Two-Unit Duplex
For Sale
$515,000
1662 & 1664 Evening Shade Dr, Fayetteville, AR 72703
The two residences are near the University of Arkansas, schools, shopping, dining, and entertainment.
Property Size3,112 SF
Price / SF$165.49
Days on Market38
Property Features for 1662 & 1664 Evening Shade Dr
General Information
Standard status
Active
Size
3,112 SF
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Keller Williams Market Pro Realty - Rogers Branch
(479) 341-6413
Listed By:
The Duley Group
Source:
Thebesthomeprice
Added: Jul 26
Changed: Aug 29
Last Checked: Aug 31 at 6:44PM
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 Market Pro Realty - Rogers Branch
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each measuring 1,556 SF, for a combined 3,112 SF of living area. Constructed in 2006, the property is located at 1662 & 1664 Evening Shade Dr within Skyler Place Subdivision. The unit layout provides separate residences in one property, supporting occupancy of one unit while the other is rented.
The property is near the University of Arkansas, schools, shopping, dining, and entertainment. Its location also provides access to I-49, connecting residents with surrounding destinations. The combination of two units and 1,556 SF per residence offers a substantial residential configuration for buyers evaluating a duplex property.
The property is near the University of Arkansas, schools, shopping, dining, and entertainment. Its location also provides access to I-49, connecting residents with surrounding destinations. The combination of two units and 1,556 SF per residence offers a substantial residential configuration for buyers evaluating a duplex property.
Key Highlights
- Two‑unit duplex with 3,112 SF combined living area
- Each unit measures 1,556 SF
- 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
5.44%
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 5.44%
Second Best
Apartment 5plus
$354.0K
$309.7K – $413.0K
NOI $24,778 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$835.3K
$730.9K – $974.5K
NOI $58,472 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - The two residences are near the University of Arkansas, schools, shopping, dining, and entertainment.
Where is this duplex located?
The property is located at 1662 & 1664 Evening Shade Dr Fayetteville, AR.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Two‑unit duplex with 3,112 SF combined living area; Each unit measures 1,556 SF; Built in 2006
