Historic Wedding Venue and Event
For Sale
$995,000
2005 N Main St, North Little Rock, AR 72116
A historic home and equipped event facility accommodate weddings, meetings, and reunions on Main Street.
Property Size8,328 SF
Price / SF$119.48
Days on Market32
Property Features for 2005 N Main St
General Information
Standard status
Active
Size
8,328 SF
Additional Details
Furnished
Yes
Road Access
Yes
Amenities
commercial kitchen
bride's room
sound system
expansive grounds
hardwood flooring
intricate molding
elegant chandeliers
Building Details
Year Built
1901
Buildings
2
Listing Agency:
Re/Max Encore - NLR
(501) 680-2444
Listed By:
Gail Ott · License #EB00043991
Source:
Themoverealty
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 28 at 8:44PM
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 Re/Max Encore - NLR
Investment Insights
Based on property information with market context.
This historic wedding venue combines a 2,000-square-foot main home with an adjacent 6,000-square-foot event center built in 2009. The two-story event facility features hardwood floors, detailed molding, chandeliers, a commercial kitchen, tables, chairs, tablecloths, a sound system, and a dedicated bride’s room. The 1901 home offers classic architectural character and may support office or bed-and-breakfast use as described in the property information.
Set on Main Street in North Little Rock, the property includes expansive grounds that provide an outdoor setting for gatherings and photography. The event center’s configuration is suited to weddings, meetings, reunions, and other hosted events, while the adjoining home adds flexible supporting space.
Set on Main Street in North Little Rock, the property includes expansive grounds that provide an outdoor setting for gatherings and photography. The event center’s configuration is suited to weddings, meetings, reunions, and other hosted events, while the adjoining home adds flexible supporting space.
Key Highlights
- 2,000‑square‑foot historic main home built in 1901
- 6,000‑square‑foot event center constructed in 2009
- Two‑story venue with hardwood flooring, intricate molding, and chandeliers
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
$50,436
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
5.07%
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%
$1,008,720
$1.0M
Cap Rate 7%
$720,514
$720.5K
Cap Rate 9%
$560,400
$560.4K
Market Conditions
NOI Build-Up for 8,328 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
$124.9K $15.00/SF
− Vacancy
−$18.7K −$2.25/SF
EGI
$106.2K $12.75/SF
− OpEx
−$55.7K −$6.69/SF
NOI
$50.4K $6.06/SF
Area
Pulaski County, AR
Vacancy
15.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$1,008,720
Cap Rate 7%
$720,514
Cap Rate 9%
$560,400
Alternative Uses
Best Use
Hotel Hospitality
$720.5K
$630.5K – $840.6K
NOI $50,436 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.59M
$1.39M – $1.85M
NOI $111,200 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Explore this area
Business Placement
Demographics for 72116, AR
21,715
Population
10,556
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
97%
High-School Grad
6.5 sq mi
ZIP Area
3,341
Density / Sq Mi
$75,490
Median Household Income
$46,256
Median Earnings
$1,058
Median Rent
$218,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - A historic home and equipped event facility accommodate weddings, meetings, and reunions on Main Street.
Where is this wedding venue located?
The property is located at 2005 N Main St North Little Rock, AR.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,000‑square‑foot historic main home built in 1901; 6,000‑square‑foot event center constructed in 2009; Two‑story venue with hardwood flooring, intricate molding, and chandeliers
