Apartment Complex with Duplex
For Sale
$5,790,000
404 W Matthews, Brookland, AR 72417
MULTI_FAMILY - Brookland, AR
Property Size29,000 SF
Lot Size4.49 Acres
Price / SF$199.66
Days on Market94
Property Features for 404 W Matthews
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Parking features
Garage
Patio and Porch features
Patio
Interior features
Dryer-Stays, Hot Water Heater-Electric, Smoke Detector, Breakfast Bar, Fan - Ceiling
Exterior features
Patio
Appliances
Microwave, Electric Range, Dishwasher, Disposal, Microwave, Electric Range, Dishwasher, Disposal
Subdivision
Dickson
Lot features
Level
Elementary school
Brookland
Middle school
Brookland
High school
Brookland
Directions
Brookland
Standard status
Active
Size
29,000 SF
Lot size
4.49 Acres
Taxes and HOA fees
Tax Description
PART DICKSON'S ADDITION TO BRO
Tax Annual Amount
51073
Legal Description
PART DICKSON'S ADDITION TO BRO
Building Details
Year built
2024
Floors in Building
1
Number of units
30
Flooring type
Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
Halsey Real Estate
(870) 972-9191
Listed By:
Jon Moore · License #00055730
(870) 219-2308
Added: Jun 3
Changed: Jun 4
Last Checked: Sep 4 at 9:06PM
MLS# 26022554
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.
The Wager Place Apartment Complex consists of 30 one-year-old luxury duplex units arranged in 15 buildings on a 4.49+/- acre site. The exterior is described as all-brick, with 30-year architectural shingles. Interior features noted include waterproof flooring, and all-electric appliances. Each unit is also described as having a washer, dryer, and refrigerator included, supporting an in-place, turnkey resident experience.
The property is located at 404 W Matthews Street in Brookland, Arkansas. Public remarks indicate it is less than 5 minutes from the northeast entrance to Jonesboro and less than 10 minutes from the southern entrance of Paragould, providing convenient access to both regional areas.
This apartment complex may fit buyers seeking a multifamily property organized around consistent 2-bedroom, 2-bath layouts, delivered as duplex-style units with described building materials and resident-ready appliance and laundry provisions. With units spread across 15 separate buildings, the configuration is designed to keep the community organized while maintaining a manageable site footprint.
The property is located at 404 W Matthews Street in Brookland, Arkansas. Public remarks indicate it is less than 5 minutes from the northeast entrance to Jonesboro and less than 10 minutes from the southern entrance of Paragould, providing convenient access to both regional areas.
This apartment complex may fit buyers seeking a multifamily property organized around consistent 2-bedroom, 2-bath layouts, delivered as duplex-style units with described building materials and resident-ready appliance and laundry provisions. With units spread across 15 separate buildings, the configuration is designed to keep the community organized while maintaining a manageable site footprint.
Key Highlights
- Under construction duplex apartment complex with 2024 year built
- 30 two‑bedroom, two‑bath units in 15 buildings
- All‑brick exteriors with 30‑year architectural shingle roof
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
$173,962
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
3.00%
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%
$3,479,240
$3.5M
Cap Rate 7%
$2,485,171
$2.5M
Cap Rate 9%
$1,932,911
$1.9M
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
$337.6K $11.64/SF
− Vacancy
−$21.3K −$0.73/SF
EGI
$316.3K $10.91/SF
− OpEx
−$142.3K −$4.91/SF
NOI
$174.0K $6.00/SF
Area
Craighead County, AR
Vacancy
6.30%
Lease Rate
$11.64 /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%
$3,479,240
Cap Rate 7%
$2,485,171
Cap Rate 9%
$1,932,911
Alternative Uses
Best Use
Apartment 5plus
$2.49M
$2.17M – $2.90M
NOI $173,962 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
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
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
107
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
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Frequently Asked Questions
What type of property is this?
Apartment building - One-year-old brick duplex complex offers 30 two-bedroom, two-bath units across 15 buildings.
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: Under construction duplex apartment complex with 2024 year built; 30 two‑bedroom, two‑bath units in 15 buildings; All‑brick exteriors with 30‑year architectural shingle roof
