2-Unit Duplex with
For Sale
$505,000
1662 & 1664 Evening Shade Drive, Fayetteville, AR 72703
Residential, Fayetteville, AR
Property Size3,112 SF
Lot Size0.10 Acres
Price / SF$162.28
Days on Market73
Property Features for 1662 & 1664 Evening Shade Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
6
Full bathrooms
4
Half bathrooms
2
Rooms
Bathroom 3, Bedroom 5, Bedroom 3, Bathroom 5, Bathroom 2, Bathroom 4, Bathroom 6, Bedroom 6, Bedroom 1, Bedroom 2, Bathroom 1, Bedroom 4
Parking features
Open, Garage
Window features
Vinyl Frames
Patio and Porch features
Patio
Exterior features
ConcreteDriveway
Appliances
ElectricWaterHeater
Subdivision
Skyler Place Add
Lot features
Cleared, Near Park, Subdivision
Directions
From I-49, take Exit 65 and head east onto N Stephen Carr Blvd. Turn left onto Deane Street, then right onto N Evening Shade Dr. The home will be located on the left.
Standard status
Active
APN
765-23308-000
Size
3,112 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Description
Lot 28A & 28B Skyler Place Add
Tax Annual Amount
1721
Legal Description
Lot 28A & 28B Skyler Place Add
Utilities
Heating system
Central, Natural Gas
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2006
Floors in Building
2
Number of units
2
Flooring type
Carpet, Simulatedwood, Tile, Laminate
Building materials
Brick, VinylSiding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Keller Williams Market Pro Realty - Rogers Branch · Keller Williams Realty
(479) 718-2800
Listed By:
The Duley Group
(479) 616-4663
Added: Jul 24
Changed: Oct 4
Last Checked: Oct 4 at 6:06PM
MLS# 1356291
Copyright © 2026 ArkansasONE MLS. 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 2006 duplex contains two residences of 1,556 square feet each, totaling 3,112 square feet on a 0.0989-acre parcel. Exterior materials include brick and vinyl siding. Each residence has a patio, and the property includes garage and open parking. Interior finishes include tile, simulated wood, laminate, and carpet; heating is central natural gas, and cooling is central electric air conditioning.
The property is near the University of Arkansas, with schools, shopping, dining, and entertainment also identified nearby. I-49 is within minutes of the site. The two-residence configuration accommodates separate households, with each unit offering its own layout.
The property is near the University of Arkansas, with schools, shopping, dining, and entertainment also identified nearby. I-49 is within minutes of the site. The two-residence configuration accommodates separate households, with each unit offering its own layout.
Key Highlights
- Two residences, each measuring 1,556 square feet; 3,112 square feet combined
- 0.0989‑acre parcel
- Built in 2006
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
$28,006
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
5.55%
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%
$560,120
$560.1K
Cap Rate 7%
$400,086
$400.1K
Cap Rate 9%
$311,178
$311.2K
Market Conditions
NOI Build-Up for 3,112 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
$42.9K $13.80/SF
− Vacancy
−$2.9K −$0.94/SF
EGI
$40.0K $12.86/SF
− OpEx
−$12.0K −$3.86/SF
NOI
$28.0K $9.00/SF
Area
Washington County, AR
Vacancy
6.84%
Lease Rate
$13.80 /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%
$560,120
Cap Rate 7%
$400,086
Cap Rate 9%
$311,178
Alternative Uses
Best Use
Multifamily LT 5
$400.1K
$350.1K – $466.8K
NOI $28,006 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$354.0K
$309.7K – $413.0K
NOI $24,778 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$835.3K
$730.9K – $974.5K
NOI $58,472 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Explore this area
Business Placement
Demographics for 72703, AR
33,767
Population
17,202
Households
2
Avg Household Size
33
Median Age
49%
College-Educated
96%
High-School Grad
40.2 sq mi
ZIP Area
840
Density / Sq Mi
$60,232
Median Household Income
$39,190
Median Earnings
$958
Median Rent
$341,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - The two residences each include garage and open parking, with campus and I-49 access nearby.
Where is this duplex located?
The property is located at 1662 & 1664 Evening Shade Drive Fayetteville, AR.
What is the asking price?
The asking price for this property is $505,000.
What are key features of this property?
This property features: Two residences, each measuring 1,556 square feet; 3,112 square feet combined; 0.0989‑acre parcel; Built in 2006
