Tenant-Occupied
New
For Sale
$145,000
2104 Virginia Drive, North Little Rock, AR 72118
Both units are occupied, with an existing lease and weekday showings available by 24-hour notice.
Property Size1,740 SF
Price / SF$83.33
Days on Market3
Property Features for 2104 Virginia Drive
General Information
Standard status
Active
Size
1,740 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
2
Listing Agency:
River Rock Realty Company
(501) 353-2504
Listed By:
Jamie Hoffman
(501) 232-8964
Source:
Heilesassociatesrealtors
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 14 at 12:44PM
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 River Rock Realty Company
Investment Insights
Based on property information with market context.
Located at 2104 Virginia Drive in North Little Rock, this 1,740-square-foot duplex contains two residential units. Both units are currently tenant occupied, and a lease is in place.
The property is near Burns Park and offers access to interstate routes, shopping, and dining. Showings require 24-hour notice and are limited to Monday through Friday. No seller property disclosure is available. Offers must acknowledge the existing lease and acceptance of its terms.
The property is near Burns Park and offers access to interstate routes, shopping, and dining. Showings require 24-hour notice and are limited to Monday through Friday. No seller property disclosure is available. Offers must acknowledge the existing lease and acceptance of its terms.
Key Highlights
- 1,740‑square‑foot duplex at 2104 Virginia Drive, North Little Rock, AR 72118
- Two units are currently tenant occupied
- Lease in place; offers must acknowledge and accept the lease terms
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
$13,090
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
9.03%
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%
$261,800
$261.8K
Cap Rate 7%
$187,000
$187.0K
Cap Rate 9%
$145,444
$145.4K
Market Conditions
NOI Build-Up for 1,740 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
$25.3K $14.52/SF
− Vacancy
−$1.5K −$0.84/SF
EGI
$23.8K $13.68/SF
− OpEx
−$10.7K −$6.16/SF
NOI
$13.1K $7.52/SF
Area
Pulaski County, AR
Vacancy
5.80%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
45.00%
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%
$261,800
Cap Rate 7%
$187,000
Cap Rate 9%
$145,444
Alternative Uses
Best Use
Multifamily LT 5
$208.9K
$182.8K – $243.7K
NOI $14,623 @ 7.0% cap · market cap 10.08%
Second Best
Apartment 5plus
$187.0K
$163.6K – $218.2K
NOI $13,090 @ 7.0% cap · market cap 9.03%
Theoretical Best
Specialty Retail
$331.9K
$290.4K – $387.2K
NOI $23,233 @ 7.0% cap · market cap 16.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 72118, AR
22,582
Population
10,823
Households
2.1
Avg Household Size
37
Median Age
20%
College-Educated
88%
High-School Grad
27.6 sq mi
ZIP Area
818
Density / Sq Mi
$47,266
Median Household Income
$35,608
Median Earnings
$978
Median Rent
$115,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both units are occupied, with an existing lease and weekday showings available by 24-hour notice.
Where is this duplex located?
The property is located at 2104 Virginia Drive North Little Rock, AR.
What is the asking price?
The asking price for this property is $145,000.
What are key features of this property?
This property features: 1,740‑square‑foot duplex at 2104 Virginia Drive, North Little Rock, AR 72118; Two units are currently tenant occupied; Lease in place; offers must acknowledge and accept the lease terms
