Six-Unit Brick Apartment
For Sale
$1,245,000
311 Madison Avenue, Jonesboro, AR 72401
Multi-Family, Jonesboro, AR
Property Size7,680 SF
Lot Size0.54 Acres
Price / SF$162.11
Days on Market84
Property Features for 311 Madison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
18
Rooms
Bedroom 8, Bedroom 14, Bedroom 9, Bedroom 4, Bedroom 13, Bedroom 16, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 7, Bedroom 12, Bedroom 17, Bedroom 2, Bedroom 3, Bedroom 18, Bedroom 10, Bedroom 15, Bedroom 11
Window features
Blinds
Interior features
Ceiling Fan(s), Climate Control
Exterior features
Brick
Subdivision
Clark
Elementary school
Jonesboro Magnet
High school
Jonesboro High School
Standard status
Active
APN
01-144183-06400
Size
7,680 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Description
CLARK SECOND REPLAT OF EDWARDS
Legal Description
CLARK SECOND REPLAT OF EDWARDS
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Amenities
parking
landscaped deck area
appliances
Building Details
Floors in Building
2
Number of units
6
Flooring type
Ceramic
Roof type
Shingle
Listing Agency:
Jonesboro Realty Company
(870) 243-3993
Listed By:
Josh Olson · License #00058768
(187) 024-3399
Added: Jun 17
Changed: Sep 8
Last Checked: Sep 8 at 8:06PM
MLS# 10130418
Copyright © 2026 Northeast Arkansas Board of Realtors. 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 7,680-square-foot apartment property contains six townhouse-style units on a 0.54-acre parcel. Built in 2022, the all-brick buildings feature three bedrooms and three full bathrooms per unit, with one bedroom and bath on the main level and two additional bedroom-and-bath suites upstairs. Kitchens include appliances, while ceramic flooring, central climate control, central air, electric heating, shingle roofs, and landscaped outdoor areas contribute to the property’s physical offering. Parking is positioned behind the buildings beside a deck area.
The property is located at 311 Madison Avenue in Jonesboro, within walking distance of downtown. Nearby destinations identified in the property information include The Lounge, Porch 30, and St. Bernard’s Hospital, along with dining, shopping, and entertainment options in the surrounding area.
The property is located at 311 Madison Avenue in Jonesboro, within walking distance of downtown. Nearby destinations identified in the property information include The Lounge, Porch 30, and St. Bernard’s Hospital, along with dining, shopping, and entertainment options in the surrounding area.
Key Highlights
- Six townhouse‑style apartment units
- 7,680 square feet on a 0.54‑acre lot
- Each unit includes 3 bedrooms and 3 full bathrooms
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
$46,070
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
3.70%
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%
$921,400
$921.4K
Cap Rate 7%
$658,143
$658.1K
Cap Rate 9%
$511,889
$511.9K
Market Conditions
NOI Build-Up for 7,680 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
$89.4K $11.64/SF
− Vacancy
−$5.6K −$0.73/SF
EGI
$83.8K $10.91/SF
− OpEx
−$37.7K −$4.91/SF
NOI
$46.1K $6.00/SF
Area
Craighead County, AR
Vacancy
6.30%
Lease Rate
$11.64 /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%
$921,400
Cap Rate 7%
$658,143
Cap Rate 9%
$511,889
Alternative Uses
Best Use
Apartment 5plus
$658.1K
$575.9K – $767.8K
NOI $46,070 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,120 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,929
Businesses Nearby
Explore this area
Business Placement
Demographics for 72401, AR
43,127
Population
19,328
Households
2.2
Avg Household Size
33
Median Age
23%
College-Educated
89%
High-School Grad
88.5 sq mi
ZIP Area
487
Density / Sq Mi
$43,412
Median Household Income
$32,970
Median Earnings
$897
Median Rent
$185,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six townhouse-style units offer modern finishes, private bathrooms, appliances, and rear parking near downtown Jonesboro.
Where is this apartment building located?
The property is located at 311 Madison Avenue Jonesboro, AR.
What is the asking price?
The asking price for this property is $1,245,000.
What are key features of this property?
This property features: Six townhouse‑style apartment units; 7,680 square feet on a 0.54‑acre lot; Each unit includes 3 bedrooms and 3 full bathrooms
