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 Market8
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
(501) 231-6496
Listed By:
Regina Thompson · License #SA00063139
Source:
Signaturearkansas
Added: Aug 23
Changed: Aug 29
Last Checked: Aug 29 at 1:59PM
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
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 = 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
$71,933
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
6.00%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,155
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
