Seven-Unit Apartment
For Sale
$350,000
120 S Elm Street, Jacksonville, AR 72076
Multi-Family, Traditional, Jacksonville, AR
Property Size2,800 SF
Lot Size0.25 Acres
Price / SF$125
Days on Market67
Property Features for 120 S Elm Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Appliances
Electric Range, Electric Range
Subdivision
Jacksonville
Lot features
Level, Corner Lot
Directions
Off Main Street make a right on Oak to Left on Elm.
Standard status
Active
Size
2,800 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
Lot 5 Block 14
Tax Annual Amount
2598
Legal Description
Lot 5 Block 14
Building Details
Year built
1971
Floors in Building
1
Number of units
7
Flooring type
Tile, Ceramic
Roof type
Shingle
Architectural style
Other
Listing Agency:
Innovative Realty
(501) 847-4666
Listed By:
Kimberly Santos
(501) 766-3749
Added: Jun 16
Changed: Aug 21
Last Checked: Aug 21 at 7:06PM
MLS# 26024335
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.
Located at 120 S Elm Street in Jacksonville, this single-level apartment property contains seven units across 2,800 square feet on 0.25 acres. Each residence includes one bedroom, one bathroom, a full kitchen, and a rear entry. The units have received interior improvements including fresh paint, updated flooring, newer windows, and mini-split systems. Shingle roofing and tile or ceramic flooring are also documented, with the property originally built in 1971.
All seven apartments are currently occupied. The property is positioned near schools, daycares, stores, and hospitals, with the Dupree Sports Complex, playground, and skate park approximately 1 mile away.
All seven apartments are currently occupied. The property is positioned near schools, daycares, stores, and hospitals, with the Dupree Sports Complex, playground, and skate park approximately 1 mile away.
Key Highlights
- Seven apartment units, each with 1 bedroom and 1 bathroom
- 2,800 square feet on a 0.25‑acre parcel
- All units currently occupied
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
$21,064
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
6.02%
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%
$421,280
$421.3K
Cap Rate 7%
$300,914
$300.9K
Cap Rate 9%
$234,044
$234.0K
Market Conditions
NOI Build-Up for 2,800 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
$40.7K $14.52/SF
− Vacancy
−$2.4K −$0.84/SF
EGI
$38.3K $13.68/SF
− OpEx
−$17.2K −$6.16/SF
NOI
$21.1K $7.52/SF
Area
Pulaski County, AR
Vacancy
5.80%
Lease Rate
$14.52 /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%
$421,280
Cap Rate 7%
$300,914
Cap Rate 9%
$234,044
Alternative Uses
Best Use
Apartment 5plus
$300.9K
$263.3K – $351.1K
NOI $21,064 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$534.1K
$467.3K – $623.1K
NOI $37,387 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 72076, AR
38,443
Population
17,780
Households
2.2
Avg Household Size
37
Median Age
22%
College-Educated
90%
High-School Grad
72.7 sq mi
ZIP Area
529
Density / Sq Mi
$53,048
Median Household Income
$36,189
Median Earnings
$917
Median Rent
$155,600
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?
Apartment building - Single-story property with updated interiors, individual kitchens, and full occupancy.
Where is this apartment building located?
The property is located at 120 S Elm Street Jacksonville, AR.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Seven apartment units, each with 1 bedroom and 1 bathroom; 2,800 square feet on a 0.25‑acre parcel; All units currently occupied
