Medical Office
For Sale
Contact for pricing
824 S Spring St, Little Rock, AR 72201
Central Little Rock medical facility with adaptable clinical-ready layout and UU zoning for office, medical, or specialty uses.
Property Size8,568 SF
Price / SF$105.04
Days on Market55
Property Features for 824 S Spring St
General Information
Standard status
Active
Size
8,568 SF
Total Parking Spaces
23
Property subtype
Office
Zoning
UU, Urban Use
Lease Type
NNN
Additional Details
Highway Access
Yes
Amenities
medical-grade walk-in refrigerator
Building Details
Year Built
2000
Buildings
1
Tenancy
Single
Listing Agency:
Kelley Commercial Partners
Listed By:
Brandon Sheard · License #AR SA00086221
(501) 375-3200
Source:
Crexi
Added: Jul 22
Changed: Sep 8
Last Checked: Sep 14 at 6:10AM
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 Kelley Commercial Partners
Investment Insights
Based on property information with market context.
This medical office building was originally constructed in 2000 as a medical facility and offers existing clinical infrastructure and a layout well-suited for healthcare, specialty office, lab, wellness, or professional service uses. The interior includes large intake and waiting areas, multiple restrooms, private offices, employee support areas, and flexible open space with potential for treatment rooms.
The building also features a medical-grade walk-in refrigerator for temperature-controlled storage. Parking includes 23 off-street spaces, with additional street parking available nearby.
Zoned UU, Urban Use, the property offers flexibility for a variety of office, medical, and specialty commercial uses, supported by its healthcare-oriented design elements and practical everyday workflows.
The building also features a medical-grade walk-in refrigerator for temperature-controlled storage. Parking includes 23 off-street spaces, with additional street parking available nearby.
Zoned UU, Urban Use, the property offers flexibility for a variety of office, medical, and specialty commercial uses, supported by its healthcare-oriented design elements and practical everyday workflows.
Key Highlights
- Originally constructed in 2000 as a medical facility
- Large intake and waiting areas plus private offices and restrooms
- Flexible open space with treatment‑room potential
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
$81,715
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
9.08%
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%
$1,634,300
$1.6M
Cap Rate 7%
$1,167,357
$1.2M
Cap Rate 9%
$907,944
$907.9K
Market Conditions
NOI Build-Up for 8,568 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
$153.2K $17.88/SF
− Vacancy
−$17.0K −$1.98/SF
EGI
$136.2K $15.90/SF
− OpEx
−$54.5K −$6.36/SF
NOI
$81.7K $9.54/SF
Area
Little Rock, AR
Vacancy
11.10%
Lease Rate
$17.88 /SF/Yr
Expense Ratio
40.00%
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%
$1,634,300
Cap Rate 7%
$1,167,357
Cap Rate 9%
$907,944
Alternative Uses
Best Use
Healthcare Medical
$1.17M
$1.02M – $1.36M
NOI $81,715 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $108,953 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,533
Businesses Nearby
Explore this area
Business Placement
Demographics for 72201, AR
961
Population
628
Households
1.5
Avg Household Size
44
Median Age
78%
College-Educated
100%
High-School Grad
1.2 sq mi
ZIP Area
801
Density / Sq Mi
$112,045
Median Household Income
$71,188
Median Earnings
$1,344
Median Rent
$262,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Medical center - Central Little Rock medical facility with adaptable clinical-ready layout and UU zoning for office, medical, or specialty uses.
Where is this medical center located?
The property is located at 824 S Spring St Little Rock, AR.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Originally constructed in 2000 as a medical facility; Large intake and waiting areas plus private offices and restrooms; Flexible open space with treatment‑room potential
