Building Details

Year Built 1992

Listing Agency: Re/Max Platinum

Listed By: Wes Brown · License #PB00087003 Show Phone

Source: Pcsingtolittlerock

Added: Jul 17 Changed: Oct 12 Last Checked: Oct 15 at 2:13AM

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Investment Insights

Based on property information with market context.

This 36-unit apartment complex was built in 1992 and includes an identical one-bedroom, one-bathroom configuration throughout. The property is currently 34/36 occupied, providing an established operating base with two units available for lease-up.

Situated at 2123 S Blake St in Pine Bluff, the complex fronts a busy, high-visibility street with access to major thoroughfares, shopping, and employment centers. Its unit layout is designed for straightforward maintenance and consistent tenant use.

Key Highlights

• 36‑unit apartment complex with all 1 bedroom, 1 bathroom units
• 34/36 units currently occupied
• Built in 1992

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$128,768

Cap Rate

8.05%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,575,360 $2.6M

Cap Rate 7%

$1,839,543 $1.8M

Cap Rate 9%

$1,430,756 $1.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,630 SF

Gross rent

$259.6K $12.00/SF

− Vacancy

−$25.4K −$1.18/SF

EGI

$234.1K $10.82/SF

− OpEx

−$105.4K −$4.87/SF

NOI

$128.8K $5.95/SF

Area

Jefferson County, AR

Vacancy

9.80%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,575,360

Cap Rate 7%

$1,839,543

Cap Rate 9%

$1,430,756

Alternative Uses

Best Use

Apartment 5plus

$1.84M

$1.61M – $2.15M (±1% cap)

NOI $128,768 @ 7.0% cap · market cap 8.05%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$5.55M

$4.85M – $6.47M (±1% cap)

NOI $388,190 @ 7.0% cap · market cap 24.26%

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

Property Analytics

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Current Use

Lively Trailer Sales Apartment Building

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Skin Care Clinic Accounting Firm Gym & Fitness 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.

Lease Details

36

Residential units

94.4%

Occupancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

316

Businesses Nearby

Explore this area Business Placement

Demographics for 71603, AR

30,236

Population

13,997

Households

2.2

Avg Household Size

43

Median Age

24%

College-Educated

90%

High-School Grad

167.8 sq mi

ZIP Area

180

Density / Sq Mi

$51,019

Median Household Income

$35,833

Median Earnings

$859

Median Rent

$116,000

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - All residences offer a one-bedroom, one-bathroom layout on a highly visible Pine Bluff street.

Where is this apartment building located?

The property is located at 2123 S Blake St Pine Bluff, AR.

What is the asking price?

The asking price for this property is $1,600,000.

What are key features of this property?

This property features: 36‑unit apartment complex with all 1 bedroom, 1 bathroom units; 34/36 units currently occupied; Built in 1992