Updated Mixed-Use
For Sale
$337,000
203 S Neal Street, Prairie Grove, AR 72753
CommercialSale, Prairie Grove, AR
Property Size2,600 SF
Lot Size0.31 Acres
Price / SF$129.62
Days on Market49
Property Features for 203 S Neal Street
General Information
Property type
Commercial Sale
Property subtype
Other
Exterior features
Storage
Appliances
GasWaterHeater, TanklessWaterHeater
Lot features
Corner Lot, City Lot, Neighborhood
Directions
Hwy 62 to Prairie Grove. At first stop light take a R. At stop sign at Harps take R on Buchannan, L on Neal, house will be on L.
Standard status
Active
APN
805-19559-000
Size
2,600 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Description
WEST 40 FT OF NORTH 150 FT OF LOT 9 NORTH 150 FT LOT 10 BLOC
Tax Annual Amount
2596
Legal Description
WEST 40 FT OF NORTH 150 FT OF LOT 9 NORTH 150 FT LOT 10 BLOC
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1980
Flooring type
Vinyl, Carpet
Building materials
Masonite
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Keller Williams Market Pro Realty · Keller Williams Realty
(479) 718-2800
Listed By:
Dave Hodges Team
(479) 777-8031
Added: Sep 2
Changed: Oct 5
Last Checked: Oct 20 at 11:06PM
MLS# 1360492
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.
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Investment Insights
Based on property information with market context.
This 2,600-square-foot mixed-use property occupies a 0.3099-acre corner lot and supports residential, commercial, and live-work applications under mixed-use zoning. Interior improvements include drywall replacing paneling, new flooring, refreshed electrical and plumbing fixtures, updated countertops, and a new kitchen sink. Vinyl and carpet flooring are installed, with central heating and cooling, natural gas service, a gas water heater, and a tankless water heater. The building was constructed in 1980 and includes storage space.
Public water and sewer serve the property. Exterior landscaping and other improvements contribute to the site's presentation. The property is located near historic downtown Prairie Grove, within one block of shops, restaurants, and other local amenities, and near the local fire department. Its corner position and flexible layout provide a practical setting for combining business and residential functions.
Public water and sewer serve the property. Exterior landscaping and other improvements contribute to the site's presentation. The property is located near historic downtown Prairie Grove, within one block of shops, restaurants, and other local amenities, and near the local fire department. Its corner position and flexible layout provide a practical setting for combining business and residential functions.
Key Highlights
- 2,600 SF mixed‑use property on a 0.3099‑acre corner lot
- Mixed‑use zoning supports residential, commercial, and live‑work use
- Interior updates include drywall, flooring, electrical and plumbing fixtures, countertops, and kitchen sink
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,096
Cap Rate
5.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$361,920
$361.9K
Cap Rate 7%
$258,514
$258.5K
Cap Rate 9%
$201,067
$201.1K
Market Conditions
NOI Build-Up for 2,600 SF
Gross rent
$31.2K $12.00/SF
− Vacancy
−$2.2K −$0.86/SF
EGI
$29.0K $11.14/SF
− OpEx
−$10.9K −$4.18/SF
NOI
$18.1K $6.96/SF
Area
Washington County, AR
Vacancy
7.20%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$361,920
Cap Rate 7%
$258,514
Cap Rate 9%
$201,067
Alternative Uses
Best Use
Office B
$560.8K
$490.7K – $654.3K
NOI $39,256 @ 7.0% cap · market cap 11.65%
Second Best
Mixed Use
$258.5K
$226.2K – $301.6K
NOI $18,096 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$697.9K
$610.7K – $814.2K
NOI $48,852 @ 7.0% cap · market cap 14.50%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
230
Businesses Nearby
Explore this area
Business Placement
Demographics for 72753, AR
10,525
Population
4,078
Households
2.6
Avg Household Size
37
Median Age
20%
College-Educated
92%
High-School Grad
89.2 sq mi
ZIP Area
118
Density / Sq Mi
$64,701
Median Household Income
$40,264
Median Earnings
$911
Median Rent
$227,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner-lot commercial space with mixed-use zoning and a flexible live-work configuration.
Where is this mixed-use property located?
The property is located at 203 S Neal Street Prairie Grove, AR.
What is the asking price?
The asking price for this property is $337,000.
What are key features of this property?
This property features: 2,600 SF mixed‑use property on a 0.3099‑acre corner lot; Mixed‑use zoning supports residential, commercial, and live‑work use; Interior updates include drywall, flooring, electrical and plumbing fixtures, countertops, and kitchen sink
