Historic Craftsman
For Sale
$315,000
123 S Schiller Street, Little Rock, AR 72205
Multi-Family, Craftsman, Little Rock, AR
Property Size2,444 SF
Lot Size0.13 Acres
Price / SF$128.89
Days on Market77
Property Features for 123 S Schiller Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Interior features
Washer Connection, Washer-Stays, Dryer Connection-Gas, Dryer Connection-Electric, Dryer-Stays, Hot Water Heater-Gas, Smoke Detector
Appliances
Built-In Stove, Dishwasher, Disposal, Refrigerator-Stays, Built-In Stove, Dishwasher, Disposal, Refrigerator-Stays
Subdivision
Plunkett 2nd
Lot features
Sloped, Level
Directions
From 3rd Street bend of W Markham, turn north onto N Summit. Turn left onto 2nd. Property is on corner of 2nd St & Schiller
Standard status
Active
APN
34L-038-00-047-00
Size
2,444 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 6 BLOCK 5
Tax Annual Amount
3821
Legal Description
LOT 6 BLOCK 5
Amenities
deck
Building Details
Year built
1942
Floors in Building
2
Number of units
2
Flooring type
Wood, Concrete
Roof type
Shingle
Architectural style
Craftsman
Listing Agency:
Engel & Volkers · Engel & Völkers
(501) 663-6000
Listed By:
Ryan Stephens
(501) 551-2430
Added: Jul 20
Changed: Sep 12
Last Checked: Oct 4 at 8:06PM
MLS# 26029410
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.
Built in 1942, this Craftsman duplex contains two residential units, each arranged with two bedrooms and one bathroom. The property totals 2,444 square feet on a 0.13-acre lot. The upper residence measures a little over 1,200 square feet and is vacant, with fresh paint, professional cleaning, wood flooring, a refrigerator, washer, dryer, and deck. The lower unit is occupied by tenants.
Located at 123 S Schiller Street in Little Rock’s Capital View area, the property is minutes from downtown Little Rock and Hillcrest, with freeway access nearby. Interior features include gas and electric dryer connections, a gas water heater, and smoke detectors. The roof is shingle, while flooring includes wood and concrete.
Located at 123 S Schiller Street in Little Rock’s Capital View area, the property is minutes from downtown Little Rock and Hillcrest, with freeway access nearby. Interior features include gas and electric dryer connections, a gas water heater, and smoke detectors. The roof is shingle, while flooring includes wood and concrete.
Key Highlights
- 2,444‑square‑foot duplex on a 0.13‑acre lot
- Built in 1942 with Craftsman architectural styling
- Two units, each with 2 bedrooms and 1 bathroom
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
$22,308
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
7.08%
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%
$446,160
$446.2K
Cap Rate 7%
$318,686
$318.7K
Cap Rate 9%
$247,867
$247.9K
Market Conditions
NOI Build-Up for 2,444 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
$33.7K $13.80/SF
− Vacancy
−$1.9K −$0.76/SF
EGI
$31.9K $13.04/SF
− OpEx
−$9.6K −$3.91/SF
NOI
$22.3K $9.13/SF
Area
Little Rock, AR
Vacancy
5.51%
Lease Rate
$13.80 /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%
$446,160
Cap Rate 7%
$318,686
Cap Rate 9%
$247,867
Alternative Uses
Best Use
Multifamily LT 5
$318.7K
$278.9K – $371.8K
NOI $22,308 @ 7.0% cap · market cap 7.08%
Second Best
Apartment 5plus
$282.2K
$246.9K – $329.2K
NOI $19,753 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$444.0K
$388.5K – $518.0K
NOI $31,079 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,052
Businesses Nearby
Explore this area
Business Placement
Demographics for 72205, AR
22,888
Population
12,187
Households
1.9
Avg Household Size
39
Median Age
54%
College-Educated
96%
High-School Grad
8.0 sq mi
ZIP Area
2,861
Density / Sq Mi
$62,888
Median Household Income
$50,948
Median Earnings
$1,110
Median Rent
$204,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units, one vacant and refreshed, with appliances and a deck included.
Where is this duplex located?
The property is located at 123 S Schiller Street Little Rock, AR.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: 2,444‑square‑foot duplex on a 0.13‑acre lot; Built in 1942 with Craftsman architectural styling; Two units, each with 2 bedrooms and 1 bathroom
