Renovated Triplex
For Sale
$168,000
303-305 Short Street, North Little Rock, AR 72117
Multi-Family, Traditional, North Little Rock, AR
Property Size2,025 SF
Lot Size0.13 Acres
Price / SF$82.96
Days on Market132
Property Features for 303-305 Short Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Appliances
Free-Standing Stove, Electric Range, Refrigerator-Stays, Free-Standing Stove, Electric Range, Refrigerator-Stays
Subdivision
Poes
Lot features
Level
Directions
Poe St to Short St
Standard status
Active
Size
2,025 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
1/9
Tax Annual Amount
1485
Legal Description
1/9
Building Details
Year built
1935
Floors in Building
1
Number of units
3
Flooring type
Vinyl
Roof type
Composition
Architectural style
Other
Listing Agency:
SB Realty & Property Management
(501) 315-6994
Listed By:
Erika Sisson
(501) 413-7817
Added: May 20
Changed: Sep 3
Last Checked: Sep 28 at 4:06AM
MLS# 26020430
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 triplex property comprises three rental units distributed between a detached single-family home and a separate duplex. The buildings contain a combined 2,025 square feet and were renovated approximately three years ago. Vinyl flooring, composition roofing, and multiple electric ranges and refrigerators are included among the documented features. The property was built in 1935 and occupies 0.13 acres.
Two units are occupied, while the remaining duplex unit is being marketed for rent. The owner currently provides water and trash service, with tenants paying a monthly utility fee. Separate buildings create a distinct physical arrangement for operating the units as rentals or using one residence while retaining the others as income-producing units.
Two units are occupied, while the remaining duplex unit is being marketed for rent. The owner currently provides water and trash service, with tenants paying a monthly utility fee. Separate buildings create a distinct physical arrangement for operating the units as rentals or using one residence while retaining the others as income-producing units.
Key Highlights
- Three rental units across a detached home and duplex
- 2,025 square feet across two buildings on 0.13 acres
- Renovated approximately three years ago
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
$15,234
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
9.07%
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%
$304,680
$304.7K
Cap Rate 7%
$217,629
$217.6K
Cap Rate 9%
$169,267
$169.3K
Market Conditions
NOI Build-Up for 2,025 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
$29.4K $14.52/SF
− Vacancy
−$1.7K −$0.84/SF
EGI
$27.7K $13.68/SF
− OpEx
−$12.5K −$6.16/SF
NOI
$15.2K $7.52/SF
Area
Pulaski County, AR
Vacancy
5.80%
Lease Rate
$14.52 /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%
$304,680
Cap Rate 7%
$217,629
Cap Rate 9%
$169,267
Alternative Uses
Best Use
Multifamily LT 5
$243.1K
$212.7K – $283.6K
NOI $17,018 @ 7.0% cap · market cap 10.13%
Second Best
Apartment 5plus
$217.6K
$190.4K – $253.9K
NOI $15,234 @ 7.0% cap · market cap 9.07%
Theoretical Best
Specialty Retail
$386.3K
$338.0K – $450.7K
NOI $27,039 @ 7.0% cap · market cap 16.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
Explore this area
Business Placement
Demographics for 72117, AR
13,730
Population
6,691
Households
2.1
Avg Household Size
38
Median Age
28%
College-Educated
83%
High-School Grad
54.4 sq mi
ZIP Area
252
Density / Sq Mi
$41,670
Median Household Income
$31,903
Median Earnings
$1,125
Median Rent
$125,400
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Three rental units are arranged in a detached home and duplex on one parcel.
Where is this multifamily property located?
The property is located at 303-305 Short Street North Little Rock, AR.
What is the asking price?
The asking price for this property is $168,000.
What are key features of this property?
This property features: Three rental units across a detached home and duplex; 2,025 square feet across two buildings on 0.13 acres; Renovated approximately three years ago
