Updated Mixed-Use
New
For Sale
$349,900
203 S Neal Street, Prairie Grove, AR 72753
CommercialSale, Prairie Grove, AR
Property Size2,600 SF
Lot Size0.31 Acres
Price / SF$134.58
Days on Market2
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
Central, Natural Gas
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
Last Checked: Sep 3 at 1:06AM
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.
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 = 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
$18,096
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
5.17%
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%
$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
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
$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 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%
$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 11.22%
Second Best
Mixed Use
$258.5K
$226.2K – $301.6K
NOI $18,096 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$697.9K
$610.7K – $814.2K
NOI $48,852 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $349,900.
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
