Updated Fourplex With
For Sale
$375,000
507 Mimi Lane, Little Rock, AR 72211
Multi-Family, Traditional, Little Rock, AR
Property Size4,192 SF
Lot Size0.22 Acres
Price / SF$89.46
Days on Market80
Property Features for 507 Mimi Lane
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Storage Building
Appliances
Free-Standing Stove, Electric Range, Dishwasher, Disposal, Pantry, Free-Standing Stove, Electric Range, Dishwasher, Disposal, Pantry
Subdivision
Park Ruby
Lot features
Level
Elementary school
Terry
Middle school
Pinnacle View
High school
Central
Directions
From Shackleford Rd. travel north past Markham Rd. Right on Mara Lynn Rd., Right on Mimi Ln. Property on the right.
Standard status
Active
APN
43L1400000300
Size
4,192 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Lot 7, Block 59
Tax Annual Amount
3785
Legal Description
Lot 7, Block 59
Building Details
Year built
1975
Floors in Building
1
Number of units
4
Flooring type
Vinyl
Roof type
Shingle
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(501) 907-5959
Listed By:
Langston Carr
(501) 773-7154
Added: Jul 10
Changed: Aug 19
Last Checked: Sep 27 at 8:06PM
MLS# 26027980
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 tenant-occupied quadplex at 507 Mimi Lane contains 4,192 square feet of living space on a 0.22-acre lot. The configuration includes two 2-bedroom residences and two 1-bedroom residences, providing a varied unit mix within one building. Constructed in 1975, the property has received moderate updates and includes vinyl flooring, shingle roofing, and a separate storage building.
The property is in Little Rock’s West Little Rock area, with shopping, dining, and major commuter routes identified nearby. Unit features include free-standing and electric ranges, dishwashers, disposals, and pantries. A video walkthrough is available upon request.
The property is in Little Rock’s West Little Rock area, with shopping, dining, and major commuter routes identified nearby. Unit features include free-standing and electric ranges, dishwashers, disposals, and pantries. A video walkthrough is available upon request.
Key Highlights
- Fourplex with two 2‑bedroom units and two 1‑bedroom units
- 4,192 square feet of living space on 0.22 acres
- Built in 1975 with moderate updates
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
$33,881
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
9.03%
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%
$677,620
$677.6K
Cap Rate 7%
$484,014
$484.0K
Cap Rate 9%
$376,456
$376.5K
Market Conditions
NOI Build-Up for 4,192 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
$65.4K $15.60/SF
− Vacancy
−$3.8K −$0.90/SF
EGI
$61.6K $14.70/SF
− OpEx
−$27.7K −$6.61/SF
NOI
$33.9K $8.08/SF
Area
Little Rock, AR
Vacancy
5.80%
Lease Rate
$15.60 /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%
$677,620
Cap Rate 7%
$484,014
Cap Rate 9%
$376,456
Alternative Uses
Best Use
Multifamily LT 5
$546.6K
$478.3K – $637.7K
NOI $38,263 @ 7.0% cap · market cap 10.20%
Second Best
Apartment 5plus
$484.0K
$423.5K – $564.7K
NOI $33,881 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$761.5K
$666.3K – $888.5K
NOI $53,307 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,697
Businesses Nearby
Explore this area
Business Placement
Demographics for 72211, AR
24,338
Population
12,009
Households
2
Avg Household Size
35
Median Age
56%
College-Educated
97%
High-School Grad
8.3 sq mi
ZIP Area
2,932
Density / Sq Mi
$80,808
Median Household Income
$53,527
Median Earnings
$1,142
Median Rent
$257,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Tenant-occupied property with a balanced mix of one- and two-bedroom layouts.
Where is this quadplex located?
The property is located at 507 Mimi Lane Little Rock, AR.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Fourplex with two 2‑bedroom units and two 1‑bedroom units; 4,192 square feet of living space on 0.22 acres; Built in 1975 with moderate updates
