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    3009 Highland Dr Jonesboro, AR 72401-6257
    Property profile & analytics

    3009 Highland Dr Jonesboro, AR 72401-6257

    View on Map
    • Strip malls
    • 11,324 SF
    • 1.35 lot acres
    Off-Market
    Last Sale Jun 2, 2022
    $6,920,000
    Property ID
    US05-1078261
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • SKECHERS Warehouse Outlet / Clothing & Fashion Store / (Bike/Boat/Book/etc) Store
    • Mai Pai Thai Cuisine / Restaurant
    • TagWorks / (Bike/Boat/Book/etc) Store / Pet Store & Service
    • Alterations by David's Bridal Jonesboro AR / (Bike/Boat/Book/etc) Store
    • PetSmart / (Bike/Boat/Book/etc) Store / Pet Store & Service

    Property Details for 3009 Highland Dr

    Lot size
    1.35 lot acres
    Property size
    11,324 SF
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    01-144281-00800
    APU
    114428100800

    Description

    This exceptional 5,200 square foot retail space presents a rare leasing opportunity in a vibrant Jonesboro, Arkansas retail center. Located at 3009 E Highland Dr, 72401, this storefront enjoys a highly visible corner location at the intersection of Red Wolf Blvd and Highland Dr, benefiting from exposure to over 60,000 vehicles daily. The property offers convenient access from Red Wolf Blvd to the west, Highland Dr to the north, and Dayton Ave to the south. This nearly 25,000 square foot center boasts a strong tenant mix, including anchor stores PetSmart and Skechers. Additional co-tenants within the center include T-Mobile, SportSlips, Diva Nail & Spa, and Mai Pai Thai Cuisine. The property's prime location is further enhanced by its proximity to a variety of popular restaurants and retailers such as Five Guys, Cheddar's Scratch Kitchen, Ulta Beauty, Kirklands, Olive Garden, AT&T, Chili's, Target, Dillard's, and JC Penney. This space is ideal for a business seeking high visibility and strong foot traffic in a thriving retail environment. The property is classified as a multi-tenant retail storefront.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Jonesboro
    County
    Craighead
    State
    Arkansas
    Longitude
    -90.6683
    Latitude
    35.8207
    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
    $33,015
    $376,358
    $405,999
    $782,357
    -
    $1,881,790
    $2,029,995
    $3,911,785

    Comparable in this City

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      4615 Nettleton Ave

      SHOPPING CENTER, STRIP CENTER • 3,066 SF
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    • Value Estimation
      $5,615,000
      60,000 SF

      2810 Highland Dr

      SHOPPING CENTER, STRIP CENTER • 60,000 SF
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    • Value Estimation by Request
      3,150 SF

      2404 Red Wolf Blvd

      SHOPPING CENTER, STRIP CENTER • 3,150 SF
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      3,200 SF

      317 Swsw Dr

      SHOPPING CENTER, STRIP CENTER • 3,200 SF
      317 Swsw Dr, Jonesboro, AR 72401-5854
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    • Value Estimation
      $705,000
      8,950 SF

      451 Swsw Dr

      SHOPPING CENTER, STRIP CENTER • 8,950 SF
      451 Swsw Dr, Jonesboro, AR 72401-5856
      View Details

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    Similar Nearby for Lease

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      Prime Retail Space Available

      High-visibility retail space in a strong tenant-anchored center.
      3009 E Highland Dr, Jonesboro, AR 72401
      View Details
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    Jonesboro, AR 72401-6257
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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.

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