16-Unit Apartment
For Sale
$1,295,000
515 Brookside Drive, Little Rock, AR 72205
Multi-Family, Traditional, Little Rock, AR
Property Size13,468 SF
Lot Size0.54 Acres
Price / SF$96.15
Days on Market256
Property Features for 515 Brookside Drive
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
20
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 5, Bathroom 10, Bedroom 9, Bedroom 4, Bedroom 7, Bedroom 18, Bathroom 7, Bedroom 20, Bathroom 4, Bedroom 5, Bedroom 6, Bedroom 3, Bedroom 17, Bedroom 8, Bedroom 11, Bedroom 12, Bedroom 14, Bedroom 16, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 19, Bathroom 1, Bedroom 2, Bathroom 6, Bathroom 8, Bedroom 13, Bathroom 9, Bedroom 10, Bedroom 15
Interior features
Hot Water Heater-Electric, Window Treatments
Exterior features
Dumpster
Appliances
Free-Standing Stove, Electric Range, Dishwasher, Refrigerator-Stays, Free-Standing Stove, Electric Range, Dishwasher, Refrigerator-Stays
Subdivision
Glen Haven
Lot features
Level, Cleared, In Subdivision
Directions
From I 630 Take the John Barrow Exit and go North. Barrow turns into Brookside when it crosses West Markham. Go through stop light at Rodney Parham Apartments will be on your right side, across from Presbyterian Village.
Standard status
Active
APN
43L1840000200
Size
13,468 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lots 2 and 3
Tax Annual Amount
16035
Legal Description
Lots 2 and 3
Building Details
Year built
1974
Floors in Building
2
Number of units
16
Flooring type
Vinyl
Roof type
Composition
Architectural style
Other
Listing Agency:
The Lasley Company
(501) 975-5550
Listed By:
Brian Lasley
(501) 993-1041
Added: Dec 11, 2025
Changed: Aug 24
Last Checked: Aug 24 at 10:06PM
MLS# 25048702
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 16-unit apartment property at 515 Brookside Drive contains 13,468 square feet on 0.54 acres. Built in 1974, the complex offers a uniform layout of two-bedroom, one-bath residences. Unit interiors include newer paint, vinyl plank flooring, window treatments, and electric hot water heaters. Each apartment is equipped with a refrigerator, dishwasher, and electric range.
The property has recently painted buildings and maintained grounds, with a dumpster serving the site. Existing tenancy and strong current occupancy provide an established operating profile. Its Midtown location in Little Rock places the complex near UAMS, Park Plaza, and central city amenities.
The property has recently painted buildings and maintained grounds, with a dumpster serving the site. Existing tenancy and strong current occupancy provide an established operating profile. Its Midtown location in Little Rock places the complex near UAMS, Park Plaza, and central city amenities.
Key Highlights
- 16 units totaling 13,468 square feet on 0.54 acres
- Uniform unit mix: all apartments have 2 bedrooms and 1 bathroom
- Built in 1974 with newer interior paint and vinyl plank flooring
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
$108,853
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
8.41%
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%
$2,177,060
$2.2M
Cap Rate 7%
$1,555,043
$1.6M
Cap Rate 9%
$1,209,478
$1.2M
Market Conditions
NOI Build-Up for 13,468 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
$210.1K $15.60/SF
− Vacancy
−$12.2K −$0.90/SF
EGI
$197.9K $14.70/SF
− OpEx
−$89.1K −$6.61/SF
NOI
$108.9K $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%
$2,177,060
Cap Rate 7%
$1,555,043
Cap Rate 9%
$1,209,478
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.81M
NOI $108,853 @ 7.0% cap · market cap 8.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.45M
$2.14M – $2.85M
NOI $171,263 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Explore this area
Business Placement
Demographics for 72205, AR
22,888
Population
12,187
Households
1.9
Avg Household Size
39
Median Age
54%
College-Educated
96%
High-School Grad
8.0 sq mi
ZIP Area
2,861
Density / Sq Mi
$62,888
Median Household Income
$50,948
Median Earnings
$1,110
Median Rent
$204,400
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?
Apartment building - All residences offer two bedrooms, one bath, and updated finishes within a maintained multifamily property.
Where is this apartment building located?
The property is located at 515 Brookside Drive Little Rock, AR.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 16 units totaling 13,468 square feet on 0.54 acres; Uniform unit mix: all apartments have 2 bedrooms and 1 bathroom; Built in 1974 with newer interior paint and vinyl plank flooring
