Multi-Tenant Retail
For Sale
$1,200,000
985 Carson Cove, Conway, AR 72034
Commercial / Industrial, Traditional, Conway, AR
Property Size6,480 SF
Lot Size0.77 Acres
Price / SF$185.19
Days on Market119
Property Features for 985 Carson Cove
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
O-1 Quiet Office
Parking
40
Security features
Security, Security System
Interior features
Intercom, Smoke Detector, Kitchen Area, Ceiling Fans, Security System
Exterior features
Guttering, Pole Sign, Wheelchair Accessible, Security
Accessibility
Accessible Approach with Ramp
Lot features
Level, Not in Subdivision
Directions
From the Round about at Salem and Prince, Go east on Prince and turn right into Carson Cove and the building is on the right.
Subdivision
CONWAY NORTHWEST
Standard status
Active
Size
6,480 SF
Lot size
0.77 Acres
Taxes and HOA fees
Tax Description
Legal attached in Documents
Tax Annual Amount
5615
Legal Description
Legal attached in Documents
Building Details
Year built
1997
Floors in Building
1
Flooring type
Carpet - Partial
Architectural style
Other
Listing Agency:
Moore and Company Realtors - Conway
(501) 358-6762
Listed By:
Mike Argo
(501) 428-4494
Added: Jun 9
Changed: Oct 5
Last Checked: Oct 5 at 10:06AM
MLS# 26023100
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.
Built in 1997, this retail property contains 6,480 square feet on a 0.77-acre parcel. Three operating leases are in place. Interior features include a kitchen area, intercom, security system, smoke detector, ceiling fans, and partial carpeting.
Exterior features include a pole sign, security, and guttering. The property also has an accessible approach with a ramp and wheelchair-accessible features.
Exterior features include a pole sign, security, and guttering. The property also has an accessible approach with a ramp and wheelchair-accessible features.
Key Highlights
- 6,480‑square‑foot retail property on 0.77 acres
- Three operating leases in place
- Built in 1997
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
$63,890
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
5.32%
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%
$1,277,800
$1.3M
Cap Rate 7%
$912,714
$912.7K
Cap Rate 9%
$709,889
$709.9K
Market Conditions
NOI Build-Up for 6,480 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
$97.2K $15.00/SF
− Vacancy
−$5.9K −$0.92/SF
EGI
$91.3K $14.09/SF
− OpEx
−$27.4K −$4.23/SF
NOI
$63.9K $9.86/SF
Area
Faulkner County, AR
Vacancy
6.10%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,277,800
Cap Rate 7%
$912,714
Cap Rate 9%
$709,889
Alternative Uses
Best Use
Retail
$912.7K
$798.6K – $1.06M
NOI $63,890 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,461 @ 7.0% cap · market cap 8.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
265k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Groceries 33%
Shops & Services 17%
Home Improvements & Furnishings 5%
Kroger
Groceries
52,361 visits/mo
0.3 miles
Walmart Neighborhood Market
Groceries
35,224 visits/mo
0.4 miles
Chick-fil-A
Dining
32,996 visits/mo
0.4 miles
McDonald's
Dining
24,666 visits/mo
0.4 miles
SONIC Drive In
Dining
18,007 visits/mo
0.1 miles
Demographics for 72034, AR
47,873
Population
22,523
Households
2.1
Avg Household Size
33
Median Age
44%
College-Educated
94%
High-School Grad
47.9 sq mi
ZIP Area
999
Density / Sq Mi
$61,675
Median Household Income
$40,511
Median Earnings
$993
Median Rent
$250,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Three operating leases are in place, with interior security and accessibility features serving the existing retail property.
Where is this strip mall located?
The property is located at 985 Carson Cove Conway, AR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,480‑square‑foot retail property on 0.77 acres; Three operating leases in place; Built in 1997
