Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2408 Phillips Dr Jonesboro, AR 72401-7309

    • Office buildings
    • 5,040 SF
    • 0.56 lot acres
    OFF-MARKET
    Last Sale
    Jan 24, 2024
    Value Estimations
    $310,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-1127681
    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

    • ALYSIA SHOURD, BURCH & CO / Real Estate Agent
    • Burch Homes LLC - Residential and Commercial Contracting / Construction Company
    • NEA Divine Intervention / Association / Organization
    • Burch & Co Real Estate / Real Estate Agency
    • Main and Matthews st Jonesboro Arkansas / Apartment Building

    Property Details for 2408 Phillips Dr

    Lot size
    0.56 lot acres
    Property size
    5,040 SF
    Property type
    Office buildings
    APN
    01-144283-02600
    APU
    114428302600

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $352,000
      Market price range: $191k - $621k

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

    Location Insight

    • Map
    • Local Demand
    City
    Jonesboro
    County
    Craighead
    State
    Arkansas
    Longitude
    -90.6754
    Latitude
    35.81
    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
    $4,808
    $43,907
    $56,163
    $100,070
    -
    $219,535
    $280,815
    $500,350

    Comparable in this City

    • Value Estimation
      $265,000
      1,800 SF

      641 Burke Ave

      OFFICE BUILDING • 1,800 SF
      641 Burke Ave, Jonesboro, AR 72401-2708
      View Details
    • Value Estimation
      $230,000
      3,053 SF

      250 County Rd 744

      OFFICE BUILDING • 3,053 SF
      250 County Rd 744, Jonesboro, AR 72401-0540
      View Details
    • Value Estimation
      $235,000
      3,948 SF

      3212 Van Ave

      OFFICE BUILDING • 3,948 SF
      3212 Van Ave, Jonesboro, AR 72401-5420
      View Details
    • Value Estimation by Request
      3,850 SF

      915 Main St

      OFFICE BUILDING • 3,850 SF
      915 Main St, Jonesboro, AR 72401-3521
      View Details
    • Value Estimation
      $250,000
      1,892 SF

      2900 Matthews Ave

      OFFICE BUILDING • 1,892 SF
      2900 Matthews Ave, Jonesboro, AR 72401-4426
      View Details
    • Value Estimation
      $310,000
      2,280 SF

      500 Monroe Ave

      OFFICE BUILDING • 2,280 SF
      500 Monroe Ave, Jonesboro, AR 72401-2767
      View Details

    Similar Nearby for Sale

    • $6,235,000
      55,639 SF

      Jonesboro Office Building For Sale

      Fully occupied office building with ample parking and highway access.
      2400 E Highland Dr, Jonesboro, AR 72401
      View Details
    • $295,000
      0.10 Acres

      Remodeled Office Building in Jonesboro

      Newly remodeled office building suitable for owner-occupancy or investment.
      1201 Nettleton Cir, Jonesboro, AR 72401
      View Details
    • $350,000
      2,350 SF

      Downtown Jonesboro Office Building

      2,300 SF office building in the heart of Jonesboro.
      404 S Main St, Jonesboro, AR 72401
      View Details
    • $3,100,000
      4.23 Acres

      Jonesboro Land and Office Building

      4.23 acres including office building and land for development.
      3201 E Highland Dr, Jonesboro, AR 72401
      View Details
    • $1,895,000
      7,631 SF

      Renovated Office Building For Sale

      Turnkey office property in Jonesboro, suitable for owner-user or investor.
      2920 Longview Dr, Jonesboro, AR 72401
      View Details
    • $3,100,000
      4.23 Acres

      Jonesboro Office Building on Acreage

      Office building with land for development near Mall at Turtle Creek.
      3201 E Highland Dr, Jonesboro, AR 72401
      View Details

    Similar Nearby for Lease

    • $3,000 /Mo
      2,700 SF

      Professional Office Space in Jonesboro

      2,700 SF office space with recent upgrades and ample parking.
      1707 Stone St, Jonesboro, AR 72401
      View Details
    • $24 SF/Yr
      7,631 SF

      Professionally Finished Office Property

      Move-in-ready office space in Jonesboro, renovated in 2021.
      2920 Longview Dr, Jonesboro, AR 72401
      View Details
    • $2,500 /Mo
      800 SF

      Jonesboro Commercial Property For Lease

      Versatile commercial property suitable for various business purposes.
      1202 Falls St, Jonesboro, AR 72401
      View Details
    • $25 SF/Yr
      3,007 SF

      Medical Office Space For Lease

      Medical office space available on the medical mile.
      911 Osler Dr, Jonesboro, AR 72401
      View Details
    • $4,020 /Mo
      6,000 SF

      Jonesboro Flex Space For Lease

      6,000 SF flex space with office and warehouse components.
      310 Reeves St, Jonesboro, AR 72401
      View Details
    • $18 SF/Yr

      Office Space on S. Caraway

      Office space for rent in high-traffic Jonesboro corridor.
      2907 S Caraway Rd, Jonesboro, AR 72401
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2408 Phillips Dr
    Jonesboro, AR 72401-7309
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.