Office and Warehouse Space
For Sale
$775,000
1924 Fendley Dr, North Little Rock, AR 72114
Two-story office/warehouse with convenient access to major interstates.
Property Size2,856 SF
Price / SF$271.36
Days on Market272
Property Features for 1924 Fendley Dr
General Information
Standard status
Active
Size
2,856 SF
Class
C
Property subtype
Office
Building Details
Building Size
2,856 SF
Year Built
1982
Listing Agency:
Kelley Commercial Partners
(501) 766-3021
Listed By:
Gary Smith · License #00075069
(501) 766-3021
Source:
Kelleycommercialpartners
Added: Nov 21, 2025
Changed: Aug 17
Last Checked: Aug 19 at 6:24AM
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 Kelley Commercial Partners
Investment Insights
Based on property information with market context.
This two-story office and warehouse property offers approximately 11,625 square feet of space on a 0.92-acre lot. The property includes approximately 8,796 square feet of office space and 2,856 square feet of warehouse space. Located at the corner of Fendley Drive and Memorial Drive in North Little Rock, it is conveniently situated near Pulaski Technical College with quick access to I-430, I-40, and I-30. The property features 47 surface parking spaces. The upper level includes a reception/waiting area, a large training room, a conference room, 14 offices, 7 restrooms, a kitchen, a break room, a storage closet, and a supply room. The lower level features a heated and cooled warehouse, an overhead door for easy access, a fenced loading/unloading area, 9 offices, 3 restrooms, and a break room.
Key Highlights
- Combination of office and warehouse space totaling ±11,625 SF on ±0.92 acres.
- Strategic location with quick access to I‑430, I‑40, and I‑30.
- Ample parking with 47 surface spaces.
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
$23,885
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
3.08%
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%
$477,700
$477.7K
Cap Rate 7%
$341,214
$341.2K
Cap Rate 9%
$265,389
$265.4K
Market Conditions
NOI Build-Up for 2,856 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
$36.0K $12.60/SF
− Vacancy
−$4.1K −$1.45/SF
EGI
$31.8K $11.15/SF
− OpEx
−$8.0K −$2.79/SF
NOI
$23.9K $8.36/SF
Area
Pulaski County, AR
Vacancy
11.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
25.00%
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%
$477,700
Cap Rate 7%
$341,214
Cap Rate 9%
$265,389
Alternative Uses
Best Use
Office B
$341.2K
$298.6K – $398.1K
NOI $23,885 @ 7.0% cap · market cap 3.08%
Second Best
Warehouse
$217.8K
$190.6K – $254.1K
NOI $15,245 @ 7.0% cap · market cap 1.97%
Theoretical Best
Specialty Retail
$544.8K
$476.7K – $635.6K
NOI $38,135 @ 7.0% cap · market cap 4.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Explore this area
Business Placement
Demographics for 72114, AR
10,957
Population
6,733
Households
1.6
Avg Household Size
38
Median Age
19%
College-Educated
84%
High-School Grad
7.7 sq mi
ZIP Area
1,423
Density / Sq Mi
$28,594
Median Household Income
$27,564
Median Earnings
$781
Median Rent
$87,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two-story office/warehouse with convenient access to major interstates.
Where is this office units located?
The property is located at 1924 Fendley Dr North Little Rock, AR.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Combination of office and warehouse space totaling ±11,625 SF on ±0.92 acres.; Strategic location with quick access to I‑430, I‑40, and I‑30.; Ample parking with 47 surface spaces.
