36-Unit Apartment
For Sale
$1,600,000
2123 S Blake Street, Pine Bluff, AR 71603
COMMERCIAL - Pine Bluff, AR
Property Size21,630 SF
Lot Size1.74 Acres
Price / SF$73.97
Days on Market113
Property Features for 2123 S Blake Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
40
Lot features
Level
Directions
From I 530 take Hwy 79 exit; Property is on the right
Subdivision
PINE BLUFF (CENTRAL WEST)
Standard status
Active
APN
930-64498-000
Size
21,630 SF
Lot size
1.74 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 1
Tax Annual Amount
10748
Legal Description
Lot 1
Building Details
Year built
1992
Floors in Building
2
Flooring type
Vinyl, Carpet - Partial
Roof type
Shingle
Architectural style
Other
Listing Agency:
Re/Max Platinum
(870) 534-2823
Listed By:
Wes Brown · License #PB00087003
(870) 209-4628
Added: Apr 30
Changed: Aug 4
Last Checked: Aug 20 at 2:06AM
MLS# 26017376
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 36-unit apartment complex is configured as all one-bedroom, one-bath residences. The property is currently 34 of 36 units occupied, supporting immediate rental operations with room to lease up the remaining units. Built in 1992, the building totals 21,630 square feet on a 1.74-acre lot. Flooring includes vinyl and partial carpet, and the roof is shingled.
The property is located at 2123 S Blake Street in Pine Bluff, Jefferson County, on a busy, high-visibility street. It offers practical access and exposure for long-term hold or lease-up strategies, with proximity to major thoroughfares, shopping, and employment centers.
With an efficient unit design focused on maintenance and tenant appeal, this multifamily asset is suited to investors looking for a stabilized base and the ability to increase occupancy through leasing the remaining units.
The property is located at 2123 S Blake Street in Pine Bluff, Jefferson County, on a busy, high-visibility street. It offers practical access and exposure for long-term hold or lease-up strategies, with proximity to major thoroughfares, shopping, and employment centers.
With an efficient unit design focused on maintenance and tenant appeal, this multifamily asset is suited to investors looking for a stabilized base and the ability to increase occupancy through leasing the remaining units.
Key Highlights
- 34 of 36 units occupied
- 36 one‑bedroom, one‑bath apartment units
- 21,630 SF apartment complex on 1.74 acres
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
$128,768
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
8.05%
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%
$2,575,360
$2.6M
Cap Rate 7%
$1,839,543
$1.8M
Cap Rate 9%
$1,430,756
$1.4M
Market Conditions
NOI Build-Up for 21,630 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
$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 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%
$2,575,360
Cap Rate 7%
$1,839,543
Cap Rate 9%
$1,430,756
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
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
NOI $388,190 @ 7.0% cap · market cap 24.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1992, this 36-unit apartment complex features vinyl and partial carpet flooring.
Where is this apartment building located?
The property is located at 2123 S Blake Street 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: 34 of 36 units occupied; 36 one‑bedroom, one‑bath apartment units; 21,630 SF apartment complex on 1.74 acres
