Adaptable Flex
For Sale
$219,000
1615 S Arkansas Avenue, Russellville, AR 72801
Former tattoo studio and salon with a flexible interior suitable for retail, office, or service-based use.
Property Size2,702 SF
Price / SF$81.05
Days on Market151
Property Features for 1615 S Arkansas Avenue
General Information
Standard status
Active
Size
2,702 SF
Taxes and HOA fees
Annual Taxes
$624
Listing Agency:
Arkansas Real Estate Collective
(479) 970-0244
Listed By:
Boyd Osborne · License #EB00050326
(479) 970-0244
Source:
Exprealty
Added: Mar 23
Changed: Aug 14
Last Checked: Aug 19 at 2:36PM
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 Arkansas Real Estate Collective
Investment Insights
Based on property information with market context.
Located at 1615 S Arkansas Avenue in Russellville, Arkansas, this 2,702-square-foot flex space offers an adaptable commercial layout. The property previously housed a tattoo studio and salon, providing an established framework for continued service-oriented occupancy or reconfiguration for retail and office applications.
Key Highlights
- 2,702 square feet of flex space
- Previously operated as a tattoo studio
- Previously used as a salon
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
$10,486
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
4.79%
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%
$209,720
$209.7K
Cap Rate 7%
$149,800
$149.8K
Cap Rate 9%
$116,511
$116.5K
Market Conditions
NOI Build-Up for 2,702 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
$16.2K $6.00/SF
− Vacancy
−$1.2K −$0.46/SF
EGI
$15.0K $5.54/SF
− OpEx
−$4.5K −$1.66/SF
NOI
$10.5K $3.88/SF
Area
Pope County, AR
Vacancy
7.60%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
30.00%
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%
$209,720
Cap Rate 7%
$149,800
Cap Rate 9%
$116,511
Alternative Uses
Best Use
Retail
$348.3K
$304.7K – $406.3K
NOI $24,379 @ 7.0% cap · market cap 11.13%
Second Best
Flex RnD
$328.3K
$287.3K – $383.0K
NOI $22,982 @ 7.0% cap · market cap 10.49%
Theoretical Best
Office A
$431.7K
$377.7K – $503.7K
NOI $30,219 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 72801, AR
18,510
Population
7,530
Households
2.5
Avg Household Size
29
Median Age
26%
College-Educated
82%
High-School Grad
8.0 sq mi
ZIP Area
2,314
Density / Sq Mi
$42,363
Median Household Income
$22,473
Median Earnings
$837
Median Rent
$153,900
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Former tattoo studio and salon with a flexible interior suitable for retail, office, or service-based use.
Where is this flex space located?
The property is located at 1615 S Arkansas Avenue Russellville, AR.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: 2,702 square feet of flex space; Previously operated as a tattoo studio; Previously used as a salon
