Building Details

Year built 1986

Listing Agency: Keller Williams Market Pro Realty · Keller Williams Realty k***@kw.com Show Phone

Listed By: Matt Ford · License #SA00066218 Show Phone

Added: Jun 8 Changed: Oct 15 Last Checked: Oct 23 at 4:06AM

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MLS# 1351231

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 4,580-square-foot restaurant building was constructed in 1986 and is currently used as an event center. The property includes tables, chairs, and a fully stocked commercial kitchen, providing an existing setup for food service or event operations. The building is not currently operating as a restaurant.

Situated at 20674 S Highway 59 in Evansville, Arkansas, the property occupies 2.02 acres. The existing configuration supports continued event-center use, a return to restaurant operations, or the additional concepts identified for the property, including a convenience store, fuel station, wedding venue, or residential conversion.

Key Highlights

• 4,580 square feet of restaurant and event‑center space
• 2.02‑acre property at 20674 S Highway 59, Evansville, AR 72729
• Built in 1986

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,777

Cap Rate

8.93%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$535,540 $535.5K

Cap Rate 7%

$382,529 $382.5K

Cap Rate 9%

$297,522 $297.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,580 SF

Gross rent

$41.2K $9.00/SF

− Vacancy

−$3.0K −$0.65/SF

EGI

$38.3K $8.35/SF

− OpEx

−$11.5K −$2.51/SF

NOI

$26.8K $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 Rate 5%

$535,540

Cap Rate 7%

$382,529

Cap Rate 9%

$297,522

Alternative Uses

Best Use

Specialty Retail

$825.0K

$721.9K – $962.5K (±1% cap)

NOI $57,749 @ 7.0% cap · market cap 19.26%

Second Best

Industrial

$382.5K

$334.7K – $446.3K (±1% cap)

NOI $26,777 @ 7.0% cap · market cap 8.93%

Theoretical Best

Office A

$1.23M

$1.08M – $1.43M (±1% cap)

NOI $86,054 @ 7.0% cap · market cap 28.69%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Garden Center Hair Salon Nail Salon Grocery & Convenience Store Food Market Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 72729, AR

236

Population

111

Households

2.1

Avg Household Size

48

Median Age

100%

High-School Grad

11.4 sq mi

ZIP Area

21

Density / Sq Mi

$367,900

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Equipped commercial restaurant building currently used as an event center with furnishings and a commercial kitchen.

Where is this conventional restaurant located?

The property is located at 20674 S Highway 59 Evansville, AR.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: 4,580 square feet of restaurant and event‑center space; 2.02‑acre property at 20674 S Highway 59, Evansville, AR 72729; Built in 1986