Flex Space With
For Sale
$572,000
2323 E Broadway St, North Little Rock, AR 72114
Renovation is underway, with dedicated offices, a kitchen, conference room, lobby, and two bathrooms.
Property Size6,720 SF
Price / SF$85.12
Days on Market40
Property Features for 2323 E Broadway St
General Information
Standard status
Active
Size
6,720 SF
Warehouse & Industrial
Warehouse Space
5,000 SF
Office Build-Out
1,700 SF
Building Details
Year Built
1989
Buildings
2
Building Size
6,720 SF
Listing Agency:
CENTURY 21 Prestige Realty
(501) 416-2216
Listed By:
Jiselen Robinson
Source:
Pcsingtolittlerock
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 25 at 5:18AM
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 CENTURY 21 Prestige Realty
Investment Insights
Based on property information with market context.
This flex property is currently being renovated and includes 6,720 square feet of building area. The interior plan provides 1,700 square feet for a lobby, offices, kitchen, conference room, and two bathrooms, paired with a 5,000-square-foot warehouse component. Two bay doors support warehouse access and operations.
The property is located at 2323 E Broadway Street in North Little Rock, Arkansas. Its combination of office-oriented areas and warehouse space creates a mixed-use commercial configuration within one building.
The property is located at 2323 E Broadway Street in North Little Rock, Arkansas. Its combination of office-oriented areas and warehouse space creates a mixed-use commercial configuration within one building.
Key Highlights
- 6,720 sqft building currently being renovated
- 1,700 sqft of lobby, offices, kitchen, conference room, and 2 baths
- 5,000 sqft warehouse area
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
$40,808
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
7.13%
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%
$816,160
$816.2K
Cap Rate 7%
$582,971
$583.0K
Cap Rate 9%
$453,422
$453.4K
Market Conditions
NOI Build-Up for 6,720 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
$66.9K $9.96/SF
− Vacancy
−$4.1K −$0.62/SF
EGI
$62.8K $9.34/SF
− OpEx
−$22.0K −$3.27/SF
NOI
$40.8K $6.07/SF
Area
Pulaski County, AR
Vacancy
6.20%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
35.00%
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%
$816,160
Cap Rate 7%
$582,971
Cap Rate 9%
$453,422
Alternative Uses
Best Use
Office B
$802.9K
$702.5K – $936.7K
NOI $56,201 @ 7.0% cap · market cap 9.83%
Second Best
Flex RnD
$583.0K
$510.1K – $680.1K
NOI $40,808 @ 7.0% cap · market cap 7.13%
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.50M
NOI $89,729 @ 7.0% cap · market cap 15.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 72114, AR
10,957
Population
6,733
Households
1.6
Avg Household Size
38
Median Age
19%
College-Educated
84%
High-School Grad
7.7 sq mi
ZIP Area
1,423
Density / Sq Mi
$28,594
Median Household Income
$27,564
Median Earnings
$781
Median Rent
$87,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Renovation is underway, with dedicated offices, a kitchen, conference room, lobby, and two bathrooms.
Where is this flex space located?
The property is located at 2323 E Broadway St North Little Rock, AR.
What is the asking price?
The asking price for this property is $572,000.
What are key features of this property?
This property features: 6,720 sqft building currently being renovated; 1,700 sqft of lobby, offices, kitchen, conference room, and 2 baths; 5,000 sqft warehouse area
