Five-Unit Apartment
For Sale
$249,900
622 W Oak Avenue, Jonesboro, AR 72401
MULTI_FAMILY - Jonesboro, AR
Property Size2,866 SF
Lot Size0.37 Acres
Price / SF$87.19
Days on Market56
Property Features for 622 W Oak Avenue
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Appliances
Electric Range, Electric Range
Subdivision
Knights
Lot features
Level
Directions
West End. Off Flint Street. At Flint & Oak, turn west. Savannah House on the right.
Standard status
Active
Size
2,866 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WITT SUB BLK 23-24 KNIGHT ADD
Tax Annual Amount
1572
Legal Description
WITT SUB BLK 23-24 KNIGHT ADD
Building Details
Floors in Building
2
Number of units
5
Roof type
Shingle
Architectural style
Other
Listing Agency:
Halsey Real Estate
(870) 972-9191
Listed By:
Kim Shelton · License #SA00085269
(870) 219-3322
Added: Jun 18
Changed: Jun 23
Last Checked: Aug 12 at 7:06AM
MLS# 26025295
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.
Known locally as The Savannah House, this property has been thoughtfully converted into a five-unit apartment building and maintained over the years. The building offers a residential income configuration with a total area of 2,866 square feet situated on a 0.37-acre lot.
The property is located at 622 W Oak Avenue in Jonesboro, Arkansas, in the Historic West End Neighborhood, just off Flint Street. It is a for-sale multifamily asset in Craighead County with a single established residential building on the site.
This five-unit setup may appeal to buyers looking for a small multifamily property with an existing unit mix already in place. With its maintained condition and conversion into apartments, the building provides a straightforward option for investors or operators seeking to acquire an income-producing residential asset in a historic neighborhood context.
The property is located at 622 W Oak Avenue in Jonesboro, Arkansas, in the Historic West End Neighborhood, just off Flint Street. It is a for-sale multifamily asset in Craighead County with a single established residential building on the site.
This five-unit setup may appeal to buyers looking for a small multifamily property with an existing unit mix already in place. With its maintained condition and conversion into apartments, the building provides a straightforward option for investors or operators seeking to acquire an income-producing residential asset in a historic neighborhood context.
Key Highlights
- Converted into a five‑unit apartment building with historic West End character
- Located in the Historic West End neighborhood just off Flint Street
- Known locally as The Savannah House
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
$17,192
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
6.88%
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%
$343,840
$343.8K
Cap Rate 7%
$245,600
$245.6K
Cap Rate 9%
$191,022
$191.0K
Market Conditions
NOI Build-Up for 2,866 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
$33.4K $11.64/SF
− Vacancy
−$2.1K −$0.73/SF
EGI
$31.3K $10.91/SF
− OpEx
−$14.1K −$4.91/SF
NOI
$17.2K $6.00/SF
Area
Craighead County, AR
Vacancy
6.30%
Lease Rate
$11.64 /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%
$343,840
Cap Rate 7%
$245,600
Cap Rate 9%
$191,022
Alternative Uses
Best Use
Apartment 5plus
$245.6K
$214.9K – $286.5K
NOI $17,192 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$501.8K
$439.0K – $585.4K
NOI $35,123 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
516
Businesses Nearby
Explore this area
Business Placement
Demographics for 72401, AR
43,127
Population
19,328
Households
2.2
Avg Household Size
33
Median Age
23%
College-Educated
89%
High-School Grad
88.5 sq mi
ZIP Area
487
Density / Sq Mi
$43,412
Median Household Income
$32,970
Median Earnings
$897
Median Rent
$185,400
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 - Well-maintained five-unit apartment building known as The Savannah House.
Where is this apartment building located?
The property is located at 622 W Oak Avenue Jonesboro, AR.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Converted into a five‑unit apartment building with historic West End character; Located in the Historic West End neighborhood just off Flint Street; Known locally as The Savannah House
