NNN Flex Space
For Sale
$4,753,000
20321 and 20323 E Hwy 412, Springdale, AR 72764
COMMERCIAL - Springdale, AR
Property Size23,996 SF
Lot Size5.00 Acres
Price / SF$198.07
Days on Market34
Property Features for 20321 and 20323 E Hwy 412
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
50
Directions
Head east on Highway 412 for 6.9 miles from Butterfield Coach Road. Turn right into the parking lot as the building is on the south side of Highway 412.
Subdivision
SPRINGDALE
Standard status
Active
Size
23,996 SF
Lot size
5.00 Acres
Taxes and HOA fees
Tax Description
PT W/2 SE SE 5.00 AC ...
Tax Annual Amount
13711
Legal Description
PT W/2 SE SE 5.00 AC ...
Building Details
Year built
2024
Floors in Building
1
Listing Agency:
Black Diamond Mergers & Acquisitions, LLC
(479) 365-4307
Listed By:
Christian Baldwin
(479) 685-5696
Added: Jul 21
Changed: Aug 4
Last Checked: Aug 23 at 8:06AM
MLS# 26029603
Copyright © 2026 Cooperative Arkansas Realtors Multiple Listing Service. 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.
Two multi-tenant NNN flex space centers are offered for acquisition at 20321 and 20323 E Hwy 412. The property consists of two buildings, each totaling 11,998 square feet, for 23,996 square feet combined. The centers are currently 84% leased and operate under NNN leases with minimal landlord responsibilities, with four suites available for lease-up.
The site spans 5 acres and is positioned along Highway 412 with approximately 19,000 vehicles per day. The current rent is $279,660 with 19 tenants, with potential rent of $333,660 if the four vacant units are filled at their listed rates. The adjusted NOI is $320,844 when considering the vacant units.
The site spans 5 acres and is positioned along Highway 412 with approximately 19,000 vehicles per day. The current rent is $279,660 with 19 tenants, with potential rent of $333,660 if the four vacant units are filled at their listed rates. The adjusted NOI is $320,844 when considering the vacant units.
Key Highlights
- Two multi‑tenant NNN flex space centers in east Springdale, AR
- Two buildings total 11,998 SF each (23,996 SF total) with 84% occupancy and 4 suites available
- NNN leases with minimal landlord responsibilities
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
$140,290
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
2.95%
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%
$2,805,800
$2.8M
Cap Rate 7%
$2,004,143
$2.0M
Cap Rate 9%
$1,558,778
$1.6M
Market Conditions
NOI Build-Up for 23,996 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
$216.0K $9.00/SF
− Vacancy
−$15.5K −$0.65/SF
EGI
$200.4K $8.35/SF
− OpEx
−$60.1K −$2.51/SF
NOI
$140.3K $5.85/SF
Area
Washington County, AR
Vacancy
7.20%
Lease Rate
$9.00 /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%
$2,805,800
Cap Rate 7%
$2,004,143
Cap Rate 9%
$1,558,778
Alternative Uses
Best Use
Industrial
$2.00M
$1.75M – $2.34M
NOI $140,290 @ 7.0% cap · market cap 2.95%
Second Best
Flex RnD
$1.80M
$1.57M – $2.10M
NOI $125,777 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$6.44M
$5.64M – $7.51M
NOI $450,864 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
84%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 72764, AR
60,786
Population
20,781
Households
2.9
Avg Household Size
30
Median Age
20%
College-Educated
72%
High-School Grad
66.2 sq mi
ZIP Area
918
Density / Sq Mi
$61,569
Median Household Income
$34,552
Median Earnings
$984
Median Rent
$226,100
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Two multi-tenant NNN flex centers along Highway 412 offer four available suites.
Where is this flex space located?
The property is located at 20321 and 20323 E Hwy 412 Springdale, AR.
What is the asking price?
The asking price for this property is $4,753,000.
What are key features of this property?
This property features: Two multi‑tenant NNN flex space centers in east Springdale, AR; Two buildings total 11,998 SF each (23,996 SF total) with 84% occupancy and 4 suites available; NNN leases with minimal landlord responsibilities
