Remodeled 8-Unit Apartment
New
For Sale
$499,000
9 Meredith Court, Little Rock, AR 72227
Renovated vacant units pair with replaced underground water lines and a 2024 roof.
Property Size4,320 SF
Price / SF$115.51
Days on Market3
Property Features for 9 Meredith Court
General Information
Standard status
Active
Size
4,320 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
8
Building Details
Buildings
1
Listing Agency:
Marshall Peters & Associates
(501) 414-8340
Listed By:
Chris McCants · License #SA00086115
(501) 553-6224
Source:
Arprorealty
Added: Sep 13
Last Checked: Sep 14 at 12:25PM
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 Marshall Peters & Associates
Investment Insights
Based on property information with market context.
This 8-unit apartment building at 9 Meredith Court contains 4,320 square feet of residential space. The two currently vacant units have been remodeled, and all vacant units have received renovation work. The property is under new management, with the vacancies attributed to completed renovations.
Recent capital improvements include replacement of all underground water service lines in 2025 and a new roof completed in 2024. The property is located in West Little Rock, providing an established residential setting for the apartment asset.
Recent capital improvements include replacement of all underground water service lines in 2025 and a new roof completed in 2024. The property is located in West Little Rock, providing an established residential setting for the apartment asset.
Key Highlights
- 8‑unit apartment building with 4,320 square feet
- Two vacant units have been remodeled
- All vacant units have received renovation work
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
Explore this area
Business Placement
Demographics for 72227, AR
11,090
Population
5,700
Households
1.9
Avg Household Size
41
Median Age
55%
College-Educated
98%
High-School Grad
3.8 sq mi
ZIP Area
2,918
Density / Sq Mi
$73,533
Median Household Income
$52,565
Median Earnings
$1,035
Median Rent
$260,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Renovated vacant units pair with replaced underground water lines and a 2024 roof.
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; All vacant units have received renovation work
