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    Property profile & analytics

    255 Farris Rd Conway, AR 72034-6261

    • Retail space
    • 3,600 SF
    • 0.35 lot acres
    OFF-MARKET
    Value Estimations
    $270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-1498679
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Textbook Brokers / T-Shirt Store / Used Book Store

    Property Details for 255 Farris Rd

    Year built
    1990
    Lot size
    0.35 lot acres
    Property size
    3,600 SF
    Property type
    Retail space
    APN
    710-07424-004C
    APU
    71007424004C

    Description

    This 3,600 square foot, single-story Class B office building at 255 Farris Rd in Conway, Arkansas is currently fully vacant and available for lease. Built in 1990, the property offers flexible space options, with a minimum divisible unit of 1,800 square feet and a maximum contiguous space of 3,600 square feet. The building is zoned C-2 and located in Faulkner County's Conway submarket. Its convenient location offers high visibility and accessibility. Situated directly across from the University of Central Arkansas (approximately 12,000 students), this property is ideally suited for medical or professional office uses. Furthermore, its proximity to Conway Regional Hospital (less than half a mile away) and the Westgate Shopping Center (neighboring tenants include Papa Johns, Subway, Insomnia Cookies, and Bears Den Pizza) provides significant advantages. Conway's consistent growth as Arkansas's fastest-growing city ensures a strong and expanding market for this exceptional office opportunity. The property features no elevators.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $421,000
      Market price range: $229k - $653k
      AI Estimate
      $220,000
      Market price range: $103k - $317k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Conway
    County
    Faulkner
    State
    Arkansas
    Longitude
    -92.4633
    Latitude
    35.0804
    CBSA code
    30780
    CBSA name
    LITTLE ROCK-NORTH LITTLE ROCK, AR METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,213
    $9,240
    $34,500
    $43,740
    -
    $46,200
    $172,500
    $218,700

    Comparable in this City

    • Value Estimation
      $305,000
      4,000 SF

      1159 Pkwy St

      RETAIL STORES (PERSONAL SERVICES) • 4,000 SF
      1159 Pkwy St, Conway, AR 72034-3903
      View Details
    • Value Estimation
      $275,000
      3,558 SF

      921 Locust Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,558 SF
      921 Locust Ave, Conway, AR 72034-5332
      View Details
    • Value Estimation by Request
      7,114 SF

      2100 College Ave

      RETAIL STORES (PERSONAL SERVICES) • 7,114 SF
      2100 College Ave, Conway, AR 72034-6210
      View Details
    • Value Estimation
      $280,000
      3,198 SF

      902 Pkwy St

      RETAIL STORES (PERSONAL SERVICES) • 3,198 SF
      902 Pkwy St, Conway, AR 72034-5347
      View Details
    • Value Estimation
      $310,000
      6,060 SF

      1157 Pkwy St

      RETAIL STORES (PERSONAL SERVICES) • 6,060 SF
      1157 Pkwy St, Conway, AR 72034
      View Details
    • Value Estimation
      $320,000
      8,200 SF

      1163 Pkwy St

      RETAIL STORES (PERSONAL SERVICES) • 8,200 SF
      1163 Pkwy St, Conway, AR 72034-3903
      View Details

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    Similar Nearby for Lease

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      Retail space with high visibility and access near UCA.
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      Retail space with high visibility and easy access to I-40.
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      Retail Space with Ample Parking

      Retail space for rent with residential living above.
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      Office space featuring an open floor plan and kitchen area.
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      Crown Plaza Executive Suites

      Conway Office Space Available Now
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    255 Farris Rd
    Conway, AR 72034-6261
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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
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