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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2200 Washington Ave Conway, AR 72032

    • Commercial real estate
    • 11,842 SF
    • 0.61 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-0226757
    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

    • North Plaza Apartments / Apartment Building

    Property Details for 2200 Washington Ave

    Year built
    1970
    Lot size
    0.61 lot acres
    Property size
    11,842 SF
    Property type
    Commercial real estate

    Description

    This 24-unit apartment building, located at 2200 Washington Ave in Conway, Arkansas, offers a compelling investment opportunity. Built in 1970, the property boasts 11,842 square feet on a 0.61-acre lot. The building is part of an 11-property portfolio totaling 224 units, available for sale individually or as a package. Eight units have been fully renovated, featuring black granite counters and stainless-steel appliances. Sixteen additional units are currently under renovation, with completion expected within 60 days. Significant upgrades have been made, including a brand-new roof and HVAC systems installed in 2023. The property's prime location offers easy access to downtown Conway, Hendrix College, and major transportation hubs. This presents a unique chance to acquire a multifamily asset with strong potential for value enhancement and capital appreciation. The property is situated in Faulkner County, Arkansas, with a zip code of 72032. This is a rare opportunity to acquire a well-maintained, updated apartment building in a thriving Arkansas market.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Conway
    County
    Faulkner
    State
    Arkansas
    Longitude
    -92.444937766972
    Latitude
    35.10705380741

    Comparable in this City

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      Remodeled Multifamily Property in Conway

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    • $2,300,000
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      Conway Multifamily Investment Opportunity

      19-Unit Apartment Building, Updated 2021
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    • $3,200,000
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      Remodeled Multifamily Property in Conway

      15-unit multifamily property with modern updates and strong tenant appeal.
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    • $595,000
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      Historic Downtown Conway Office Building

      Office building and apartment complex in historic downtown Conway.
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      East Conway Duplex Investment Opportunity

      Four well-maintained duplexes on 3 acres in East Conway.
      407-421 Middle Rd, Conway, AR 72032
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      Remodeled Duplex with Modern Amenities

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    Similar Nearby for Sale

    • $3,200,000
      1,968 SF

      Remodeled Multifamily Property in Conway

      15-unit multifamily property with modern updates and storage building.
      575 5Th Ave, Conway, AR 72032
      View Details
    • $2,300,000
      17,617 SF

      Conway Multifamily Investment Opportunity

      19-Unit Apartment Building, Updated 2021
      1839 Tyler St, Conway, AR 72032
      View Details
    • $3,200,000
      1,968 SF

      Remodeled Multifamily Property in Conway

      15-unit multifamily property with modern updates and strong tenant appeal.
      575 5Th Ave, Conway, AR 72032
      View Details
    • $595,000
      6,826 SF

      Historic Downtown Conway Office Building

      Office building and apartment complex in historic downtown Conway.
      1422 Caldwell St, Conway, AR 72032
      View Details
    • $345,000
      2,852 SF

      Remodeled Duplex with Modern Amenities

      Fully remodeled duplex featuring modern amenities and tenant-ready units.
      1403 Scott St, Conway, AR 72032
      View Details
    • $275,000
      3,560 SF

      Two Homes on One Lot

      Two homes on a single lot, great for investment.
      1527 Clifton St, Conway, AR 72032
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      49,654 SF

      Conway Commons Power Center

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    • $15 SF/Yr
      24,692 SF

      Conway Office Building For Sale

      Prime Conway location, 24,692 sq ft, 125 parking spaces.
      1150 Museum Rd, Conway, AR 72032
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    • $3,125 /Mo
      2,500 SF

      Retail Space with Storage

      Open retail space with storage and bathroom available for lease.
      500 Amity Rd, Conway, AR 72032
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    • Contact for pricing

      Land Available Near Interstate 40

      8.94 acres of commercial land for lease or sale.
      2248 Sanders Rd, Conway, AR 72032
      View Details
    • $4,400 /Mo
      2,510 SF

      Downtown Office Space Available

      Modern office space in a prime downtown location for rent.
      700 Front St, Conway, AR 72032
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    • Contact for pricing
      6,652 SF

      Prime Conway Retail Space

      6,652 SF Vacant Retail Building
      1105 Oak St, Conway, AR 72032
      View Details
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    2200 Washington Ave
    Conway, AR 72032
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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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