Renovated Apartment
For Sale
Contact for pricing
1608 Cherry Street, Conway, AR 72032
Three renovated communities feature updated interiors, exterior improvements, and enhanced common areas in downtown Conway.
Property Size60,680 SF
Price / SF$151.62
Days on Market8
Property Features for 1608 Cherry Street
General Information
Standard status
Active
Size
60,680 SF
Net Rentable
55,000 SF
Class
B
Total Parking Spaces
113
Property subtype
Multifamily
Zoning
MF
Occupancy
96%
Investment Type
Stabilized
Net Operating Income
$646,432
Financials
Asking Price
$9,200,000
Cap Rate
7.03%
Gross Income
$953,485
Additional Details
Multifamily Units
84
Building Details
Year Built
1980
Year Renovated
2021
Buildings
3
Units
84
Tenancy
Multi
Listing Agency:
Exp Commercial - Little Rock
(501) 428-7998
Listed By:
Zach Saxion · License #AB00076151
Source:
Crexi
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 10 at 3:36PM
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 Exp Commercial - Little Rock
Investment Insights
Based on property information with market context.
This apartment portfolio comprises three communities totaling 84 units at 1608 Cherry St, 1313 Elm St, and 2200 Washington Ave in Conway. Renovation work completed between 2021 and 2025 includes refreshed interiors and exteriors, updated finishes, and improvements to common areas. The properties are presented as move-in-ready residences and are currently 96% occupied.
The portfolio is positioned in downtown Conway with walkability and proximity to major employers and colleges identified as part of the surrounding context. Individual properties contain 44 units at 1608 Cherry St, 16 units at 1313 Elm St, and 24 units at 2200 Washington Ave. Zoning is MF, and the offering carries a 7.03% cap rate.
The portfolio is positioned in downtown Conway with walkability and proximity to major employers and colleges identified as part of the surrounding context. Individual properties contain 44 units at 1608 Cherry St, 16 units at 1313 Elm St, and 24 units at 2200 Washington Ave. Zoning is MF, and the offering carries a 7.03% cap rate.
Key Highlights
- 84‑unit portfolio spanning 3 apartment communities
- 1608 Cherry St includes 44 units; 1313 Elm St includes 16 units; 2200 Washington Ave includes 24 units
- Renovations completed between 2021 and 2025
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
$364,776
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
3.96%
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%
$7,295,520
$7.3M
Cap Rate 7%
$5,211,086
$5.2M
Cap Rate 9%
$4,053,067
$4.1M
Market Conditions
NOI Build-Up for 60,680 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
$706.3K $11.64/SF
− Vacancy
−$43.1K −$0.71/SF
EGI
$663.2K $10.93/SF
− OpEx
−$298.5K −$4.92/SF
NOI
$364.8K $6.01/SF
Area
Faulkner County, AR
Vacancy
6.10%
Lease Rate
$11.64 /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%
$7,295,520
Cap Rate 7%
$5,211,086
Cap Rate 9%
$4,053,067
Alternative Uses
Best Use
Apartment 5plus
$5.21M
$4.56M – $6.08M
NOI $364,776 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$13.84M
$12.11M – $16.15M
NOI $968,831 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
84
Residential units
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Explore this area
Business Placement
Demographics for 72032, AR
34,316
Population
14,255
Households
2.4
Avg Household Size
35
Median Age
27%
College-Educated
94%
High-School Grad
114.5 sq mi
ZIP Area
300
Density / Sq Mi
$61,452
Median Household Income
$36,877
Median Earnings
$976
Median Rent
$183,200
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 - Three renovated communities feature updated interiors, exterior improvements, and enhanced common areas in downtown Conway.
Where is this apartment building located?
The property is located at 1608 Cherry Street Conway, AR.
What is the asking price?
The asking price for this property is $9,200,000.
What are key features of this property?
This property features: 84‑unit portfolio spanning 3 apartment communities; 1608 Cherry St includes 44 units; 1313 Elm St includes 16 units; 2200 Washington Ave includes 24 units; Renovations completed between 2021 and 2025
