Ground-Floor Corner Residential Income
For Sale
$364,900
601 Chenal Woods Drive, Little Rock, AR 72223
CONDOS - Little Rock, AR
Property Size1,546 SF
Price / SF$236.03
Days on Market72
Property Features for 601 Chenal Woods Drive
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bathroom 2, Laundry Room, Bedroom 1, Bedroom 3, Den
Parking features
Garage, Assigned, Open
Patio and Porch features
Patio
Interior features
Wet Bar, Washer Connection, Washer-Stays, Dryer Connection-Electric, Dryer-Stays, Water Heater-Electric, Whirlpool/Hot Tub/Spa, Smoke Detector(s), Window Treatments, Walk-In Closet(s), Balcony/Loft, Built-Ins, Ceiling Fan(s), Walk-in Shower, Breakfast Bar, Elevator, Kit Counter- Granite Slab
Exterior features
Patio, Outside Storage Area, Wheelchair Accessible, Covered Patio, Under Pinning
Fireplace
1
Accessibility
Accessible Elevator Installed, Accessible Approach with Ramp
Appliances
Free-Standing Stove, Microwave, Gas Range, Dishwasher, Disposal, Pantry, Refrigerator-Stays, Ice Maker Connection, Freezer, Convection Oven, Ice Machine
Subdivision
CHENAL WOODS HPR
Lot features
Level, Resort Property, Golf Course Frontage, Common to Golf Course, Golf View
Elementary school
Chenal
Middle school
Joe T Robinson
High school
Joe T Robinson
Directions
West on Chenal to Left on Rahling Rd to Left on Founders Drive- Go to last building on the Left. Unit is bottom level far left. Gate code needed.
Standard status
Active
APN
53L0360300001
Size
1,546 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Unit 111
Tax Annual Amount
3627
HOA Fee
$603 Monthly
Legal Description
Unit 111
Amenities
salt water pool
exercise room
putting green
clubhouse with outdoor kitchen
eating area
fireplace
elevator
gated entrance
storage units
Building Details
Year built
2009
Floors in Building
1
Flooring type
Wood, Carpet, Tile
Roof type
Tile
Architectural style
Other, Spanish
Additional Structures
Storage
Listing Agency:
JH Realty
(501) 301-4804
Listed By:
Jerek Henry
(501) 690-6190
Added: Jun 10
Changed: Aug 11
Last Checked: Aug 20 at 1:06PM
MLS# 26023236
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 ground-level corner condominium offers 1,546 square feet with an open arrangement, three bedrooms, and two bathrooms. The interior includes a kitchen with granite countertops, breakfast bar, gas range, stainless steel appliances, wet bar, gas fireplace, crown molding, solid interior doors, nine-foot ceilings, and substantial storage. The primary suite has a jetted soaking tub, separate shower, and walk-in closet.
Two covered patios add 255 square feet outside the stated interior size and overlook the sixth hole of the Founders Course at Chenal Country Club. Community amenities include a saltwater pool, exercise room, putting green, clubhouse, and outdoor kitchen. The property also provides surface parking, one assigned space near the elevator behind a gated entrance, two secure storage units, and a new HVAC system.
Two covered patios add 255 square feet outside the stated interior size and overlook the sixth hole of the Founders Course at Chenal Country Club. Community amenities include a saltwater pool, exercise room, putting green, clubhouse, and outdoor kitchen. The property also provides surface parking, one assigned space near the elevator behind a gated entrance, two secure storage units, and a new HVAC system.
Key Highlights
- Ground‑floor corner condominium with 1,546 square feet
- Three bedrooms and 2 bathrooms with an open‑concept layout
- Two covered patios totaling 255 square feet
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
$12,495
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
3.42%
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%
$249,900
$249.9K
Cap Rate 7%
$178,500
$178.5K
Cap Rate 9%
$138,833
$138.8K
Market Conditions
NOI Build-Up for 1,546 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
$24.1K $15.60/SF
− Vacancy
−$1.4K −$0.90/SF
EGI
$22.7K $14.70/SF
− OpEx
−$10.2K −$6.61/SF
NOI
$12.5K $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%
$249,900
Cap Rate 7%
$178,500
Cap Rate 9%
$138,833
Alternative Uses
Best Use
Apartment 5plus
$178.5K
$156.2K – $208.3K
NOI $12,495 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$280.8K
$245.7K – $327.7K
NOI $19,659 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
372
Businesses Nearby
Explore this area
Business Placement
Demographics for 72223, AR
25,465
Population
12,279
Households
2.1
Avg Household Size
41
Median Age
66%
College-Educated
98%
High-School Grad
48.5 sq mi
ZIP Area
525
Density / Sq Mi
$99,063
Median Household Income
$62,227
Median Earnings
$1,242
Median Rent
$435,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condominium with covered outdoor living, updated HVAC, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 601 Chenal Woods Drive Little Rock, AR.
What is the asking price?
The asking price for this property is $364,900.
What are key features of this property?
This property features: Ground‑floor corner condominium with 1,546 square feet; Three bedrooms and 2 bathrooms with an open‑concept layout; Two covered patios totaling 255 square feet
