Updated Duplex with Separate
For Sale
$219,000
504 and 506 Mimi Lane, Little Rock, AR 72211
Two occupied units offer individual utilities, outdoor storage, and private decking.
Property Size2,250 SF
Price / SF$97.33
Days on Market53
Property Features for 504 and 506 Mimi Lane
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Multi-family
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
outside storage area
decking
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(501) 907-5959
Listed By:
Yanyan Xie · License #SA00072425
(501) 580-8558
Source:
Heilesassociatesrealtors
Added: Sep 1
Changed: Oct 21
Last Checked: Oct 23 at 7:02AM
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 Keller Williams Realty
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Investment Insights
Based on property information with market context.
This duplex contains two separate occupied residences totaling 2,250 SF, with each unit offering 3 bedrooms and 2 bathrooms. Individual utility service supports separate operation, while both sides include exterior storage and decking. Recent work on the left unit includes LVP flooring, interior paint, ceiling fans, a kitchen hood, vanities, a glass-top electric range, disposal, and toilets. The sewer line has also been replaced, and the HVAC system serving the right unit was replaced in 2024.
Located at 504 and 506 Mimi Lane in Little Rock, the property is near shopping centers, health care facilities, restaurants, and schools. Interstate access is described as convenient, adding connectivity to the surrounding area. The two-unit layout allows the residences to be leased separately or combined with owner occupancy of one side, subject to applicable requirements.
Located at 504 and 506 Mimi Lane in Little Rock, the property is near shopping centers, health care facilities, restaurants, and schools. Interstate access is described as convenient, adding connectivity to the surrounding area. The two-unit layout allows the residences to be leased separately or combined with owner occupancy of one side, subject to applicable requirements.
Key Highlights
- Duplex totals 2,250 SF with two separate units
- Each unit includes 3 bedrooms and 2 bathrooms
- Both units are currently occupied and have separate utilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,185
Cap Rate
8.30%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
Who owns this building?
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Open Analytics
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,537
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units offer individual utilities, outdoor storage, and private decking.
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: Duplex totals 2,250 SF with two separate units; Each unit includes 3 bedrooms and 2 bathrooms; Both units are currently occupied and have separate utilities
