Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    23 23Rd St Little Rock, AR 72206

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Large residential corner lot in historic downtown location.

    Lot size:
    0.51 Acres

    Property Features for 23 23Rd St

    General Information

    Lot size
    0.51 Acres

    We can help!

    Listing Contact
    Ashley Fondren
    Source: Moodyscre

    Listing Agency: Haybar Realty Listing Agent: Ashley Fondren

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Residential Corner Lot in Downtown

    This 0.51-acre corner lot is situated at the intersection of 23rd Street and Center Street. The property is located in the Historic Mansion District and is currently zoned for residential use. Its location offers convenient access to shopping, dining, and entertainment options in the SoMa and Pettaway neighborhoods. The property is suitable for new construction.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Little Rock
    County
    Pulaski
    State
    Arkansas
    Longitude
    -92.274475
    Latitude
    34.726455

    Nearby Similar for Sale

    • $499,000
      2,938 SF

      Commercial Building in Little Rock

      Commercial building in a strong retail submarket, Little Rock.
      1425 S University Ave, Little Rock, AR 72204
      View Details
    • $1,000,000
      4,331 SF

      Renovated Retail Building on University

      4,300+ SF building on 2.25 acres in Little Rock.
      4700 S University Ave, Little Rock, AR 72204
      View Details
    • $525,000
      3,200 SF

      Commercial Building on One Acre

      Commercial building with parking on one acre in Little Rock.
      20603 Arch Street Pike, Little Rock, AR 72206
      View Details
    • Contact for pricing
      4,331 SF

      Renovated Retail Building on University

      4,300+ SF building on 2.25 acres in Little Rock.
      4700 S University Ave, Little Rock, AR 72204
      View Details
    • $479,000
      5,000 SF

      Little Rock Commercial Building and Land

      Turn-key commercial building in high-traffic area with diverse potential uses.
      1817 S Woodrow St, Little Rock, AR 72204
      View Details
    • $500,000
      3,654 SF

      Downtown Little Rock Office Building

      Versatile commercial property with customizable office suites in downtown Little Rock.
      1100 W 2Nd St, Little Rock, AR 72201
      View Details
    • $519,000
      4,750 SF

      Multi-Building Commercial Property, Little Rock

      Three buildings on a large lot with commercial zoning.
      4919 Basline Rd, Little Rock, AR 72209
      View Details
    • $155,000
      1,352 SF

      Little Rock Building with Land

      Building with adjacent lot on high-traffic Chicot Road.
      7622 Morris Dr, Little Rock, AR 72209
      View Details
    • Contact for pricing
      1,200 SF

      Restaurant Space with Drive-Thru

      Prime restaurant space with drive-thru on Shackelford Rd.
      240 S Shackelford, Little Rock, AR 72211
      View Details
    • $870,000
      6,480 SF

      Historical Office Building in Little Rock

      6,480 SF office building in vibrant Little Rock area.
      920 W 2Nd St, Little Rock, AR 72201
      View Details
    • $75,000
      865 SF

      Insulated Metal Building in Little Rock

      Insulated metal building with office space, loading dock, and yard.
      5119 W 33Rd St, Little Rock, AR 72204
      View Details
    • New
      $400,000
      4,192 SF

      West Little Rock Fourplex Investment

      Fourplex in central Little Rock with income-producing potential.
      507 Mimi Ln, Little Rock, AR 72211
      View Details

    FAQs

    What type of property is this?
    Land - Large residential corner lot in historic downtown location.
    Where is this land located?
    The property is located at 23 23Rd St Little Rock, AR.
    What is the asking price?
    The asking price for this property is $139,000.
    What are key features of this property?
    This property features: - Large 0.51 acre corner lot in downtown residential area.; - Prime location for new construction.; - Located in the Historic Mansion District.
    (501) 766-5155 Call to check price and availability
    Request Owner's contact information
    23 23Rd St Little Rock, AR 72206
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23 23Rd St
    Little Rock, AR 72206
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    23 23Rd St Little Rock, AR 72206
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ashley Fondren
    Real Estate License ID: SA00091956
    (501) 766-5155 (501) 374-2303
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!