Fully Occupied Triplex Near
For Sale
Contact for pricing
106 Leggett Street, Jonesboro, AR 72401
Turn-key investment opportunity in a growing market near Arkansas State.
Property Size3,773 SF
Price / SF$105.99
Days on Market264
Property Features for 106 Leggett Street
General Information
Standard status
Active
Size
3,773 SF
Class
C
Property subtype
Multifamily
Zoning
R-3
Listing Agency:
Coldwell Banker Commercial Village Communities
Listed By:
Craig Melton · License #AR SA00086785
Source:
Crexi
Added: Nov 22, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:26AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Commercial Village Communities
Investment Insights
Based on property information with market context.
This fully occupied triplex in Jonesboro, Arkansas, offers immediate rental income and long-term potential. Each of the three units features approximately 1,200 sq ft with 2 bedrooms, 2 full bathrooms, open layouts, and a private 2-car garage. The property is within walking distance of Arkansas State University, making it a consistent favorite for students, faculty, and staff. Shopping, dining, and local hotspots are just minutes away, and downtown is a quick drive away. Jonesboro is experiencing growth, and this property is centrally located. A new Downtown A-State connection trail could enhance walkability between campus and downtown's restaurants and entertainment. Major venues like Centennial Bank Stadium and First National Bank Arena draw thousands each year, while new investments such as the Windgate Hall of Art and Innovation highlight the area's momentum. Jonesboro has a thriving economy and a vibrant community of nearly 84,000 residents. All units are rented, and demand is rising.
Key Highlights
- Fully occupied triplex providing immediate rental income.
- Prime location within walking distance to Arkansas State University ensuring consistent tenant demand.
- Each unit features approximately 1,200 sq ft with 2 bedrooms and 2 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
$24,919
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
6.23%
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%
$498,380
$498.4K
Cap Rate 7%
$355,986
$356.0K
Cap Rate 9%
$276,878
$276.9K
Market Conditions
NOI Build-Up for 3,773 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
$38.5K $10.20/SF
− Vacancy
−$2.9K −$0.77/SF
EGI
$35.6K $9.44/SF
− OpEx
−$10.7K −$2.83/SF
NOI
$24.9K $6.60/SF
Area
Craighead County, AR
Vacancy
7.50%
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%
$498,380
Cap Rate 7%
$355,986
Cap Rate 9%
$276,878
Alternative Uses
Best Use
Multifamily LT 5
$356.0K
$311.5K – $415.3K
NOI $24,919 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$323.3K
$282.9K – $377.2K
NOI $22,633 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$660.6K
$578.0K – $770.7K
NOI $46,239 @ 7.0% cap · market cap 11.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
669
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?
Triplex - Turn-key investment opportunity in a growing market near Arkansas State.
Where is this triplex located?
The property is located at 106 Leggett Street Jonesboro, AR.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Fully occupied triplex providing immediate rental income.; Prime location within walking distance to Arkansas State University ensuring consistent tenant demand.; Each unit features approximately 1,200 sq ft with 2 bedrooms and 2 full bathrooms.
