Duplex with Separate
For Sale
$219,000
504 and 506 Mimi Lane, Little Rock, AR 72211
Multi-Family, Traditional, Little Rock, AR
Property Size2,250 SF
Lot Size0.22 Acres
Price / SF$97.33
Days on Market35
Property Features for 504 and 506 Mimi Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 4, Bedroom 6, Bathroom 4, Bedroom 2
Patio and Porch features
Deck, Porch
Interior features
Dryer Connection-Electric, Hot Water Heater-Gas, Smoke Detector, Fan - Ceiling
Exterior features
Partially Fenced, Outside Storage Area, Deck, Porch
Fencing
Partial
Appliances
Free-Standing Stove, Electric Range, Dishwasher, Free-Standing Stove, Electric Range, Dishwasher
Subdivision
Park Ruby
Lot features
Sloped, Level, In Subdivision
Elementary school
Terry
Middle school
Pinnacle View
High school
Central
Directions
From Markham & N Shackleford, Go north on N Shackleford, Right on Mara Lynn, Right on Mimi Lane. Duplex will be on the left.
Standard status
Active
Size
2,250 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Lot 16
Tax Annual Amount
2220
Legal Description
Lot 16
Amenities
outside storage area
decking
Building Details
Year built
1977
Floors in Building
1
Number of units
2
Flooring type
Tile, Vinyl
Roof type
Composition
Architectural style
Other
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(501) 907-5959
Listed By:
Yanyan Xie · License #SA00072425
(501) 580-8558
Added: Jul 21
Changed: Aug 19
Last Checked: Aug 24 at 8:06PM
MLS# 26029568
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 includes two separate, currently occupied units. Each unit offers three bedrooms and two bathrooms, with its own utilities to help reduce landlord responsibilities. Outside, both units include outside storage areas, along with deck and porch features.
The property sits on Mimi Lane in Little Rock, near shopping, healthcare, restaurants, and schools, with easy interstate access. The roof is composition.
Recent improvements include left-side unit updates such as new LVP flooring, new paint, new fans, a new kitchen hood, new vanities, a new glass top electric range, disposal, and updated toilets. The sewer line has also been replaced. The HVAC at the right-side unit was replaced in 2024. Additional interior features include ceiling fans, smoke detectors, and a gas hot water heater.
The property sits on Mimi Lane in Little Rock, near shopping, healthcare, restaurants, and schools, with easy interstate access. The roof is composition.
Recent improvements include left-side unit updates such as new LVP flooring, new paint, new fans, a new kitchen hood, new vanities, a new glass top electric range, disposal, and updated toilets. The sewer line has also been replaced. The HVAC at the right-side unit was replaced in 2024. Additional interior features include ceiling fans, smoke detectors, and a gas hot water heater.
Key Highlights
- Two separate, occupied units
- Each unit has three bedrooms and two bathrooms
- Each unit has its own utilities
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
$18,185
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
8.30%
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%
$363,700
$363.7K
Cap Rate 7%
$259,786
$259.8K
Cap Rate 9%
$202,056
$202.1K
Market Conditions
NOI Build-Up for 2,250 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
$35.1K $15.60/SF
− Vacancy
−$2.0K −$0.90/SF
EGI
$33.1K $14.70/SF
− OpEx
−$14.9K −$6.61/SF
NOI
$18.2K $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%
$363,700
Cap Rate 7%
$259,786
Cap Rate 9%
$202,056
Alternative Uses
Best Use
Multifamily LT 5
$293.4K
$256.7K – $342.3K
NOI $20,537 @ 7.0% cap · market cap 9.38%
Second Best
Apartment 5plus
$259.8K
$227.3K – $303.1K
NOI $18,185 @ 7.0% cap · market cap 8.30%
Theoretical Best
Office A
$408.7K
$357.7K – $476.9K
NOI $28,612 @ 7.0% cap · market cap 13.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,697
Businesses Nearby
Explore this area
Business Placement
Demographics for 72211, AR
24,338
Population
12,009
Households
2
Avg Household Size
35
Median Age
56%
College-Educated
97%
High-School Grad
8.3 sq mi
ZIP Area
2,932
Density / Sq Mi
$80,808
Median Household Income
$53,527
Median Earnings
$1,142
Median Rent
$257,800
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?
Duplex - Duplex with two units, each with separate utilities plus outside storage and deck or porch amenities.
Where is this duplex located?
The property is located at 504 and 506 Mimi Lane Little Rock, AR.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Two separate, occupied units; Each unit has three bedrooms and two bathrooms; Each unit has its own utilities
