Landmark Office Building with
For Sale
$1,400,000
3024 N Market Avenue, Fayetteville, AR 72703
COMMERCIAL - Fayetteville, AR
Property Size7,825 SF
Lot Size0.48 Acres
Price / SF$178.91
Days on Market86
Property Features for 3024 N Market Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Parking
19
Lot features
City Lot
Directions
From College Ave, go east on Rolling Hills Dr for one block, turn north on Market Ave, second building on the right (Trumbo Building).
Standard status
Active
APN
765-03997-000
Size
7,825 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Description
Lot 2, College Market Addition
Tax Annual Amount
10822
Legal Description
Lot 2, College Market Addition
Building Details
Year built
1976
Floors in Building
1
Number of units
6
Listing Agency:
Hillcrest Real Estate Group, LLC
(479) 443-4313
Listed By:
Bob Hill · License #PB00047670
(479) 283-2258
Added: Jun 1
Changed: Aug 19
Last Checked: Aug 25 at 11:06AM
MLS# 1349404
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.
The Trumbo Building is a landmark commercial office property known since its construction in 1976. The structure is built with concrete block construction and features a flat roof with Firestone synthetic material installed in 2008. On-site parking is provided in concrete, with approximately 19 spaces in the front and 3–4 spaces in the rear.
The property is located at 3024 N Market Avenue in Fayetteville, Arkansas, Washington County. It offers easy access to Highway 71 (College Ave.), Interstate 49, and Highway 265 (Crossover Rd.), supporting convenient arrival for employees, customers, and vendors.
This building’s utility configuration includes six electric meters, six gas meters, and one water meter, which may support multiple billing arrangements or tenant metering depending on the intended use. With its established office building improvements and dedicated parking, the Trumbo Building is suited for professional office tenants and buyers seeking a concrete block, landmark property with clearly defined on-site vehicle storage. Financial information is available to qualified buyers upon request.
The property is located at 3024 N Market Avenue in Fayetteville, Arkansas, Washington County. It offers easy access to Highway 71 (College Ave.), Interstate 49, and Highway 265 (Crossover Rd.), supporting convenient arrival for employees, customers, and vendors.
This building’s utility configuration includes six electric meters, six gas meters, and one water meter, which may support multiple billing arrangements or tenant metering depending on the intended use. With its established office building improvements and dedicated parking, the Trumbo Building is suited for professional office tenants and buyers seeking a concrete block, landmark property with clearly defined on-site vehicle storage. Financial information is available to qualified buyers upon request.
Key Highlights
- Landmark property built in 1976 with concrete block construction and a flat roof
- Flat roof includes Firestone synthetic material installed in 2008
- Concrete parking area includes 19 front spaces and 3–4 rear spaces
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
$118,145
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
8.44%
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%
$2,362,900
$2.4M
Cap Rate 7%
$1,687,786
$1.7M
Cap Rate 9%
$1,312,722
$1.3M
Market Conditions
NOI Build-Up for 7,825 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
$169.0K $21.60/SF
− Vacancy
−$11.5K −$1.47/SF
EGI
$157.5K $20.13/SF
− OpEx
−$39.4K −$5.03/SF
NOI
$118.1K $15.10/SF
Area
Washington County, AR
Vacancy
6.80%
Lease Rate
$21.60 /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%
$2,362,900
Cap Rate 7%
$1,687,786
Cap Rate 9%
$1,312,722
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,145 @ 7.0% cap · market cap 8.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.10M
$1.84M – $2.45M
NOI $147,025 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 72703, AR
33,767
Population
17,202
Households
2
Avg Household Size
33
Median Age
49%
College-Educated
96%
High-School Grad
40.2 sq mi
ZIP Area
840
Density / Sq Mi
$60,232
Median Household Income
$39,190
Median Earnings
$958
Median Rent
$341,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Concrete block office building with a flat roof system installed in 2008 and on-site parking for front and rear access.
Where is this office building located?
The property is located at 3024 N Market Avenue Fayetteville, AR.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Landmark property built in 1976 with concrete block construction and a flat roof; Flat roof includes Firestone synthetic material installed in 2008; Concrete parking area includes 19 front spaces and 3–4 rear spaces
