30-Unit Apartment
New
For Sale
$5,790,000
404 W Matthews, Brookland, AR 72417
Duplex-style residences offer all-brick construction, electric appliances, and in-unit laundry equipment.
Property Size29,000 SF
Lot Size4.50 Acres
Price / SF$199.66
Days on Market2
Property Features for 404 W Matthews
General Information
Standard status
Active
Size
29,000 SF
Lot size
4.50 Acres
Property subtype
Multi-Family
Units
Unit Mix
30 x 2BR/2BA
Multifamily Units
30
Amenities
waterproof flooring
all-electric appliances
washer/dryer/refrigerator
Building Details
Buildings
15
Construction
brick
Listing Agency:
Halsey Real Estate
(870) 972-9191
Listed By:
Jon Moore · License #SA00055730
(870) 219-2308
Source:
Heilesassociatesrealtors
Added: Sep 6
Last Checked: Sep 6 at 2:47PM
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 Halsey Real Estate
Investment Insights
Based on property information with market context.
The property comprises thirty 2-bedroom, 2-bathroom apartment units arranged across 15 buildings on approximately 4.5 acres. The one-year-old duplex-style residences feature all-brick exteriors, 30-year architectural shingles, waterproof flooring, and all-electric appliances. Washers, dryers, and refrigerators are included in the units, supporting a largely equipped residential offering. The complex contains approximately 29,000 square feet of property improvements.
Located at 404 W Matthews Street in Brookland, Arkansas, the property is less than 5 minutes from the northeast entrance to Jonesboro and less than 10 minutes from the southern entrance of Paragould. Jonesboro is home to Arkansas State University, St. Bernards Healthcare, and NEA Baptist Health System.
Located at 404 W Matthews Street in Brookland, Arkansas, the property is less than 5 minutes from the northeast entrance to Jonesboro and less than 10 minutes from the southern entrance of Paragould. Jonesboro is home to Arkansas State University, St. Bernards Healthcare, and NEA Baptist Health System.
Key Highlights
- Thirty 2‑bedroom, 2‑bathroom units across 15 buildings
- Approximately 4.5+/- acres with 29,000 square feet of property improvements
- One‑year‑old duplex‑style residences with all‑brick exteriors
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
$191,531
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
3.31%
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%
$3,830,620
$3.8M
Cap Rate 7%
$2,736,157
$2.7M
Cap Rate 9%
$2,128,122
$2.1M
Market Conditions
NOI Build-Up for 29,000 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
$295.8K $10.20/SF
− Vacancy
−$22.2K −$0.77/SF
EGI
$273.6K $9.44/SF
− OpEx
−$82.1K −$2.83/SF
NOI
$191.5K $6.60/SF
Area
Craighead County, AR
Vacancy
7.50%
Lease Rate
$10.20 /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%
$3,830,620
Cap Rate 7%
$2,736,157
Cap Rate 9%
$2,128,122
Alternative Uses
Best Use
Multifamily LT 5
$2.74M
$2.39M – $3.19M
NOI $191,531 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$2.49M
$2.17M – $2.90M
NOI $173,962 @ 7.0% cap · market cap 3.00%
Theoretical Best
Office A
$5.08M
$4.44M – $5.92M
NOI $355,400 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Residential units
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
Explore this area
Business Placement
Demographics for 72417, AR
5,720
Population
2,391
Households
2.4
Avg Household Size
30
Median Age
18%
College-Educated
90%
High-School Grad
43.0 sq mi
ZIP Area
133
Density / Sq Mi
$63,633
Median Household Income
$44,254
Median Earnings
$989
Median Rent
$168,800
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?
Apartment building - Duplex-style residences offer all-brick construction, electric appliances, and in-unit laundry equipment.
Where is this apartment building located?
The property is located at 404 W Matthews Brookland, AR.
What is the asking price?
The asking price for this property is $5,790,000.
What are key features of this property?
This property features: Thirty 2‑bedroom, 2‑bathroom units across 15 buildings; Approximately 4.5+/- acres with 29,000 square feet of property improvements; One‑year‑old duplex‑style residences with all‑brick exteriors
