Multi-Room Office
For Sale
$350,000
2845 W Prince Street, Conway, AR 72034
COMMERCIAL - Conway, AR
Property Size1,960 SF
Lot Size0.34 Acres
Price / SF$178.57
Days on Market411
Property Features for 2845 W Prince Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
20
Exterior features
Partially Fenced, Wheelchair Accessible
Fencing
Partial
Accessibility
Accessible Approach with Ramp
Subdivision
West Haven
Lot features
Level, Cleared, City Lot, Major Road Frontage
Directions
From I-40 and Oak Street go West on Oak St, take round about 1st exit at Donaghey, take round about 3rd exit at Prince St. Stay straight (2nd exit) on next 3 round abouts, go all the way around the round about at Salem Rd heading back East on Prince St. 2
Standard status
Active
APN
710-07576-000
Size
1,960 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Lot2 Westhaven Subdivision
Tax Annual Amount
2153
Legal Description
Lot2 Westhaven Subdivision
Building Details
Year built
1967
Floors in Building
1
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
All Around Real Estate - Dover
(479) 331-4663
Listed By:
Shery Ragsdale · License #SA00086850
(479) 857-3436
Added: Jul 18, 2025
Changed: Aug 4
Last Checked: Sep 1 at 9:06AM
MLS# 25028574
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 commercial building offers a welcoming main lobby entrance and eight separate rooms, providing a flexible layout for a variety of office and service uses. The property is approximately 1,960 square feet and includes updated mechanical service with new HVAC installed in July 2025.
The building is located on W Prince Street in Conway, Arkansas, on a high-traffic main street setting. Public remarks indicate convenient access to downtown, shopping, UCA, and Conway Regional Hospital.
With multiple private rooms off the main lobby, the interior configuration is suited for businesses that need distinct spaces within a single building footprint, including medical or legal offices and other professional service concepts mentioned in the remarks.
The building is located on W Prince Street in Conway, Arkansas, on a high-traffic main street setting. Public remarks indicate convenient access to downtown, shopping, UCA, and Conway Regional Hospital.
With multiple private rooms off the main lobby, the interior configuration is suited for businesses that need distinct spaces within a single building footprint, including medical or legal offices and other professional service concepts mentioned in the remarks.
Key Highlights
- Commercial building built in 1967 with a shingle roof
- Main lobby entrance plus 8 separate rooms, offering multiple business‑use layouts
- New HVAC installed in July 2025
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
$24,580
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
7.02%
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%
$491,600
$491.6K
Cap Rate 7%
$351,143
$351.1K
Cap Rate 9%
$273,111
$273.1K
Market Conditions
NOI Build-Up for 1,960 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
$36.5K $18.60/SF
− Vacancy
−$3.7K −$1.88/SF
EGI
$32.8K $16.72/SF
− OpEx
−$8.2K −$4.18/SF
NOI
$24.6K $12.54/SF
Area
Faulkner County, AR
Vacancy
10.10%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
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%
$491,600
Cap Rate 7%
$351,143
Cap Rate 9%
$273,111
Alternative Uses
Best Use
Office B
$351.1K
$307.3K – $409.7K
NOI $24,580 @ 7.0% cap · market cap 7.02%
Second Best
Healthcare Medical
$236.6K
$207.1K – $276.1K
NOI $16,564 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$447.1K
$391.2K – $521.6K
NOI $31,294 @ 7.0% cap · market cap 8.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
Explore this area
Business Placement
Demographics for 72034, AR
47,873
Population
22,523
Households
2.1
Avg Household Size
33
Median Age
44%
College-Educated
94%
High-School Grad
47.9 sq mi
ZIP Area
999
Density / Sq Mi
$61,675
Median Household Income
$40,511
Median Earnings
$993
Median Rent
$250,000
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?
Office building - Commercial building with a main lobby entrance and eight separate rooms, plus new HVAC installed in July 2025.
Where is this office building located?
The property is located at 2845 W Prince Street Conway, AR.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Commercial building built in 1967 with a shingle roof; Main lobby entrance plus 8 separate rooms, offering multiple business‑use layouts; New HVAC installed in July 2025
