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    316 Drake St Jonesboro, AR 72401

    Sponsored
    For Sale
    $870,000

    Six-unit multifamily investment opportunity.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents three, two-story duplexes totaling six units, situated on approximately 0.51 to 0.62 acres in Jonesboro, Arkansas. The property, built in 2022, boasts a total net rentable area of 6,600 square feet and features 6,600 square feet of air rights. Each unit includes a washer and dryer. The buildings are constructed on slabs, utilize plex piping and copper wiring, and are individually metered for utilities. Located at 316, 320, and 324 Drake Street, this Class B property is conveniently located just a 4-minute drive from downtown Jonesboro and Arkansas State University, and a short commute to the Craighead Technology Park, a major hub for high-tech industries. The property offers a current NOI of $56,040 and a pro-forma NOI of $57,693, resulting in a current cap rate of 6.44% and a pro-forma cap rate of 6.63%. The asking price is $870,000, or $145,000 per unit. The property is zoned R-3 and has APN numbers 01-144181-07600, 01-144181-07700, and 01-144181-07500. All cash purchase is required at closing. Offers should be submitted as a non-binding Letter of Intent detailing key terms including pricing, due diligence, closing timeframe, earnest money deposit, debt/equity structure, and buyer qualification. Contact us for further details and to schedule a showing.

    Property Features for 316 Drake St

    General Information

    Property type
    Multifamily properties
    Class
    B
    Lot Size
    22,216 SF

    Building Details

    Year Built
    2022
    Buildings
    3
    Stories
    2
    Units
    6

    HighLights

    • Three 2‑story duplexes (six total units) on ~0.55 acres in Jonesboro, AR.
    • Property is 4 minutes from Arkansas State University and downtown Jonesboro.
    • 8 miles from Craighead Technology Park.
    • Slab construction with individual utility meters.
    • All units include washer/dryer hookups.
    • Plex piping and copper wiring.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jonesboro
    County
    Craighead
    State
    Arkansas
    Longitude
    -90.697895
    Latitude
    35.847343

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    FAQs

    What type of property is this?
    Multifamily property - Six-unit multifamily investment opportunity.
    Where is this multifamily property located?
    The property is located at 316 Drake St Jonesboro, AR.
    What is the asking price?
    The asking price for this property is $870,000.
    What are key features of this property?
    This property features: Three 2-story duplexes (six total units) on ~0.55 acres in Jonesboro, AR.; Property is 4 minutes from Arkansas State University and downtown Jonesboro.; 8 miles from Craighead Technology Park.
    Request Owner's contact information
    316 Drake St Jonesboro, AR 72401
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    Jonesboro, AR 72401
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    Realmo Value Estimation

    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.

    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.

    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
    316 Drake St Jonesboro, AR 72401
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