Nine-Unit Apartment
For Sale
$1,199,000
1500 Center Street, Little Rock, AR 72206
MULTI_FAMILY - Little Rock, AR
Property Size6,692 SF
Lot Size0.34 Acres
Price / SF$179.17
Days on Market148
Property Features for 1500 Center Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
14
Bathrooms
14
Full bathrooms
14
Rooms
Bedroom 7, Bathroom 1, Bathroom 9, Bedroom 1, Bathroom 10, Bedroom 4, Bathroom 13, Bathroom 12, Bedroom 14, Bedroom 3, Bedroom 9, Bedroom 11, Bedroom 10, Bathroom 4, Bedroom 2, Bathroom 5, Bedroom 12, Bathroom 6, Bathroom 7, Bathroom 14, Bedroom 6, Bedroom 13, Bathroom 8, Bathroom 2, Bathroom 3, Bathroom 11, Bedroom 8, Bedroom 5
Interior features
Washer/Dryer-Comm. In
Appliances
Free-Standing Stove, Microwave, Electric Range, Dishwasher, Refrigerator-Stays, Free-Standing Stove, Microwave, Electric Range, Dishwasher, Refrigerator-Stays
Subdivision
City of Little Rock L10
Lot features
Corner Lot
Directions
From 630, take Exit 1B to Broadway and Center Street. South on Louisiana then Rt. onto W 15th and Left onto Center.
Standard status
Active
Size
6,692 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
City of LR Lots 11,12 Blk 192
Tax Annual Amount
8954
Legal Description
City of LR Lots 11,12 Blk 192
Amenities
granite countertops
stainless steel appliances
washer/dryer units in eight apartments
assigned on-site parking
stained glass accents
intricate architectural details
Building Details
Year built
1921
Floors in Building
1
Number of units
9
Flooring type
Tile, Wood
Roof type
Shingle
Architectural style
Victorian
Listing Agency:
RE/MAX Encore · RE/MAX International
(501) 843-3067
Listed By:
Regina Thompson · License #SA00063139
(501) 231-6496
Added: Mar 26
Changed: Aug 5
Last Checked: Aug 20 at 8:06AM
MLS# 26011658
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.
Cathedral Park Apartments is a nine-unit apartment building at 1500 Center Street in Little Rock, AR. Built in 1921 in a Victorian style, the property reflects its historic character with stained glass architectural accents and interior finishes including wood and tile flooring. Unit interiors include granite countertops and stainless steel appliances, with washer/dryer units in eight apartments and commercial washer/dryer included. The building is served by a shingle roof and offers assigned on-site parking for residents.
The property is located in the heart of the Governor’s Historic District and is one street over from the SoMa District, placing it within walking distance of local amenities including The Root Cafe, Community Bakery, Starbucks, and Boulevard Bread Company.
The site totals 0.34 acres and the building size is listed at 6,692 square feet, providing a compact multi-family configuration designed for a mix of modern conveniences and historic appeal.
The property is located in the heart of the Governor’s Historic District and is one street over from the SoMa District, placing it within walking distance of local amenities including The Root Cafe, Community Bakery, Starbucks, and Boulevard Bread Company.
The site totals 0.34 acres and the building size is listed at 6,692 square feet, providing a compact multi-family configuration designed for a mix of modern conveniences and historic appeal.
Key Highlights
- Nine units total in Cathedral Park Apartments
- Washer/dryer units in eight apartments
- Assigned on‑site parking
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
$54,087
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
4.51%
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%
$1,081,740
$1.1M
Cap Rate 7%
$772,671
$772.7K
Cap Rate 9%
$600,967
$601.0K
Market Conditions
NOI Build-Up for 6,692 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
$104.4K $15.60/SF
− Vacancy
−$6.1K −$0.90/SF
EGI
$98.3K $14.70/SF
− OpEx
−$44.3K −$6.61/SF
NOI
$54.1K $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%
$1,081,740
Cap Rate 7%
$772,671
Cap Rate 9%
$600,967
Alternative Uses
Best Use
Apartment 5plus
$772.7K
$676.1K – $901.5K
NOI $54,087 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,097 @ 7.0% cap · market cap 7.10%
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Cathedral Park Apartments features nine units with washer/dryer in eight apartments and assigned on-site parking.
Where is this apartment building located?
The property is located at 1500 Center Street 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 units total in Cathedral Park Apartments; Washer/dryer units in eight apartments; Assigned on‑site parking
