Industrial Flex
For Sale
$572,000
2323 E Broadway Street, North Little Rock, AR 72114
Industrial flex building being renovated, featuring office space, lobby, kitchen, conference room, and a warehouse with two bay doors.
Property Size6,720 SF
Days on Market109
Property Features for 2323 E Broadway Street
General Information
Standard status
Active
Size
6,720 SF
Total Parking Spaces
10
Property subtype
Commercial
Building Details
Building Size
6,720 SF
Year Built
1989
Stories
1
Listing Agency:
Century 21 Prestige Realty
(501) 416-2216
Listed By:
Jiselen Robinson
(501) 416-2216
Source:
Proeliterealty
Added: May 7
Changed: Aug 23
Last Checked: Aug 22 at 12:23PM
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 industrial flex building is currently being renovated and includes approximately 1,700 square feet of lobby, offices, a kitchen, a conference room, and two bathrooms. The remaining portion is a 5,000-square-foot warehouse configured with two bay doors.
The property is offered for sale. The commercial space is located at 2323 E Broadway St in North Little Rock, Arkansas.
The property is offered for sale. The commercial space is located at 2323 E Broadway St in North Little Rock, Arkansas.
Key Highlights
- Currently being renovated 6,720 SF industrial flex building
- Includes 1,700 SF with lobby, offices, kitchen, conference room, and 2 baths
- Backed by a 5,000 SF warehouse space
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex building being renovated, featuring office space, lobby, kitchen, conference room, and a warehouse with two bay doors.
Where is this flex space located?
The property is located at 2323 E Broadway Street 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: Currently being renovated 6,720 SF industrial flex building; Includes 1,700 SF with lobby, offices, kitchen, conference room, and 2 baths; Backed by a 5,000 SF warehouse space
