Two-Story Office
For Sale
Contact for pricing
11215 Hermitage Rd, Little Rock, AR 72211
Two-story office building with common and private suite bathrooms, multiple entrances, and ground-level access for all suites.
Property Size22,300 SF
Price / SF$111.88
Days on Market1364
Property Features for 11215 Hermitage Rd
General Information
Standard status
Active
Size
22,300 SF
Property subtype
OFFICE
Site & Location
Traffic Count
43,000 vehicles/day
Highway Access
Yes
Amenities
Common bathrooms on both floors
Private bathrooms in suites
Multiple building entrances
Ground level entrance to all suites
Corner of signalized traffic stop
Building Details
Stories
2
Listing Agency:
Hathaway Group
(501) 529-4965
Listed By:
Stuart Mackey · License #EB00046466
(501) 529-4965
Source:
Moodyscre
Added: Nov 16, 2022
Changed: Jul 25
Last Checked: Aug 10 at 9:11AM
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 Hathaway Group
Investment Insights
Based on property information with market context.
This two-story office building offers a total of 22,300 square feet. The layout includes common bathrooms on both floors and private bathrooms within suites. Multiple building entrances support convenient access to each suite, and there is a ground-level entrance to all suites.
The property provides strong visibility from Chenal Pkwy, which carries 43,000 ADT. It also offers easy access to and from I-430 and I-630 with 83,000 ADT, and the site is positioned at the corner of a signalized traffic stop.
Parking is available at approximately 5.5 spaces per 1,000 square feet.
The property provides strong visibility from Chenal Pkwy, which carries 43,000 ADT. It also offers easy access to and from I-430 and I-630 with 83,000 ADT, and the site is positioned at the corner of a signalized traffic stop.
Parking is available at approximately 5.5 spaces per 1,000 square feet.
Key Highlights
- 22,300 SF, 2‑story office building
- Great visibility from Chenal Pkwy (43,000 ADT)
- Easy access to/from I‑430 & I‑630 (83,000 ADT)
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
$212,323
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
8.51%
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%
$4,246,460
$4.2M
Cap Rate 7%
$3,033,186
$3.0M
Cap Rate 9%
$2,359,144
$2.4M
Market Conditions
NOI Build-Up for 22,300 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
$318.4K $14.28/SF
− Vacancy
−$35.3K −$1.59/SF
EGI
$283.1K $12.69/SF
− OpEx
−$70.8K −$3.17/SF
NOI
$212.3K $9.52/SF
Area
Little Rock, AR
Vacancy
11.10%
Lease Rate
$14.28 /SF/Yr
Expense Ratio
25.00%
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%
$4,246,460
Cap Rate 7%
$3,033,186
Cap Rate 9%
$2,359,144
Alternative Uses
Best Use
Office B
$3.03M
$2.65M – $3.54M
NOI $212,323 @ 7.0% cap · market cap 8.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.05M
$3.54M – $4.73M
NOI $283,573 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
43,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,466
Businesses Nearby
Explore this area
Business Placement
Demographics for 72211, AR
24,338
Population
12,009
Households
2
Avg Household Size
35
Median Age
56%
College-Educated
97%
High-School Grad
8.3 sq mi
ZIP Area
2,932
Density / Sq Mi
$80,808
Median Household Income
$53,527
Median Earnings
$1,142
Median Rent
$257,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with common and private suite bathrooms, multiple entrances, and ground-level access for all suites.
Where is this office building located?
The property is located at 11215 Hermitage Rd Little Rock, AR.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 22,300 SF, 2‑story office building; Great visibility from Chenal Pkwy (43,000 ADT); Easy access to/from I‑430 & I‑630 (83,000 ADT)
