10-Unit Apartment
For Sale
$1,050,000
3409 W Markham St, Little Rock, AR 72205
Updated multifamily property with commercial zoning and tenant-paid utilities.
Property Size10,942 SF
Price / SF$95.96
Days on Market179
Property Features for 3409 W Markham St
General Information
Standard status
Active
Size
10,942 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR, 8 x 2BR/1BA
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$9,443
Building Details
Buildings
1
Listing Agency:
Exp Realty
(866) 720-5056
Listed By:
Emilia D'Auteuil
(501) 627-4625
Source:
Exprealty
Added: Apr 9
Changed: Sep 16
Last Checked: Oct 4 at 4:13PM
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 Exp Realty
Investment Insights
Based on property information with market context.
This 10-unit apartment property at 3409 W Markham Street in Little Rock, Arkansas, was built in 1928 and carries Commercial zoning. The layout includes 2 one-bedroom apartments and 8 two-bedroom, 1-bath apartments, providing a defined mix of smaller and larger floor plans.
Recent work includes interior painting and complete replacement of the rear deck. Residents are responsible for their own utilities, while the property includes a combination of one- and two-bedroom units suited to its multifamily configuration.
Recent work includes interior painting and complete replacement of the rear deck. Residents are responsible for their own utilities, while the property includes a combination of one- and two-bedroom units suited to its multifamily configuration.
Key Highlights
- 10‑unit apartment building built in 1928
- Unit mix includes 2 one‑bedroom units and 8 two‑bedroom, 1‑bath units
- Commercial zoning
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
$88,437
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
8.42%
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%
$1,768,740
$1.8M
Cap Rate 7%
$1,263,386
$1.3M
Cap Rate 9%
$982,633
$982.6K
Market Conditions
NOI Build-Up for 10,942 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
$170.7K $15.60/SF
− Vacancy
−$9.9K −$0.90/SF
EGI
$160.8K $14.70/SF
− OpEx
−$72.4K −$6.61/SF
NOI
$88.4K $8.08/SF
Area
Little Rock, AR
Vacancy
5.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,768,740
Cap Rate 7%
$1,263,386
Cap Rate 9%
$982,633
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.11M – $1.47M
NOI $88,437 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,141 @ 7.0% cap · market cap 13.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
2,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 72205, AR
22,888
Population
12,187
Households
1.9
Avg Household Size
39
Median Age
54%
College-Educated
96%
High-School Grad
8.0 sq mi
ZIP Area
2,861
Density / Sq Mi
$62,888
Median Household Income
$50,948
Median Earnings
$1,110
Median Rent
$204,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily property with commercial zoning and tenant-paid utilities.
Where is this apartment building located?
The property is located at 3409 W Markham St Little Rock, AR.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 10‑unit apartment building built in 1928; Unit mix includes 2 one‑bedroom units and 8 two‑bedroom, 1‑bath units; Commercial zoning
