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

    2308 Caraway Rd Jonesboro, AR 72401-6205

    • Outlet malls
    • 25,200 SF
    • 2.29 lot acres
    OFF-MARKET
    Value Estimations
    $1,725,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-0960533
    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

    • higi / Health Consultant
    • Russell Green / Pharmacy
    • Spirit Halloween / Costume Store / Party Store

    Property Details for 2308 Caraway Rd

    Lot size
    2.29 lot acres
    Property size
    25,200 SF
    Property type
    Outlet malls
    APN
    01-144282-01700
    APU
    114428201700

    Description

    This exceptional 24,564-square-foot retail property is situated at 2308 S. Caraway Rd., Jonesboro, Arkansas, 72401. The single-tenant building, constructed in 1978, sits on a 2.29-acre lot and is zoned for commercial use. Currently vacant, this property presents a unique opportunity for a variety of retail businesses. Its strategic location along a major retail corridor offers significant visibility and accessibility. Caraway Road boasts over 24,000 vehicles per day, demonstrating substantial traffic volume. The property benefits from its proximity to established national retailers including Walmart, Aldi, Sam's Club, Kohl's, and Lowe's, ensuring high consumer traffic and brand synergy. Furthermore, its location less than a mile from Interstate 555 provides convenient access for customers throughout the Jonesboro area and beyond. This property is ideal for a department store, discount store, or grocery store seeking a prime location in a thriving retail environment. The entire 24,564 square feet is available for lease. This presents a rare opportunity to establish a strong retail presence in a high-demand area of Jonesboro.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,787,000
      Market price range: $1.03M - $3.48M
      AI Estimate
      $1,295,000
      Market price range: $761k - $2.80M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $2,310,000
      Current use
      OFFICE BUILDING
      $2,830,000
      Change: +23% Conversion: Easy
      AUTO REPAIR, GARAGE
      $2,085,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Jonesboro
    County
    Craighead
    State
    Arkansas
    Longitude
    -90.6769
    Latitude
    35.8163
    CBSA code
    27860
    CBSA name
    JONESBORO, 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
    $13,982
    $244,059
    $107,677
    $351,736
    -
    $1,220,295
    $538,385
    $1,758,680

    Comparable in this City

    • Value Estimation
      $8,405,000
      128,476 SF

      3000 Highland Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 128,476 SF
      3000 Highland Dr, Jonesboro, AR 72401-6382
      View Details
    • Value Estimation
      $10,715,000
      180,090 SF

      1815 Highland Dr, Unit 555

      WHOLESALE OUTLET, DISCOUNT STORE • 180,090 SF
      1815 Highland Dr, Jonesboro, AR 72401-6118
      View Details
    • Value Estimation
      $2,410,000
      35,795 SF

      2220 Caraway Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 35,795 SF
      2220 Caraway Rd, Jonesboro, AR 72401-6203
      View Details
    • Value Estimation
      $1,855,000
      30,550 SF

      1808 Highland Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 30,550 SF
      1808 Highland Dr, Jonesboro, AR 72401-6117
      View Details
    • Value Estimation
      $940,000
      7,433 SF

      1804 Highland Dr

      WHOLESALE OUTLET, DISCOUNT STORE • 7,433 SF
      1804 Highland Dr, Jonesboro, AR 72401-6117
      View Details
    • Value Estimation by Request
      5,954 SF

      108 Fisher St

      WHOLESALE OUTLET, DISCOUNT STORE • 5,954 SF
      108 Fisher St, Jonesboro, AR 72401
      View Details

    Similar Nearby for Sale

    • $26,500,000
      247,870 SF

      Jonesboro Retail Power Center

      High-traffic shopping center, prime location
      2010 Caraway Rd, Jonesboro, AR 72401
      View Details
    • New
      $1,100,000
      7,500 SF

      Fully Leased Retail Investment Property

      Fully leased retail investment in established commercial corridor near Arkansas State.
      2315 E Matthews Ave, Jonesboro, AR 72401
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    • $1,191,804
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      Jonesboro Commercial Land Investment

      2.28 Acres, High-Traffic Location
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    • $229,080
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      Prime Jonesboro Commercial Lot

      0.7-acre lot, ideal office location
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    • $786,206
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      $359,000
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      Carwash on half acre lot with development possibilities available.
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    Similar Nearby for Lease

    • $14 SF/Yr
      1,275 SF

      Retail Space in Jonesboro, AR

      High-visibility retail space with strong foot traffic in Jonesboro.
      2929 S Caraway Rd, Jonesboro, AR 72401
      View Details
    • $10 SF/Yr
      2,550 SF

      Retail Space in Jonesboro, AR

      High-visibility retail space with strong foot traffic in Jonesboro.
      2929 S Caraway Ste 2 & 3, Jonesboro, AR 72401
      View Details
    • $14 SF/Yr
      1,275 SF

      Retail Space in Jonesboro, AR

      High-visibility retail space with strong foot traffic in Jonesboro.
      2929 S Caraway Rd, Jonesboro, AR 72401
      View Details
    • $26,500,000
      27,490 SF

      Retail Box Opportunity in Jonesboro

      27,490 SF retail space for lease in Jonesboro, Arkansas.
      2008 S Caraway Rd, Jonesboro, AR 72401
      View Details
    • $14 SF/Yr
      1,275 SF

      High-Visibility Retail Space in Jonesboro

      Retail space with high traffic and build-out options available.
      2929 S Caraway Rd, Jonesboro, AR 72401
      View Details
    • $14 SF/Yr
      1,275 SF

      High-Visibility Retail Space in Jonesboro

      Retail space with high traffic and build-out options available.
      2929 S Caraway Rd, Jonesboro, AR 72401
      View Details
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    2308 Caraway Rd
    Jonesboro, AR 72401-6205
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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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