Updated Duplex with
For Sale
$189,000
605 Mimi Lane, Little Rock, AR 72211
Multi-Family, Traditional, Little Rock, AR
Property Size1,782 SF
Lot Size0.22 Acres
Price / SF$106.06
Days on Market26
Property Features for 605 Mimi Lane
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 4
Parking features
Carport
Interior features
Dryer Connection-Electric, Hot Water Heater-Gas, Smoke Detector, Fan - Ceiling
Appliances
Free-Standing Stove, Electric Range, Dishwasher, Free-Standing Stove, Electric Range, Dishwasher
Subdivision
Park Ruby
Lot features
Sloped, Level, In Subdivision
Elementary school
Terry
Middle school
Pinnacle View
High school
Central
Directions
From Markham & N Shackleford, Go north on N Shackleford, Right on Mara Lynn, Right on Mimi Lane. Duplex will be on the right.
Standard status
Active
Size
1,782 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Description
Lot 6
Tax Annual Amount
1765
Legal Description
Lot 6
Building Details
Year built
1969
Floors in Building
1
Number of units
2
Flooring type
Wood, Tile
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Realty
(501) 907-5959
Listed By:
Yanyan Xie · License #SA00072425
(501) 580-8558
Added: Jul 30
Changed: Aug 24
Last Checked: Aug 24 at 8:06PM
MLS# 26030949
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 duplex contains 1,782 square feet across two residential units, each arranged with two bedrooms and one bathroom. Built in 1969, the property includes wood and tile flooring, ceiling fans, gas water heaters, electric dryer connections, smoke detectors, dishwashers, ranges, and carport parking. The roof and gutters are 5 years old, while both attics received insulation in March 2026.
Unit-specific improvements include a dishwasher in each unit, with Unit B also featuring a 5-year-old refrigerator, hot water heater, kitchen and bathroom counters, microwave, hood, and faucet. Unit A has a 4-year-old bathroom subfloor, LVP flooring, toilet, and counter. Both units are fully occupied, and tenants are responsible for all utilities. The property sits on a 0.22-acre lot in Little Rock with access to major thoroughfares and highways.
Unit-specific improvements include a dishwasher in each unit, with Unit B also featuring a 5-year-old refrigerator, hot water heater, kitchen and bathroom counters, microwave, hood, and faucet. Unit A has a 4-year-old bathroom subfloor, LVP flooring, toilet, and counter. Both units are fully occupied, and tenants are responsible for all utilities. The property sits on a 0.22-acre lot in Little Rock with access to major thoroughfares and highways.
Key Highlights
- 1,782‑square‑foot duplex on a 0.22‑acre lot
- Two units, each with 2 bedrooms and 1 bathroom
- Both units are fully occupied; tenants are responsible for all utilities
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
$16,266
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
8.61%
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%
$325,320
$325.3K
Cap Rate 7%
$232,371
$232.4K
Cap Rate 9%
$180,733
$180.7K
Market Conditions
NOI Build-Up for 1,782 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
$24.6K $13.80/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$23.2K $13.04/SF
− OpEx
−$7.0K −$3.91/SF
NOI
$16.3K $9.13/SF
Area
Little Rock, AR
Vacancy
5.51%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$325,320
Cap Rate 7%
$232,371
Cap Rate 9%
$180,733
Alternative Uses
Best Use
Multifamily LT 5
$232.4K
$203.3K – $271.1K
NOI $16,266 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$205.8K
$180.0K – $240.1K
NOI $14,403 @ 7.0% cap · market cap 7.62%
Theoretical Best
Office A
$323.7K
$283.3K – $377.7K
NOI $22,660 @ 7.0% cap · market cap 11.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
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?
Duplex - Two residential units feature matching two-bedroom, one-bath layouts, durable flooring, and tenant-paid utilities.
Where is this duplex located?
The property is located at 605 Mimi Lane Little Rock, AR.
What is the asking price?
The asking price for this property is $189,000.
What are key features of this property?
This property features: 1,782‑square‑foot duplex on a 0.22‑acre lot; Two units, each with 2 bedrooms and 1 bathroom; Both units are fully occupied; tenants are responsible for all utilities
