Four-Unit Quadplex with Update
New
For Sale
$345,000
1521 W 24Th Street, Little Rock, AR 72206
Multifamily asset offering four residential units with room for cosmetic improvements.
Property Size3,696 SF
Price / SF$93.34
Days on Market2
Property Features for 1521 W 24Th Street
General Information
Standard status
Active
Size
3,696 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
cosmetic updates
Additional Details
Multifamily Units
4
Building Details
Buildings
1
Listing Agency:
Keller Williams Realty
(501) 907-5959
Listed By:
Broderic Armstead
(501) 425-2098
Source:
Arprorealty
Added: Sep 14
Last Checked: Sep 14 at 2:27PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This quadplex contains four residential units within 3,696 square feet. Each unit has a functional layout, and the property details identify cosmetic updates or other strategic improvements as potential ways to enhance the asset. The described approach may include maintaining the existing configuration or completing updates to the units.
The property is located at 1521 W 24th Street in Little Rock, Arkansas 72206. Its four-unit design provides a clearly defined multifamily configuration for an owner considering renovation work or continued operation in its current form.
The property is located at 1521 W 24th Street in Little Rock, Arkansas 72206. Its four-unit design provides a clearly defined multifamily configuration for an owner considering renovation work or continued operation in its current form.
Key Highlights
- Four‑unit quadplex configuration
- 3,696 square feet of total property size
- Each unit offers a functional layout
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
$29,872
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
8.66%
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%
$597,440
$597.4K
Cap Rate 7%
$426,743
$426.7K
Cap Rate 9%
$331,911
$331.9K
Market Conditions
NOI Build-Up for 3,696 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
$57.7K $15.60/SF
− Vacancy
−$3.3K −$0.90/SF
EGI
$54.3K $14.70/SF
− OpEx
−$24.4K −$6.61/SF
NOI
$29.9K $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%
$597,440
Cap Rate 7%
$426,743
Cap Rate 9%
$331,911
Alternative Uses
Best Use
Multifamily LT 5
$481.9K
$421.7K – $562.3K
NOI $33,736 @ 7.0% cap · market cap 9.78%
Second Best
Apartment 5plus
$426.7K
$373.4K – $497.9K
NOI $29,872 @ 7.0% cap · market cap 8.66%
Theoretical Best
Office A
$671.4K
$587.5K – $783.3K
NOI $46,999 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
377
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
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Multifamily asset offering four residential units with room for cosmetic improvements.
Where is this quadplex located?
The property is located at 1521 W 24Th Street Little Rock, AR.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: Four‑unit quadplex configuration; 3,696 square feet of total property size; Each unit offers a functional layout
