Updated Fourplex with Unit
For Sale
$375,000
507 Mimi Lane, Little Rock, AR 72211
Tenant-occupied four-unit property with a mix of one- and two-bedroom layouts.
Property Size4,192 SF
Price / SF$89.46
Days on Market41
Property Features for 507 Mimi Lane
General Information
Standard status
Active
Size
4,192 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 2 x 1BR
Multifamily Units
4
Building Details
Year Built
1975
Listing Agency:
Keller Williams Realty
(501) 773-7154
Listed By:
Langston Carr
(501) 773-7154
Source:
Heilesassociatesrealtors
Added: Jul 23
Changed: Aug 29
Last Checked: Aug 31 at 5:16PM
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 Lane in Little Rock, this fourplex contains 4,192 square feet of living space across four residential units. The configuration includes two 2-bedroom residences and two 1-bedroom residences, providing a varied unit mix within one property. Built in 1975, the building has received moderate updates and is currently tenant occupied.
The property is positioned in West Little Rock near shopping, dining, and major commuter routes. Functional unit layouts and the combination of one- and two-bedroom residences give the asset a straightforward multifamily configuration for continued rental use.
The property is positioned in West Little Rock near shopping, dining, and major commuter routes. Functional unit layouts and the combination of one- and two-bedroom residences give the asset a straightforward multifamily configuration for continued rental use.
Key Highlights
- Fourplex with 4,192 square feet of living space
- Unit mix includes two 2‑bedroom units and two 1‑bedroom units
- Built in 1975
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
4
Residential units
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 four-unit property with a mix of one- and two-bedroom layouts.
Where is this quadplex located?
The property is located at 507 Mimi Lane 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: Fourplex with 4,192 square feet of living space; Unit mix includes two 2‑bedroom units and two 1‑bedroom units; Built in 1975
