Two-Unit Duplex with Covered
New
For Sale
$179,900
331 & 333 W I Avenue, North Little Rock, AR 72116
Multi-Family, Traditional, North Little Rock, AR
Property Size1,519 SF
Lot Size0.14 Acres
Price / SF$118.43
Days on Market3
Property Features for 331 & 333 W I Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 4
Parking features
Carport
Patio and Porch features
Porch
Interior features
Hot Water Heater-Gas, Fan - Ceiling
Exterior features
Porch
Appliances
Free-Standing Stove, Electric Range, Free-Standing Stove, Electric Range
Subdivision
Park Hill
Lot features
Level, In Subdivision
Directions
JFK to west on I Avenue.
Standard status
Active
Size
1,519 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
Lot 4, Block 52
Tax Annual Amount
1533
Legal Description
Lot 4, Block 52
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Flooring type
Wood, Vinyl
Roof type
Composition
Architectural style
Other
Listing Agency:
PorchLight Realty - NLR
(501) 476-3994
Listed By:
Alicia Averitt Haley
(501) 831-4009
Added: Sep 6
Last Checked: Sep 8 at 4:06PM
MLS# 26036425
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 duplex contains two 2-bedroom, 1-bath units within a 1,519-square-foot residential income property. Built in 1953, the building includes wood and vinyl flooring, gas water heating, ceiling fans, porches, and carport parking. Each unit is equipped with a free-standing stove and electric range. The composition roof was replaced in 2020.
The property is located at 331 & 333 W I Avenue in North Little Rock’s Park Hill area, with access to shopping, dining, and major thoroughfares. The 0.14-acre site provides a compact residential setting for the two-unit configuration.
The property is located at 331 & 333 W I Avenue in North Little Rock’s Park Hill area, with access to shopping, dining, and major thoroughfares. The 0.14-acre site provides a compact residential setting for the two-unit configuration.
Key Highlights
- Two 2‑bedroom, 1‑bath units
- 1,519 square feet on a 0.14‑acre site
- Roof replaced in 2020
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
$12,765
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
7.10%
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%
$255,300
$255.3K
Cap Rate 7%
$182,357
$182.4K
Cap Rate 9%
$141,833
$141.8K
Market Conditions
NOI Build-Up for 1,519 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
$19.5K $12.84/SF
− Vacancy
−$1.3K −$0.83/SF
EGI
$18.2K $12.01/SF
− OpEx
−$5.5K −$3.60/SF
NOI
$12.8K $8.40/SF
Area
Pulaski County, AR
Vacancy
6.50%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
30.00%
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%
$255,300
Cap Rate 7%
$182,357
Cap Rate 9%
$141,833
Alternative Uses
Best Use
Multifamily LT 5
$182.4K
$159.6K – $212.8K
NOI $12,765 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$163.2K
$142.8K – $190.5K
NOI $11,427 @ 7.0% cap · market cap 6.35%
Theoretical Best
Specialty Retail
$289.8K
$253.5K – $338.1K
NOI $20,283 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
Explore this area
Business Placement
Demographics for 72116, AR
21,715
Population
10,556
Households
2.1
Avg Household Size
42
Median Age
42%
College-Educated
97%
High-School Grad
6.5 sq mi
ZIP Area
3,341
Density / Sq Mi
$75,490
Median Household Income
$46,256
Median Earnings
$1,058
Median Rent
$218,700
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?
Duplex - Two residential units offer a practical income-property configuration in North Little Rock’s established Park Hill area.
Where is this duplex located?
The property is located at 331 & 333 W I Avenue North Little Rock, AR.
What is the asking price?
The asking price for this property is $179,900.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units; 1,519 square feet on a 0.14‑acre site; Roof replaced in 2020
