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    Property profile & analytics

    1602 Merrill Dr Little Rock, AR 72211-1818

    • Strip malls
    • 4,000 SF
    • 1.45 lot acres
    OFF-MARKET
    Value Estimations
    $285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-0168144
    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

    • A+ Insurance Center / Insurance Agency
    • Michael Barre / Insurance Agency / Motorcycle Insurance Agency
    • A Plus Insurance Center - Stuart Levy / Insurance Agency
    • Jagr Jane / Interior Decorator
    • Berry Gary / Insurance Agency

    Property Details for 1602 Merrill Dr

    Year built
    1984
    Lot size
    1.45 lot acres
    Property size
    4,000 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    43L-112-00-033-04
    APU
    43L1120003304

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $460,000
      OFFICE BUILDING
      $445,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Little Rock
    County
    Pulaski
    State
    Arkansas
    Longitude
    -92.4007
    Latitude
    34.7682
    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
    2024
    $8,110
    $54,559
    $61,301
    $115,860
    -
    $272,795
    $306,505
    $579,300

    Comparable in this City

    • Value Estimation
      $4,645,000
      125,479 SF

      1506 Merrill Dr

      SHOPPING CENTER, STRIP CENTER • 125,479 SF
      1506 Merrill Dr, Little Rock, AR 72211-1822
      View Details
    • Value Estimation
      $3,565,000
      27,812 SF

      1500 Macon Dr

      SHOPPING CENTER, STRIP CENTER • 27,812 SF
      1500 Macon Dr, Little Rock, AR 72211-1849
      View Details
    • Value Estimation
      $860,000
      29,038 SF

      301 Bowman Rd

      SHOPPING CENTER, STRIP CENTER • 29,038 SF
      301 Bowman Rd, Little Rock, AR 72211-3431
      View Details
    • Value Estimation
      $290,000
      10,168 SF

      13200 Markham St

      SHOPPING CENTER, STRIP CENTER • 10,168 SF
      13200 Markham St, Little Rock, AR 72211-3249
      View Details
    • Value Estimation
      $510,000
      9,920 SF

      12206 Markham St

      SHOPPING CENTER, STRIP CENTER • 9,920 SF
      12206 Markham St, Little Rock, AR 72211-2754
      View Details
    • Value Estimation
      $620,000
      15,038 SF

      12310 Chenal Pkwy

      SHOPPING CENTER, STRIP CENTER • 15,038 SF
      12310 Chenal Pkwy, Little Rock, AR 72211-2724
      View Details

    Similar Nearby for Sale

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    • Contact for pricing
      16,055 SF

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      Income-producing property with restaurant and office space in prime location.
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    • $1,305,000

      New Retail Ground Lease Opportunity

      20-year absolute net ground lease, new construction, strong location.
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    Similar Nearby for Lease

    • Contact for pricing
      2,700 SF

      Retail Space in West Little

      Established shopping center in West Little Rock with tenant improvements.
      200-400 N Bowman Rd, Little Rock, AR 72211
      View Details
    • Contact for pricing
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      Retail Space in Prime Location

      Retail suites available in Little Rock's premier retail corridor.
      12801 Chenal Pkwy, Little Rock, AR 72211
      View Details
    • $10 SF/Yr
      1,600 SF

      Established Retail Shopping Center Space

      Retail space in established Little Rock shopping center for lease.
      1520 Macon Dr, Little Rock, AR 72211
      View Details
    • $19 SF/Yr
      45,000 SF

      Bowman Station Medical Office Space

      West Little Rock medical office suites available
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      View Details
    • Contact for pricing
      33,805 SF

      Bowman Road Retail Center Opportunity

      Little Rock Shopping Center - 7,901 SF Available
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      View Details
    • $13 SF/Yr
      64,709 SF

      Westchase Plaza Retail Space

      Little Rock retail space, ±1,400-4,800 SF
      301 Shackleford Rd, Little Rock, AR 72211
      View Details
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    Little Rock, AR 72211-1818
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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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