located in Prairie Grove, AR, in a high-demand location.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Prairie Grove
    County
    Washington
    State
    Arkansas
    Longitude
    -94.312611
    Latitude
    35.978339

    Nearby Similar for Sale

    • $385,000

      Highway Frontage Storage Units

      Commercial lot with storage units and highway visibility.
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      View Details
    • $740,000
      4,088 SF

      Prairie Grove Triplex Investment Opportunity

      Modern triplex built in 2022, fully occupied, great investment.
      10859 Danny Bryan Road, Prairie Grove, AR 72753
      View Details
    • $1,680,000
      20,911 SF

      Harps Grocery NNN Investment

      Single-tenant Harps Grocery NNN-leased property in Prairie Grove, Arkansas.
      319 E Buchanan St, Prairie Grove, AR 72753
      View Details

    FAQs

    What type of property is this?
    Duplex - Two duplexes near schools, offering strong rental income potential.
    Where is this duplex located?
    The property is located at 302 / 304 Wallace Street Prairie Grove, AR.
    What is the asking price?
    The asking price for this property is $472,500.
    What are key features of this property?
    This property features: Strong Rental Income Potential: Excellent income‑producing property in a high‑demand location.; Four Units (Two Duplexes): Package deal ideal for expanding a rental portfolio.; Dedicated Storage Sheds: Each unit includes its own storage shed.
    (479) 633-9778
    We can help!
    Listing Contact
    Corey Lewis
    Real Estate License ID: SA00098829
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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