Highland Square Shopping Center For
For Sale
Contact for pricing
2010 S Caraway Rd, Jonesboro, AR 72401
Prime retail location with high traffic and established tenants.
Property Size247,870 SF
Lot Size21.00 Acres
Price / SF$106.91
Days on Market1214
Property Features for 2010 S Caraway Rd
General Information
Standard status
Active
Size
247,870 SF
Total Parking Spaces
1100
Lot size
21.00 Acres
Property subtype
Retail
Zoning
Commercial
Occupancy
96%
Lease Type
NNN
Net Operating Income
$1,491,663
Building Details
Year Built
1979
Year Renovated
2019
Buildings
4
Stories
1
Tenancy
Multi
Listing Agency:
Haag Brown Commercial Real Estate and Development
(870) 336-8000
Listed By:
Nathan Eller · License #EB 00077644
Source:
Crexi
Added: Apr 25, 2023
Changed: Aug 19
Last Checked: Aug 18 at 12:43PM
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 Haag Brown Commercial Real Estate and Development
Investment Insights
Based on property information with market context.
The Highland Square shopping center is available for purchase. This development is located at the signalized intersection of Highland Drive and Caraway Road. The property has exposure to over 44,000 cars per day and is highly recognized by the 550,000 consumers that frequent Jonesboro. Highland Square is strategically placed, surrounded by Kroger Marketplace, Walmart Super Center, and The Uptown redevelopment. It is also close to Sam's Club, Hobby Lobby, Burlington Coat Factory, Lowe's, and sits less than 3/4 of a mile from Interstate 555. The 21+ acre property includes a 192,537 square foot shopping center. Retailers include Cato Fashions, Barton's Home Improvements, Sally's Beauty Supply, and Trees & Trends. Kmart was the center's original anchor, occupying the 82,000+ square foot northern end-cap. Within the last 6 years, the space has been completely renovated and brand new tenants have been added, including Ross, Micheal's, & Play It Again Sports. The property also features (4) restaurant out-pads occupied by Taco Bell, KFC, Golden Corral, & Freddy's Frozen Custard & Steakburgers.
Key Highlights
- Prime location at the signalized intersection of Highland Drive and Caraway Road with high visibility (44,000+ cars per day).
- Located in the primary center of trade for Jonesboro, frequented by 550,000 consumers.
- Strategically surrounded by Kroger Marketplace, Walmart Super Center, and The Uptown redevelopment.
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
$2,111,507
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
7.97%
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%
$42,230,140
$42.2M
Cap Rate 7%
$30,164,386
$30.2M
Cap Rate 9%
$23,461,189
$23.5M
Market Conditions
NOI Build-Up for 247,870 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
$3.21M $12.96/SF
− Vacancy
−$196.0K −$0.79/SF
EGI
$3.02M $12.17/SF
− OpEx
−$904.9K −$3.65/SF
NOI
$2.11M $8.52/SF
Area
Craighead County, AR
Vacancy
6.10%
Lease Rate
$12.96 /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%
$42,230,140
Cap Rate 7%
$30,164,386
Cap Rate 9%
$23,461,189
Alternative Uses
Best Use
Retail
$30.16M
$26.39M – $35.19M
NOI $2,111,507 @ 7.0% cap · market cap 7.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$43.40M
$37.97M – $50.63M
NOI $3,037,688 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,600
Businesses Nearby
788k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 32%
Shops & Services 26%
Apparel 15%
Groceries 12%
Walmart
Superstores
131,832 visits/mo
0.4 miles
Sam's Club
Superstores
116,835 visits/mo
0.3 miles
Kroger
Groceries
64,256 visits/mo
0.3 miles
Hobby Lobby
Shops & Services
63,556 visits/mo
0.3 miles
Kohl's
Apparel
45,696 visits/mo
0.3 miles
Demographics for 72401, AR
43,127
Population
19,328
Households
2.2
Avg Household Size
33
Median Age
23%
College-Educated
89%
High-School Grad
88.5 sq mi
ZIP Area
487
Density / Sq Mi
$43,412
Median Household Income
$32,970
Median Earnings
$897
Median Rent
$185,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Prime retail location with high traffic and established tenants.
Where is this shopping center located?
The property is located at 2010 S Caraway Rd Jonesboro, AR.
What is the asking price?
The asking price for this property is $26,500,000.
What are key features of this property?
This property features: Prime location at the signalized intersection of Highland Drive and Caraway Road with high visibility (44,000+ cars per day).; Located in the primary center of trade for Jonesboro, frequented by 550,000 consumers.; Strategically surrounded by Kroger Marketplace, Walmart Super Center, and The Uptown redevelopment.
