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

    2903 Phillips Dr Jonesboro, AR 72401-7342

    • Turn key restaurants
    • 3,500 SF
    • 1.00 lot acres
    OFF-MARKET
    Value Estimations
    $255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-1314057
    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

    • La Casa De La Fiesta / Mexican Restaurant

    Property Details for 2903 Phillips Dr

    Lot size
    1.00 lot acres
    Property size
    3,500 SF
    Property type
    Turn key restaurants
    APN
    01-144283-05200
    APU
    114428305200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $238,000
      Market price range: $188k - $468k

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

    Location Insight

    • Map
    • Local Demand
    City
    Jonesboro
    County
    Craighead
    State
    Arkansas
    Longitude
    -90.6702
    Latitude
    35.8089
    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
    $5,416
    $78,408
    $34,318
    $112,726
    -
    $392,040
    $171,590
    $563,630

    Comparable in this City

    • Value Estimation
      $70,000
      8,784 SF

      305 Main St Sta, Unit A

      RESTAURANT • 8,784 SF
      305 Main St Sta, Jonesboro, AR 72401-2910
      View Details
    • Value Estimation
      $225,000
      2,000 SF

      200 Word Ave

      RESTAURANT • 2,000 SF
      200 Word Ave, Jonesboro, AR 72401-2060
      View Details
    • Value Estimation
      $525,000
      300 SF

      2916 Caraway Rd

      RESTAURANT • 300 SF
      2916 Caraway Rd, Jonesboro, AR 72401-7306
      View Details
    • Value Estimation
      $300,000
      3,170 SF

      1851 Church St

      RESTAURANT • 3,170 SF
      1851 Church St, Jonesboro, AR 72401-4941
      View Details
    • Value Estimation
      $260,000
      2,400 SF

      201 Main St

      RESTAURANT • 2,400 SF
      201 Main St, Jonesboro, AR 72401-2908
      View Details
    • Value Estimation
      $240,000
      3,687 SF

      2240 Caraway Rd

      RESTAURANT • 3,687 SF
      2240 Caraway Rd, Jonesboro, AR 72401-6203
      View Details

    Similar Nearby for Sale

    • $1,750,000
      6,012 SF

      Turn-Key Restaurant, Bar, and Venue

      6,012 SF restaurant, bar, and live-music venue in Jonesboro.
      313 W Huntington Ave, Jonesboro, AR 72401
      View Details
    • $725,000
      5,000 SF

      Downtown Jonesboro Commercial Building For Sale

      Iconic 5,000 sq ft building with two kitchens on Main Street.
      224 Main St, Jonesboro, AR 72401
      View Details
    • $399,000
      3,335 SF

      Versatile Commercial Space in Jonesboro

      Redevelopment opportunity near downtown Jonesboro with high visibility.
      1024 S Gee St, Jonesboro, AR 72401
      View Details
    • $5,000,000
      14,590 SF

      High-Visibility Retail Asset in Jonesboro

      Freestanding retail building with drive-thru in prime location.
      1330 S Caraway Rd, Jonesboro, AR 72401
      View Details
    • $1,036,728
      2.38 Acres

      I-555 Hotel Development Land

      Jonesboro, AR: Prime 2.38-acre lot.
      3410 Access Rd, Jonesboro, AR 72401
      View Details
    • $750,000
      7,708 SF

      Prime Jonesboro Storefront Opportunity

      High-traffic corner lot, updated storefront.
      316 Johnson Ave, Jonesboro, AR 72401
      View Details

    Similar Nearby for Lease

    • $40 SF/Yr
      7,020 SF

      Jonesboro Retail Center Opportunity

      7,020 SF Retail/Office Space Available
      2701 Parkwood Rd, Jonesboro, AR 72401
      View Details
    • $45 SF/Yr
      8,352 SF

      Jonesboro Retail Redevelopment Opportunity

      High-traffic location, modern retail space.
      2200 Red Wolf Blvd, Jonesboro, AR 72401
      View Details
    • $18 SF/Yr
      45,000 SF

      Sushma Park Retail Space

      Jonesboro, AR Retail Opportunity
      900 Southwest Dr, Jonesboro, AR 72401
      View Details
    • $14 SF/Yr
      4,000 SF

      Retail Space in High-Traffic Area

      Retail and restaurant spaces available in a high-traffic downtown location.
      200 E Johnson Ave, Jonesboro, AR 72401
      View Details
    • $7 SF/Yr
      252,720 SF

      Jonesboro Retail Space - Phase 1

      252,720 SF Retail Building, Prime Location
      3702 Moore Rd, Jonesboro, AR 72401
      View Details
    • $2,500 /Mo
      2,924 SF

      Downtown Jonesboro Corner Retail Space

      2,924 SF freestanding building on a high-visibility corner lot.
      101 E Forrest St, Jonesboro, AR 72401
      View Details
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    2903 Phillips Dr
    Jonesboro, AR 72401-7342
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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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