Updated Four-Unit
For Sale
$375,000
507 Mimi Ln, Little Rock, AR 72211
Tenant-occupied property offers varied residential layouts near shopping, dining, and major commuter routes.
Property Size4,192 SF
Price / SF$89.46
Days on Market33
Property Features for 507 Mimi Ln
General Information
Standard status
Active
Size
4,192 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,784
Building Details
Year Built
1975
Buildings
1
Tenancy
Multi
Listing Agency:
Keller Williams Realty
(501) 773-7154
Listed By:
Langston Carr
(501) 773-7154
Source:
Exprealty
Added: Jul 10
Changed: Aug 11
Last Checked: Aug 11 at 10:52AM
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
Investment Insights
Based on property information with market context.
Located at 507 Mimi Ln in Little Rock, this four-unit residential property contains 4,192 square feet of living space. The unit mix includes two 2-bedroom residences and two 1-bedroom residences, providing a range of layouts within one multifamily asset. Built in 1975, the property has received moderate updates and remains tenant occupied.
The property is positioned near shopping, dining, and major commuter routes. Each residence features a functional layout suited to long-term occupancy, while the combination of unit sizes creates a diversified configuration within the building. A video walkthrough is available upon request.
The property is positioned near shopping, dining, and major commuter routes. Each residence features a functional layout suited to long-term occupancy, while the combination of unit sizes creates a diversified configuration within the building. A video walkthrough is available upon request.
Key Highlights
- Four‑unit building with two 2‑bedroom units and two 1‑bedroom units
- 4,192 square feet of living space
- Built in 1975 with moderate updates
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
$33,881
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
9.03%
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%
$677,620
$677.6K
Cap Rate 7%
$484,014
$484.0K
Cap Rate 9%
$376,456
$376.5K
Market Conditions
NOI Build-Up for 4,192 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
$65.4K $15.60/SF
− Vacancy
−$3.8K −$0.90/SF
EGI
$61.6K $14.70/SF
− OpEx
−$27.7K −$6.61/SF
NOI
$33.9K $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%
$677,620
Cap Rate 7%
$484,014
Cap Rate 9%
$376,456
Alternative Uses
Best Use
Multifamily LT 5
$546.6K
$478.3K – $637.7K
NOI $38,263 @ 7.0% cap · market cap 10.20%
Second Best
Apartment 5plus
$484.0K
$423.5K – $564.7K
NOI $33,881 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$761.5K
$666.3K – $888.5K
NOI $53,307 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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?
Quadplex - Tenant-occupied property offers varied residential layouts near shopping, dining, and major commuter routes.
Where is this quadplex located?
The property is located at 507 Mimi Ln Little Rock, AR.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Four‑unit building with two 2‑bedroom units and two 1‑bedroom units; 4,192 square feet of living space; Built in 1975 with moderate updates
