Updated Duplex Near Interstate
New
For Sale
$179,900
114 W I Ave, North Little Rock, AR 72116
Two-unit property with refreshed mechanicals, finishes, appliances, and cabinetry in North Little Rock.
Property Size1,748 SF
Price / SF$102.92
Days on Market3
Property Features for 114 W I Ave
General Information
Standard status
Active
Size
1,748 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1950
Listing Agency:
Legend Realty Inc
(479) 267-5911
Listed By:
Patriot Company Real Estate
(479) 439-1933
Source:
Patriotcompany
Added: Sep 1
Changed: Sep 2
Last Checked: Sep 2 at 5:20PM
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 Legend Realty Inc
Investment Insights
Based on property information with market context.
Built in 1950, this duplex contains two separate units at 114 and 116 W. I Avenue in North Little Rock. Recent updates include HVAC systems, appliances, countertops, cabinets, and flooring, providing a refreshed foundation for continued residential use.
The property is located in the Park Hill area with access to nearby shopping, dining, and interstate routes. Its two-unit configuration supports separate occupancy within an established North Little Rock neighborhood.
The property is located in the Park Hill area with access to nearby shopping, dining, and interstate routes. Its two-unit configuration supports separate occupancy within an established North Little Rock neighborhood.
Key Highlights
- Two separate residential units at 114 and 116 W. I Avenue
- Updates include HVAC, appliances, countertops, cabinets, and flooring
- Built in 1950
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
$14,690
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
8.17%
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%
$293,800
$293.8K
Cap Rate 7%
$209,857
$209.9K
Cap Rate 9%
$163,222
$163.2K
Market Conditions
NOI Build-Up for 1,748 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
$22.4K $12.84/SF
− Vacancy
−$1.5K −$0.83/SF
EGI
$21.0K $12.01/SF
− OpEx
−$6.3K −$3.60/SF
NOI
$14.7K $8.40/SF
Area
Pulaski County, AR
Vacancy
6.50%
Lease Rate
$12.84 /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%
$293,800
Cap Rate 7%
$209,857
Cap Rate 9%
$163,222
Alternative Uses
Best Use
Multifamily LT 5
$209.9K
$183.6K – $244.8K
NOI $14,690 @ 7.0% cap · market cap 8.17%
Second Best
Apartment 5plus
$187.9K
$164.4K – $219.2K
NOI $13,150 @ 7.0% cap · market cap 7.31%
Theoretical Best
Specialty Retail
$333.4K
$291.8K – $389.0K
NOI $23,340 @ 7.0% cap · market cap 12.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 72116, AR
21,715
Population
10,556
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
97%
High-School Grad
6.5 sq mi
ZIP Area
3,341
Density / Sq Mi
$75,490
Median Household Income
$46,256
Median Earnings
$1,058
Median Rent
$218,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with refreshed mechanicals, finishes, appliances, and cabinetry in North Little Rock.
Where is this duplex located?
The property is located at 114 W I Ave North Little Rock, AR.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two separate residential units at 114 and 116 W. I Avenue; Updates include HVAC, appliances, countertops, cabinets, and flooring; Built in 1950
