Four-Plex Residential Income
For Sale
$345,000
1521 W 24Th Street, Little Rock, AR 72206
MULTI_FAMILY - Little Rock, AR
Property Size3,696 SF
Lot Size0.21 Acres
Price / SF$93.34
Days on Market147
Property Features for 1521 W 24Th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Free-Standing Stove, Refrigerator-Stays, Free-Standing Stove, Refrigerator-Stays
Subdivision
Fleming & Bradford
Lot features
Level
Directions
Take I-630 E to S Chester St. Take exit 2A from I-630 E, Continue on S Chester St. Take Doctor M.L.K. Jr Dr/M L King to W 24th St, house on left
Standard status
Active
APN
34L-195-00-252-00
Size
3,696 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BLK:20 SUBD:FLEMING & BRADFORD
Tax Annual Amount
3612
Legal Description
BLK:20 SUBD:FLEMING & BRADFORD
Building Details
Year built
1930
Floors in Building
2
Number of units
4
Flooring type
Laminate, Wood
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty
(501) 907-5959
Listed By:
Broderic Armstead
(501) 425-2098
Added: Mar 18
Changed: Aug 2
Last Checked: Aug 11 at 10:06PM
MLS# 26010421
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.
This four-plex residential income property is situated on a 0.21-acre lot and totals 3,696 square feet. Built in 1930, it features a composition roof and wood and laminate flooring. The units include free-standing stoves and refrigerators that stay with the property.
The property is located at 1521 W 24th Street in Little Rock, Arkansas 72206, in Pulaski County.
The layout provides four separate units within a single building, offering an investor the ability to manage multiple housing spaces under one ownership structure.
The property is located at 1521 W 24th Street in Little Rock, Arkansas 72206, in Pulaski County.
The layout provides four separate units within a single building, offering an investor the ability to manage multiple housing spaces under one ownership structure.
Key Highlights
- 0.21‑acre lot with 3,696 SF total building area
- Four‑plex residential income property
- Built in 1930
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
286
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?
Quadplex - Composition roof four-plex with wood and laminate flooring and free-standing stoves in each unit.
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: 0.21‑acre lot with 3,696 SF total building area; Four‑plex residential income property; Built in 1930
