Eight-Home Multifamily
For Sale
$1,400,000
11223 Morningside Drive, Little Rock, AR 72103
Multi-Family, Contemporary, Traditional, Little Rock, AR
Property Size9,323 SF
Lot Size0.35 Acres
Price / SF$150.17
Days on Market8
Property Features for 11223 Morningside Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
21
Bathrooms
12
Full bathrooms
12
Rooms
Bedroom 10, Bedroom 1, Bedroom 13, Bathroom 4, Bedroom 21, Bedroom 2, Bedroom 14, Bathroom 2, Bathroom 7, Bedroom 3, Bedroom 5, Bathroom 9, Bathroom 3, Bedroom 12, Bedroom 8, Bathroom 11, Bathroom 12, Bedroom 19, Bathroom 10, Bedroom 15, Bedroom 9, Bathroom 8, Bedroom 18, Bedroom 16, Bathroom 5, Bathroom 6, Bedroom 4, Bedroom 7, Bedroom 11, Bathroom 1, Bedroom 6, Bedroom 20, Bedroom 17
Parking features
Carport, Garage
Patio and Porch features
Patio, Porch
Interior features
Washer Connection, Dryer Connection-Gas, Dryer Connection-Electric, Hot Water Heater-Gas, Hot Water Heater-Electric, Smoke Detector, Closet - Walk In
Exterior features
Fully Fenced, Partially Fenced, Storage Building, Guttering, Patio, Covered, Porch
Fencing
Full, Partial
Appliances
Built-In Stove, Free-Standing Stove, Microwave, Gas Range, Electric Range, Dishwasher, Disposal, Pantry, Refrigerator-Stays, Built-In Stove, Free-Standing Stove, Microwave, Gas Range, Electric Range, Dishwasher, Disposal, Pantry, Refrigerator-Stays
Subdivision
Hollywood Heights
Lot features
Sloped, Level, Zero Lot Line, Rural Property, In Subdivision, Not in Subdivision, Will Subdivide, Lake View, Common to Lake
Directions
https://maps.app.goo.gl/ecg1BNb1G9Q8jLvp7
Standard status
Active
APN
880-02171-000
Size
9,323 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT:159 SUBD:HOLLYWOOD HEIGHTS
Tax Annual Amount
1125
Legal Description
LOT:159 SUBD:HOLLYWOOD HEIGHTS
Utilities
Utilities
Propane
Building Details
Year built
1972
Floors in Building
1
Number of units
8
Flooring type
Vinyl, Tile
Roof type
Shingle
Architectural style
Other, Contemporary
Additional Structures
Storage
Listing Agency:
LPT Selling Luxury
(321) 486-8644
Listed By:
Madison Ralph
(940) 222-0528
Added: Sep 9
Changed: Sep 16
Last Checked: Sep 16 at 5:06AM
MLS# 26036726
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 multifamily portfolio includes eight occupied single-family rental homes offered together as one package. The properties total approximately 9,323 square feet with 21 bedrooms and 10.5 bathrooms. Individual homes range from 884 to 1,547 square feet and include two- and three-bedroom layouts. Several residences feature patios or porches, fencing, storage buildings, carports, garages, and kitchen appliances. The homes were built in 1972, with several renovated in 2017, 2022, or 2023.
Seven homes are located in Little Rock, while one is in Mabelvale. Four properties participate in housing-assistance programs, and the portfolio is professionally managed. Several leases extend into 2027. No HOA or POA fees or owner-paid monthly utilities are reported. The package is offered only as a combined sale and is not being divided.
Seven homes are located in Little Rock, while one is in Mabelvale. Four properties participate in housing-assistance programs, and the portfolio is professionally managed. Several leases extend into 2027. No HOA or POA fees or owner-paid monthly utilities are reported. The package is offered only as a combined sale and is not being divided.
Key Highlights
- Eight occupied single‑family rental homes offered as one package
- Portfolio totals approximately 9,323 SF, 21 bedrooms, and 10.5 bathrooms
- Four homes participate in housing‑assistance programs
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
$75,352
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
5.38%
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%
$1,507,040
$1.5M
Cap Rate 7%
$1,076,457
$1.1M
Cap Rate 9%
$837,244
$837.2K
Market Conditions
NOI Build-Up for 9,323 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
$145.4K $15.60/SF
− Vacancy
−$8.4K −$0.90/SF
EGI
$137.0K $14.70/SF
− OpEx
−$61.7K −$6.61/SF
NOI
$75.4K $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%
$1,507,040
Cap Rate 7%
$1,076,457
Cap Rate 9%
$837,244
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$941.9K – $1.26M
NOI $75,352 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.98M
NOI $118,554 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
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Business Placement
Demographics for 72103, AR
13,739
Population
6,078
Households
2.3
Avg Household Size
38
Median Age
18%
College-Educated
88%
High-School Grad
30.6 sq mi
ZIP Area
449
Density / Sq Mi
$61,967
Median Household Income
$42,345
Median Earnings
$912
Median Rent
$140,600
Median Home Value
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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?
Multifamily property - Professionally managed rental portfolio with occupied homes, varied layouts, and established tenant leases.
Where is this multifamily property located?
The property is located at 11223 Morningside Drive Little Rock, AR.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Eight occupied single‑family rental homes offered as one package; Portfolio totals approximately 9,323 SF, 21 bedrooms, and 10.5 bathrooms; Four homes participate in housing‑assistance programs
