Tenant-Occupied Duplex for
For Sale
$145,000
2104 Virginia Drive, North Little Rock, AR 72118
MULTI_FAMILY - North Little Rock, AR
Property Size1,740 SF
Lot Size0.17 Acres
Price / SF$83.33
Days on Market133
Property Features for 2104 Virginia Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Free-Standing Stove, Free-Standing Stove
Subdivision
BELWOOD ADDN
Lot features
Level
Directions
Starting on Military dr toward Camp Robinson, right onto Charles H Boyer Dr, right onto Mac Arthur dr, right onto Virginia dr and is on the right.
Standard status
Active
APN
33N-125-00-077-00
Size
1,740 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
79/0
Tax Annual Amount
1629
Legal Description
79/0
Building Details
Year built
1972
Floors in Building
1
Number of units
2
Flooring type
Carpet - Partial, Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
River Rock Realty Company
(501) 353-2504
Listed By:
Jamie Hoffman
(501) 232-8964
Added: Apr 10
Changed: Jun 23
Last Checked: Aug 20 at 9:06AM
MLS# 26014070
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.
This offering is a duplex in North Little Rock, AR, featuring two separate units within a single residential income property. Both units are currently tenant occupied, and the property is being sold with a lease in place. There is no seller property disclosure available for this listing.
The property is located close to Burns Park and provides convenient interstate access. It is also positioned near local shopping and dining.
For buyers, this is a straightforward leased duplex structure with tenant occupancy already in place. Showings require 24-hour notice, and tours are limited to Monday through Friday. Any offer must include the verbiage that the buyer is aware there is a lease in place and agrees to the lease terms, and agents should review the remarks for the specific lease terms.
The property is located close to Burns Park and provides convenient interstate access. It is also positioned near local shopping and dining.
For buyers, this is a straightforward leased duplex structure with tenant occupancy already in place. Showings require 24-hour notice, and tours are limited to Monday through Friday. Any offer must include the verbiage that the buyer is aware there is a lease in place and agrees to the lease terms, and agents should review the remarks for the specific lease terms.
Key Highlights
- Duplex in North Little Rock with both units tenant occupied
- Year built 1972
- Roof type: shingle
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
Property Profile
Current Use
Lease Details
2
Residential units
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
Market
Vacancy Rate% for Multifamily 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?
Duplex - Duplex with two tenant-occupied units, offered with a lease in place and 24-hour showing 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: Duplex in North Little Rock with both units tenant occupied; Year built 1972; Roof type: shingle
