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

    2851 Lakewood Village Dr North Little Rock, AR 72116

    • Community centers
    • 9,746 SF
    • 23.09 lot acres
    For Lease
    View listing
    $12 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-0337866
    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

    • Community centers

    Property Details for 2851 Lakewood Village Dr

    Year built
    1988
    Lot size
    23.09 lot acres
    Property size
    9,746 SF
    Property type
    Community centers
    APN
    23N-007-04-002-00
    APU
    23N0070400200

    Description

    Lakewood Village Shopping Center, a prominent 357,641 square foot, single-story shopping center in North Little Rock's LR - North Little Rock submarket, presents a unique investment opportunity. Built in 2000, this multi-tenant property sits on 40.35 acres and offers ample parking via cross-access. Currently, 43,165 square feet of retail space is available, divisible into units ranging from 1,500 to 24,222 contiguous square feet. The center boasts a strong tenant mix including Esporta Fitness, Edwards Food Giant Grocery, ULTA, JOANN Fabrics, Black Bear Diner, Crumbl Cookie, Brewski's North Pub and Grill, Corky's BBQ, Olive Garden, and Oak Street Health. High traffic counts are a key feature, with McCain Boulevard seeing over 31,000 vehicles per day and Highway 67 exceeding 87,000 vehicles per day. Placer AI data from April 2023 to April 2024 (pre-Edwards Food Giant opening) indicated over 3.6 million annual visits. A 7,815 square foot former TGI Friday's space is available near the McCain Boulevard entrance, ideal for restaurant or retail use. Various sizes of office, retail, and restaurant spaces are available to suit diverse business needs.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,254,000
      Market price range: $286k - $1.25M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $770,000
      Current use
      MEDICAL BUILDING
      $1,680,000
      Change: +119% Conversion: Difficult
      RETAIL STORES
      $965,000
      Change: +25% Conversion: Easy
      COMMERCIAL (GENERAL)
      $875,000
      Change: +14% Conversion: Easy
      AUTO REPAIR, GARAGE
      $860,000
      Change: +12% Conversion: Difficult
      OFFICE BUILDING
      $840,000
      Change: +9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    N Little Rock
    County
    Pulaski
    State
    Arkansas
    Longitude
    -92.2319
    Latitude
    34.796
    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
    $228,670
    $2,413,920
    $1,009,280
    $3,423,200
    -
    $12,069,600
    $5,046,400
    $17,116,000

    Comparable in this City

    • Value Estimation
      $575,000
      20,250 SF

      2743 Lakewood Vlg Dr

      MINI-MALL • 20,250 SF
      2743 Lakewood Vlg Dr, N Little Rock, AR 72116-8030
      View Details
    • Value Estimation
      $800,000
      24,240 SF

      2747 Lakewood Vlg Dr

      MINI-MALL • 24,240 SF
      2747 Lakewood Vlg Dr, N Little Rock, AR 72116-8030
      View Details
    • Value Estimation
      $1,335,000
      45,900 SF

      2639 Lakewood Vlg Pl

      MINI-MALL • 45,900 SF
      2639 Lakewood Vlg Pl, N Little Rock, AR 72116-8008
      View Details
    • Value Estimation
      $1,900,000
      20,410 SF

      2601 Mccain Blvd

      MINI-MALL • 20,410 SF
      2601 Mccain Blvd, N Little Rock, AR 72116-8013
      View Details
    • Value Estimation
      $1,075,000
      39,210 SF

      2727 Lakewood Vlg Dr

      MINI-MALL • 39,210 SF
      2727 Lakewood Vlg Dr, N Little Rock, AR 72116-8030
      View Details
    • Value Estimation by Request
      31,588 SF

      3812 John F Kennedy Blvd

      Lifestyle centers • 31,588 SF
      3812 John F Kennedy Blvd, North Little Rock, AR 72116
      View Details

    Similar Nearby for Sale

    • $445,000
      3,827 SF

      Retail Building in Park Hill

      Two-level retail building in North Little Rock's Park Hill.
      3513 John F Kennedy Blvd, North Little Rock, AR 72116
      View Details
    • $570,000
      5,200 SF

      Park Hill Retail/Office Building

      Iconic building in Park Hill, suitable for retail or office.
      3422 John F Kennedy Blvd, North Little Rock, AR 72116
      View Details
    • $1,000,000
      2,840 SF

      Retail Space in North Little Rock

      Retail property with shared parking and high traffic volume.
      4583 Fairway Ave, North Little Rock, AR 72116
      View Details
    • $550,000
      0.81 Acres

      Commercial Building and Land Available

      Commercial building with spacious parking lot near Indian Hills.
      7610 North Hills Blvd, North Little Rock, AR 72116
      View Details
    • $75,000
      2,152 SF

      Profitable Business Opportunity For Sale

      Profitable business for sale with low monthly rent.
      3929 Mccain Blvd, North Little Rock, AR 72116
      View Details
    • $685,000

      Commercial/Industrial Land on Maumelle Blvd

      1.43 acre commercial/industrial land for sale on Maumelle Blvd.
      Maumelle Blvd, North Little Rock, AR 72116
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      31,588 SF

      Lake Hill Shopping Center Retail Space

      Prime North Little Rock Retail Opportunity
      3812 John F Kennedy Blvd, North Little Rock, AR 72116
      View Details
    • $12 SF/Yr
      357,641 SF

      Lakewood Village Shopping Center

      North Little Rock Retail Opportunity
      2851 Lakewood Village Dr, North Little Rock, AR 72116
      View Details
    • $14 SF/Yr
      1,250 SF

      Retail Space on John F. Kennedy

      Retail space available on John F. Kennedy Boulevard.
      4820 John F Kennedy Blvd, North Little Rock, AR 72116
      View Details
    • $1,100,000
      3,198 SF

      3,198 SF Car Wash Building

      3,198 SF car wash building for rent on 1.23-acre lot.
      7900 John F Kennedy Blvd, Sherwood, AR 72116
      View Details
    • $18 SF/Yr
      178,771 SF

      Indian Hills Shopping Center: Retail Space

      Prime North Little Rock retail space available.
      6929 John F Kennedy Blvd, North Little Rock, AR 72116
      View Details
    • $12 SF/Yr
      7,605 SF

      North Little Rock Retail Center

      7,605 SF Retail Space Available
      4620 Commercial Dr, North Little Rock, AR 72116
      View Details
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    North Little Rock, AR 72116
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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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