Duplex with Detached
For Sale
$230,000
78 Happy Valley Drive, Conway, AR 72034
Residential, Traditional, Conway, AR
Property Size1,776 SF
Lot Size1.06 Acres
Price / SF$129.50
Days on Market10
Property Features for 78 Happy Valley Drive
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 1
Parking features
Carport
Patio and Porch features
Porch, Patio
Interior features
Washer Connection, Dryer Connection-Electric, Water Heater-Electric, Ceiling Fan(s), Walk-in Shower, Breakfast Bar, Kit Counter-Formica
Exterior features
Patio, Porch, Fully Fenced, Outside Storage Area, Guttering, Shop, Chain Link, Wood Fence
Fencing
Full, Chain Link, Wood
Fireplace
1
Appliances
Free-Standing Stove, Electric Range, Ice Maker Connection
Subdivision
HAPPY VALLEY
Lot features
Level, Corner Lot
Elementary school
Carolyn Lewis Elementary School
Middle school
Carl Stuart
High school
Conway
Directions
Sturgis Road to Happy Valley. Happy Valley to top of the hill, Duplex is on NE corner
Standard status
Active
Size
1,776 SF
Lot size
1.06 Acres
Taxes and HOA fees
Tax Description
Lot 2, Block 2 Happy Valley
Tax Annual Amount
1360
Legal Description
Lot 2, Block 2 Happy Valley
Building Details
Year built
1975
Floors in Building
1
Flooring type
Laminate
Roof type
Metal
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Keller Williams Realty Central
(501) 907-5959
Listed By:
Mark Williams · License #EB00071612
(501) 697-5879
Added: Sep 11
Changed: Sep 18
Last Checked: Sep 20 at 8:06AM
MLS# 26037189
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 duplex contains two distinct residential units: a 1-bedroom, 1-bath layout and a larger 3-bedroom, 2-bath unit. Combined living area totals 1,776 square feet on 1.06 acres. The property also includes a shop building, carport, patio, porch, outside storage area, and fully fenced grounds. Interior details include laminate flooring, ceiling fans, walk-in showers, breakfast bars, washer and dryer connections, and electric water heaters. A fireplace and metal roof are also present.
Private well water serves the property. Built in 1975, the improvements offer a residential configuration with additional workspace and storage capacity. The shop, fencing, and outdoor areas add functional space beyond the two living units.
Private well water serves the property. Built in 1975, the improvements offer a residential configuration with additional workspace and storage capacity. The shop, fencing, and outdoor areas add functional space beyond the two living units.
Key Highlights
- Two‑unit layout with 1‑bedroom, 1‑bath and 3‑bedroom, 2‑bath residences
- 1,776 square feet of combined property size on 1.06 acres
- Separate shop building with outside storage area
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
$11,946
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
5.19%
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%
$238,920
$238.9K
Cap Rate 7%
$170,657
$170.7K
Cap Rate 9%
$132,733
$132.7K
Market Conditions
NOI Build-Up for 1,776 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
$18.1K $10.20/SF
− Vacancy
−$1.0K −$0.59/SF
EGI
$17.1K $9.61/SF
− OpEx
−$5.1K −$2.88/SF
NOI
$11.9K $6.73/SF
Area
Faulkner County, AR
Vacancy
5.79%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$238,920
Cap Rate 7%
$170,657
Cap Rate 9%
$132,733
Alternative Uses
Best Use
Multifamily LT 5
$170.7K
$149.3K – $199.1K
NOI $11,946 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$152.5K
$133.5K – $177.9K
NOI $10,676 @ 7.0% cap · market cap 4.64%
Theoretical Best
Office A
$405.1K
$354.5K – $472.6K
NOI $28,356 @ 7.0% cap · market cap 12.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 72034, AR
47,873
Population
22,523
Households
2.1
Avg Household Size
33
Median Age
44%
College-Educated
94%
High-School Grad
47.9 sq mi
ZIP Area
999
Density / Sq Mi
$61,675
Median Household Income
$40,511
Median Earnings
$993
Median Rent
$250,000
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?
Duplex - Two residential units are paired with a separate shop, private well water, fenced grounds, and covered parking.
Where is this duplex located?
The property is located at 78 Happy Valley Drive Conway, AR.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: Two‑unit layout with 1‑bedroom, 1‑bath and 3‑bedroom, 2‑bath residences; 1,776 square feet of combined property size on 1.06 acres; Separate shop building with outside storage area
