Remodeled 8-Unit Apartment
For Sale
$499,000
9 Meredith Court, Little Rock, AR 72205
Multi-Family, Traditional, Little Rock, AR
Property Size4,320 SF
Lot Size0.27 Acres
Price / SF$115.51
Days on Market34
Property Features for 9 Meredith Court
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Interior features
Washer Connection, Hot Water Heater-Gas
Appliances
Free-Standing Stove, Free-Standing Stove
Subdivision
Meredith Manor
Lot features
Cul-de-sac
Directions
North On Reservoir Road to Meredith turn right apartments are on the right
Standard status
Active
Size
4,320 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
Lot 9. Block 0
Tax Annual Amount
4729
Legal Description
Lot 9. Block 0
Building Details
Year built
1982
Floors in Building
2
Number of units
8
Flooring type
Vinyl, Tile
Roof type
Composition
Architectural style
Other
Listing Agency:
Marshall Peters & Associates
(501) 414-8340
Listed By:
Chris McCants · License #SA00086115
(501) 553-6224
Added: Aug 25
Changed: Sep 3
Last Checked: Sep 27 at 1:06PM
MLS# 26034684
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 8-unit apartment building contains 4,320 square feet on a 0.27-acre parcel and was built in 1982. The two currently vacant units have been remodeled, with tile and vinyl flooring, free-standing stoves, gas water heaters, and washer connections. The property also features a composition roof.
Underground water service lines throughout the property were replaced in 2025, and the roof was replaced in 2024. The property is under new management, and the recent renovation work has been completed in the vacant units. Located on Meredith Court in West Little Rock, the asset offers an established multifamily configuration with updated building components and renovated available units.
Underground water service lines throughout the property were replaced in 2025, and the roof was replaced in 2024. The property is under new management, and the recent renovation work has been completed in the vacant units. Located on Meredith Court in West Little Rock, the asset offers an established multifamily configuration with updated building components and renovated available units.
Key Highlights
- 8‑unit apartment building with 4,320 square feet
- Two vacant units have been remodeled and are ready for leasing
- All underground water service lines replaced in 2025
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
$34,916
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
7.00%
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%
$698,320
$698.3K
Cap Rate 7%
$498,800
$498.8K
Cap Rate 9%
$387,956
$388.0K
Market Conditions
NOI Build-Up for 4,320 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
$67.4K $15.60/SF
− Vacancy
−$3.9K −$0.90/SF
EGI
$63.5K $14.70/SF
− OpEx
−$28.6K −$6.61/SF
NOI
$34.9K $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%
$698,320
Cap Rate 7%
$498,800
Cap Rate 9%
$387,956
Alternative Uses
Best Use
Apartment 5plus
$498.8K
$436.5K – $581.9K
NOI $34,916 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$784.8K
$686.7K – $915.6K
NOI $54,934 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
393
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with renovated vacant units, gas water heaters, and washer connections.
Where is this apartment building located?
The property is located at 9 Meredith Court Little Rock, AR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 8‑unit apartment building with 4,320 square feet; Two vacant units have been remodeled and are ready for leasing; All underground water service lines replaced in 2025
