Industrial-Style Residential Income
For Sale
$182,500
423 E 3rd St #209, Little Rock, AR 72201
Residential, Contemporary, Little Rock, AR
Property Size864 SF
Price / SF$211.23
Days on Market22
Property Features for 423 E 3rd St #209
General Information
Property type
Residential
Property subtype
Duplex
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Walk-In Closet(s), Ceiling Fan(s), Kit Counter-Ceramic Tile
Appliances
Electric Range, Dishwasher
Subdivision
TUF NUT BLDG HPR
Lot features
Level, Not in Subdivision
Directions
River market Ave and 3rd Street
Standard status
Active
Size
864 SF
Taxes and HOA fees
Tax Description
unit 209
Tax Annual Amount
1035
HOA Fee
$240 Monthly
Legal Description
unit 209
Amenities
exposed brick walls
polished concrete floors
expansive windows
soaring ceilings
secure controlled building access
pet-friendly
Building Details
Year built
1930
Flooring type
Concrete
Roof type
Flat
Architectural style
Contemporary
Listing Agency:
The Property Group
(501) 663-0505
Listed By:
Margaret Bell
(501) 231-7736
Added: Aug 13
Changed: Aug 20
Last Checked: Sep 3 at 3:06AM
MLS# 26033096
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 864-square-foot studio-style loft occupies a converted factory building constructed in 1930. The residence combines exposed brick, polished concrete flooring, expansive windows, and soaring ceilings with an open arrangement that includes a bedroom area, full kitchen, and bathroom. Interior features include a walk-in closet, ceiling fan, ceramic tile kitchen counter, electric range, and dishwasher. The building has a flat roof and controlled access.
Located at 423 E 3rd St in Little Rock, the property is near the River Market District, Arkansas River Trail, restaurants, nightlife, art galleries, and parks. Future 30 Crossing Park is one block away. The first floor includes 10 Fitness and Lucky Lou's, while garage parking is available as an option. The building is pet-friendly.
Located at 423 E 3rd St in Little Rock, the property is near the River Market District, Arkansas River Trail, restaurants, nightlife, art galleries, and parks. Future 30 Crossing Park is one block away. The first floor includes 10 Fitness and Lucky Lou's, while garage parking is available as an option. The building is pet-friendly.
Key Highlights
- 864 SF studio‑style loft in a converted factory building
- Constructed in 1930 with exposed brick and polished concrete flooring
- Open layout with bedroom area, full kitchen, and bathroom
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
$6,983
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
3.83%
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%
$139,660
$139.7K
Cap Rate 7%
$99,757
$99.8K
Cap Rate 9%
$77,589
$77.6K
Market Conditions
NOI Build-Up for 864 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
$13.5K $15.60/SF
− Vacancy
−$782 −$0.90/SF
EGI
$12.7K $14.70/SF
− OpEx
−$5.7K −$6.61/SF
NOI
$7.0K $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%
$139,660
Cap Rate 7%
$99,757
Cap Rate 9%
$77,589
Alternative Uses
Best Use
Apartment 5plus
$99.8K
$87.3K – $116.4K
NOI $6,983 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$157.0K
$137.3K – $183.1K
NOI $10,987 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,079
Businesses Nearby
Explore this area
Business Placement
Demographics for 72201, AR
961
Population
628
Households
1.5
Avg Household Size
44
Median Age
78%
College-Educated
100%
High-School Grad
1.2 sq mi
ZIP Area
801
Density / Sq Mi
$112,045
Median Household Income
$71,188
Median Earnings
$1,344
Median Rent
$262,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Converted factory loft with exposed brick, polished concrete, expansive windows, and a full kitchen and bathroom.
Where is this residential income property located?
The property is located at 423 E 3rd St #209 Little Rock, AR.
What is the asking price?
The asking price for this property is $182,500.
What are key features of this property?
This property features: 864 SF studio‑style loft in a converted factory building; Constructed in 1930 with exposed brick and polished concrete flooring; Open layout with bedroom area, full kitchen, and bathroom
