101 IllinoisCaraway, AR 72419

Property Details for 101 Illinois

Lot size

0.29 AC

Property size (Sq ft)

8,700 SF

Property type

Retail properties

Property subtype

Other retail properties

APN

05-137113-14800

APU

513711314800

Description

This exceptional mixed-use property presents a unique investment opportunity in the thriving town of Caraway, Arkansas. The offering encompasses a substantial 8,700-square-foot former grocery store building situated on a sizable 0.45-acre lot. The building is well-equipped, retaining existing shelving units and several freezers and coolers, providing a solid foundation for a variety of commercial ventures. The property's versatility extends beyond the main building, incorporating a conveniently located duplex. This duplex features two separate 1-bedroom, 1-bathroom units, ideal for rental income generation or owner occupancy. The duplex's prime corner lot location enhances its visibility and accessibility. The property's strategic location within Caraway ensures high traffic volume and excellent exposure, making it an attractive proposition for both established businesses and ambitious entrepreneurs. The asking price of $390,000 represents a compelling value for this substantial mixed-use property, offering a blend of commercial and residential income potential. This is a rare opportunity to acquire a well-positioned property with significant upside potential in a growing community. The existing infrastructure within the grocery store building, coupled with the income-generating potential of the duplex, makes this an attractive investment for those seeking a diversified portfolio. Don't miss this chance to secure a prime piece of Caraway real estate.

• CAP approach

  CAP return

  Valuation

  6%

  $2,923,294

  6.5%

  $2,698,425

  7%

  $2,505,680

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,709,195

  Geo Method

  $1,709,195

• Alternative Use

  Use

  Valuation

  Residential

  $2,276,222

  Hospitality

  $2,085,008

  Educational

  $1,734,702

  Medical

  $1,794,361

  Retail

  $2,698,425

Location Insight

City

Caraway

County

Craighead

State

Arkansas

Latitude

35.7591

Longitude

-90.3224

CBSA code

27860

CBSA name

JONESBORO, AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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