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 Market87
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) 907-5959
Listed By:
Langston Carr
(501) 773-7154
Source:
Heilesassociatesrealtors
Added: Jul 23
Changed: Oct 9
Last Checked: Oct 16 at 8:36AM
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.
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 / Yr
$33,881
Cap Rate
9.03%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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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?
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
