Updated Tenant-Occupied
For Sale
$179,900
401 W I Ave, North Little Rock, AR 72116
Two tenant-occupied units provide an established residential rental configuration in Park Hill.
Property Size1,519 SF
Price / SF$118.43
Days on Market13
Property Features for 401 W I Ave
General Information
Standard status
Active
Size
1,519 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$21,600
Multifamily Units
2
Building Details
Year Built
1955
Listing Agency:
Bottoms Farm & Home Realty
Listed By:
Amber Wood
(501) 444-2055
Source:
Midsouthar
Added: Sep 8
Changed: Sep 19
Last Checked: Sep 19 at 9:04AM
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 Bottoms Farm & Home Realty
Investment Insights
Based on property information with market context.
This duplex at 401 W I Ave in North Little Rock contains two residential units totaling 1,519 square feet. Both units have received some updates and are currently tenant occupied, offering an existing rental configuration within the property’s 1955 construction date.
The property is located in the Park Hill area, with access to shopping, dining, and major thoroughfares. Separate unit addresses are identified as 401 and 403 W. I Avenue.
The property is located in the Park Hill area, with access to shopping, dining, and major thoroughfares. Separate unit addresses are identified as 401 and 403 W. I Avenue.
Key Highlights
- Two‑unit duplex with separate addresses at 401 and 403 W. I Avenue
- Both units are currently tenant occupied
- Some updates completed in both units
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
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
643
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two tenant-occupied units provide an established residential rental configuration in Park Hill.
Where is this duplex located?
The property is located at 401 W I Ave 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‑unit duplex with separate addresses at 401 and 403 W. I Avenue; Both units are currently tenant occupied; Some updates completed in both units
