Historic Nine-Unit Apartment
For Sale
$1,199,000
1500 Center St, Little Rock, AR 72206
Historic character, updated kitchens, and in-unit laundry define this multifamily property.
Property Size8,900 SF
Price / SF$134.72
Days on Market55
Property Features for 1500 Center St
General Information
Standard status
Active
Size
8,900 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
9
Amenities
granite countertops
stainless steel appliances
washer/dryer units
assigned on-site parking
stained glass accents
intricate architectural details
Building Details
Year Built
1921
Listing Agency:
RE/MAX Encore
Listed By:
Regina Thompson · License #SA00063139
(501) 231-6496
Source:
Signaturearkansas
Added: Aug 23
Changed: Oct 14
Last Checked: Oct 15 at 2:04AM
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 RE/MAX Encore
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Investment Insights
Based on property information with market context.
Built in 1921, this 8,900-square-foot apartment property occupies a former Orthodox church and contains nine residential units. Interior features include granite countertops, stainless steel appliances, stained glass, and detailed architectural elements. Washer and dryer units are provided in eight apartments, with assigned parking available on site.
The property is located in Little Rock’s Governor’s Historic District, one street over from the SoMa District. The Root Cafe, Community Bakery, Starbucks, and Boulevard Bread Company are all within walking distance, adding a range of nearby food, coffee, and retail amenities to the surrounding setting.
The property is located in Little Rock’s Governor’s Historic District, one street over from the SoMa District. The Root Cafe, Community Bakery, Starbucks, and Boulevard Bread Company are all within walking distance, adding a range of nearby food, coffee, and retail amenities to the surrounding setting.
Key Highlights
- Nine‑unit apartment property totaling 8,900 square feet
- 1921 building with former Orthodox church use and stained glass details
- Granite countertops and stainless steel appliances in the apartments
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,933
Cap Rate
6.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,438,660
$1.4M
Cap Rate 7%
$1,027,614
$1.0M
Cap Rate 9%
$799,256
$799.3K
Market Conditions
NOI Build-Up for 8,900 SF
Gross rent
$138.8K $15.60/SF
− Vacancy
−$8.1K −$0.90/SF
EGI
$130.8K $14.70/SF
− OpEx
−$58.9K −$6.61/SF
NOI
$71.9K $8.08/SF
Area
Little Rock, AR
Vacancy
5.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,438,660
Cap Rate 7%
$1,027,614
Cap Rate 9%
$799,256
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.2K – $1.20M
NOI $71,933 @ 7.0% cap · market cap 6.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.41M – $1.89M
NOI $113,175 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,155
Businesses Nearby
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Business Placement
Demographics for 72206, AR
22,974
Population
10,080
Households
2.3
Avg Household Size
43
Median Age
20%
College-Educated
87%
High-School Grad
111.6 sq mi
ZIP Area
206
Density / Sq Mi
$49,145
Median Household Income
$35,157
Median Earnings
$910
Median Rent
$132,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Historic character, updated kitchens, and in-unit laundry define this multifamily property.
Where is this apartment building located?
The property is located at 1500 Center St Little Rock, AR.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Nine‑unit apartment property totaling 8,900 square feet; 1921 building with former Orthodox church use and stained glass details; Granite countertops and stainless steel appliances in the apartments
