Updated Duplex with
For Sale
$179,900
401 & 403 W I Avenue, North Little Rock, AR 72116
Multi-Family, Traditional, North Little Rock, AR
Property Size1,519 SF
Lot Size0.16 Acres
Price / SF$118.43
Days on Market22
Property Features for 401 & 403 W I Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Carport
Patio and Porch features
Porch
Interior features
Fan - Ceiling
Exterior features
Porch
Appliances
Free-Standing Stove, Gas Range, Free-Standing Stove, Gas Range
Subdivision
Park Hill
Lot features
Level, In Subdivision
Directions
JFK Blvd. to west on I Avenue.
Standard status
Active
Size
1,519 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Description
Lot 3, Block 52
Tax Annual Amount
1533
Legal Description
Lot 3, Block 52
Building Details
Year built
1955
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Wood
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
Changed: Sep 15
Last Checked: Sep 27 at 12:06PM
MLS# 26036429
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 at 401 & 403 W I Avenue contains two tenant-occupied units within 1,519 square feet. The property was built in 1955 and has received some updates. Interior features include ceiling fans, wood and vinyl flooring, bathrooms, bedrooms, and free-standing gas ranges. Each unit also includes a porch, while the property provides carport parking and a composition roof.
Located in North Little Rock’s Park Hill area, the property offers access to shopping, dining, and major thoroughfares. The two-unit configuration and existing occupancy provide an established residential income property with practical features for continued rental use.
Located in North Little Rock’s Park Hill area, the property offers access to shopping, dining, and major thoroughfares. The two-unit configuration and existing occupancy provide an established residential income property with practical features for continued rental use.
Key Highlights
- Two‑unit duplex at 401 & 403 W I Avenue
- 1,519 square feet on 0.16 acres
- Both units are currently tenant occupied
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
Multi-tenant
Tenancy
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
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two tenant-occupied units feature wood and vinyl flooring, porches, and separate rental accommodations.
Where is this duplex located?
The property is located at 401 & 403 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‑unit duplex at 401 & 403 W I Avenue; 1,519 square feet on 0.16 acres; Both units are currently tenant occupied
