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    3 University Evergreen Little Rock, AR 72207

    Sponsored
    For Sale
    $350,000

    0.6-acre commercial land, Little Rock.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional 0.6-acre commercial lot, identified as Lot 3 University Evergreen, presents a prime investment opportunity in Little Rock, Arkansas. Located at the intersection of North University Avenue and Evergreen Avenue, this property boasts approximately 238 feet of frontage on North University Avenue, providing excellent visibility and accessibility. The O-2 zoning permits a variety of uses, making it ideal for retail, medical, or professional office development. Its strategic location offers close proximity to the vibrant Heights/Hillcrest district, CHI St. Vincent Hospital, and the UAMS campus, ensuring high traffic and a strong potential customer base. Adding to its appeal, the lot is situated next to Forest Heights STEM Academy, and benefits from an adjacent lot currently under development by Orion Federal Credit Union. A shared driveway/access will be completed as part of the Orion development, further enhancing convenience and accessibility. The asking price for this exceptional property is $350,000. This is a rare opportunity to acquire a well-positioned commercial lot in a rapidly growing area of Little Rock. The property's location, zoning, and proximity to key amenities make it an attractive investment for discerning buyers seeking high-return potential. The 72207 zip code further underscores its desirability.

    Property Features for 3 University Evergreen

    General Information

    Property type
    Land
    Lot Size
    26,136 SF

    We can help!

    Listing Contact
    Padgett Mangan
    Padgett Mangan

    Learn more

    HighLights

    • 0.6‑acre commercial lot at the corner of N. University Ave and Evergreen Ave, Little Rock, AR.
    • Approx. 238 feet of frontage on N. University Avenue.
    • Excellent location near the Heights/Hillcrest district, CHI St. Vincent Hospital, and UAMS.
    • O‑2 zoning allows for retail, medical, or professional office development.
    • Adjacent to Forest Heights STEM Academy.
    • Adjacent lot under development by Orion Federal Credit Union, including a shared driveway.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Little Rock
    County
    Pulaski
    State
    Arkansas
    Longitude
    -92.34083
    Latitude
    34.76209

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    FAQs

    What type of property is this?
    Land - 0.6-acre commercial land, Little Rock.
    Where is this land located?
    The property is located at 3 University Evergreen Little Rock, AR.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: 0.6-acre commercial lot at the corner of N. University Ave and Evergreen Ave, Little Rock, AR.; Approx. 238 feet of frontage on N. University Avenue.; Excellent location near the Heights/Hillcrest district, CHI St. Vincent Hospital, and UAMS.
    (501) 319-3440
    Request Owner's contact information
    3 University Evergreen Little Rock, AR 72207
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    Little Rock, AR 72207
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3 University Evergreen Little Rock, AR 72207
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    We can help!
    Listing Contact
    Padgett Mangan
    Padgett Mangan
    Real Estate License ID: AR SA00083010
    (501) 319-3440
    Learn more
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