Victorian Apartment
For Sale
$950,000
904 S Commerce, Little Rock, AR 72202
Multi-Family, Victorian, Little Rock, AR
Property Size9,261 SF
Lot Size0.32 Acres
Price / SF$102.58
Days on Market143
Property Features for 904 S Commerce
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Subdivision
Original City of Little Rock
Lot features
Level
Directions
From 9th and Main, head East towards I-30. One is on your right. The other on your right as soon as you turn right/south on Commerce
Standard status
Active
Size
9,261 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
Lots 10,11, 12 Blk 59
Tax Annual Amount
3778
Legal Description
Lots 10,11, 12 Blk 59
Building Details
Year built
1910
Number of units
11
Roof type
Composition
Architectural style
Victorian
Listing Agency:
ESQ. Realty Group
(501) 255-0509
Listed By:
Jerry Larkowski
(501) 831-0372
Added: May 15
Changed: Sep 7
Last Checked: Oct 4 at 6:06PM
MLS# 26019851
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 multifamily offering includes two adjacent houses sold together rather than separately, with a combined property size of 9261 square feet on 0.32 acres. Built in 1910, the buildings feature Victorian architecture, composition roofs, and multiple interior updates. The property is fully rented, providing an existing residential income configuration.
Located at 904 S Commerce with the second property at 415 E 9th, the buildings sit across from The Arkansas Arts Center. East Village, downtown, SOMA, the law school, and the outskirts of The River Market are each within a half-mile walk. Ownership currently covers water, sewer, and trash, while tenants pay electric and internet.
Located at 904 S Commerce with the second property at 415 E 9th, the buildings sit across from The Arkansas Arts Center. East Village, downtown, SOMA, the law school, and the outskirts of The River Market are each within a half-mile walk. Ownership currently covers water, sewer, and trash, while tenants pay electric and internet.
Key Highlights
- Two adjacent houses sold together at 904 S Commerce and 415 E 9th
- Fully rented multifamily property
- 9261 square feet on 0.32 acres
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
$74,851
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
7.88%
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%
$1,497,020
$1.5M
Cap Rate 7%
$1,069,300
$1.1M
Cap Rate 9%
$831,678
$831.7K
Market Conditions
NOI Build-Up for 9,261 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
$144.5K $15.60/SF
− Vacancy
−$8.4K −$0.90/SF
EGI
$136.1K $14.70/SF
− OpEx
−$61.2K −$6.61/SF
NOI
$74.9K $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%
$1,497,020
Cap Rate 7%
$1,069,300
Cap Rate 9%
$831,678
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$935.6K – $1.25M
NOI $74,851 @ 7.0% cap · market cap 7.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,765 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,194
Businesses Nearby
Explore this area
Business Placement
Demographics for 72202, AR
10,340
Population
7,403
Households
1.4
Avg Household Size
37
Median Age
49%
College-Educated
93%
High-School Grad
7.1 sq mi
ZIP Area
1,456
Density / Sq Mi
$54,167
Median Household Income
$42,981
Median Earnings
$1,040
Median Rent
$246,900
Median Home Value
Check the figures for this property
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 - Two adjacent houses combine into a fully occupied multifamily property with interior updates and separately addressed parcels.
Where is this apartment building located?
The property is located at 904 S Commerce Little Rock, AR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two adjacent houses sold together at 904 S Commerce and 415 E 9th; Fully rented multifamily property; 9261 square feet on 0.32 acres
