Flex Space Under
For Sale
$572,000
2323 E Broadway Street, North Little Rock, AR 72114
Commercial / Industrial, North Little Rock, AR
Property Size6,720 SF
Lot Size0.34 Acres
Price / SF$85.12
Days on Market110
Property Features for 2323 E Broadway Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
10
Interior features
Smoke Detector, Kitchen Area, Ceiling Fans
Lot features
Corner Lot
Directions
Take I-30 towards downtown Little Rock, take exit 141 toward Broadway onto N. Cypress St. continue about 0.4 miles, left on E. Broadway Ave, continue for about 1.3 miles, property on your left.
Subdivision
NORTH LITTLE ROCK (DOWNTOWN/EAST
Standard status
Active
Size
6,720 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
CHOCTAW LTS 9 & 10 BLK 19 REPL
Tax Annual Amount
2027
Legal Description
CHOCTAW LTS 9 & 10 BLK 19 REPL
Building Details
Year built
1989
Floors in Building
1
Flooring type
Concrete
Roof type
Metal
Listing Agency:
CENTURY 21 Prestige Realty · Century 21 Real Estate
(501) 982-4574
Listed By:
Jiselen Robinson
(501) 416-2216
Added: May 7
Changed: Aug 19
Last Checked: Aug 24 at 5:06PM
MLS# 26018407
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 6,720-square-foot flex property is currently undergoing renovation. The building includes a lobby, office areas, kitchen, conference room, and two bathrooms, along with warehouse space served by two bay doors. Concrete flooring, ceiling fans, and smoke detectors are among the interior features, and the roof is metal.
Located at 2323 E Broadway Street in North Little Rock, the property occupies approximately 0.34 acres. Built in 1989, it combines office functionality with warehouse-oriented space within a single commercial building.
Located at 2323 E Broadway Street in North Little Rock, the property occupies approximately 0.34 acres. Built in 1989, it combines office functionality with warehouse-oriented space within a single commercial building.
Key Highlights
- 6,720‑square‑foot flex building currently being renovated
- Office areas, lobby, kitchen, conference room, and 2 baths
- Warehouse area with 2 bay doors
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
Property Profile
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 - Commercial building with office amenities, kitchen area, concrete flooring, and warehouse access through 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: 6,720‑square‑foot flex building currently being renovated; Office areas, lobby, kitchen, conference room, and 2 baths; Warehouse area with 2 bay doors
