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

    515 Washington Ave Jonesboro, AR 72401-2782

    • Office buildings
    • 8,720 SF
    • 1.35 lot acres
    OFF-MARKET
    Last Sale
    May 12, 2022
    $1,750,000
    Value Estimations
    $1,440,000
    Show details
    Cap Rate Potential
    6%
    Office buildings
    Location Intelligence
    Property ID
    US05-0980926
    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

    • GPS Dental / Business Administration Service
    • Jonesboro Human Resources Department / City Government Office
    • Jonesboro Finance Director / City Government Office
    • Jonesboro Purchasing Agent / City Government Office
    • Jonesboro Computer Services Department / City Government Office

    Property Details for 515 Washington Ave

    Lot size
    1.35 lot acres
    Property size
    8,720 SF
    Property type
    Office buildings
    APN
    01-144183-04000
    APU
    114418304000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,445,000
      ML approach
      $1,405,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,450,000
      6.5%
      $1,335,000
      7%
      $1,240,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,519,000
      Market price range: $495k - $1.52M
      AI Estimate
      $1,074,000
      Market price range: $330k - $1.07M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $980,000
      Current use
      RESTAURANT
      $1,775,000
      Change: +82% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $1,170,000
      Change: +19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Jonesboro
    County
    Craighead
    State
    Arkansas
    Longitude
    -90.7092
    Latitude
    35.8378
    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
    $15,304
    $47,045
    $315,603
    $362,648
    -
    $235,225
    $1,578,015
    $1,813,240

    Comparable in this City

    • Value Estimation by Request
      2,880 SF

      714 Main St

      OFFICE BUILDING • 2,880 SF
      714 Main St, Jonesboro, AR 72401-3546
      View Details
    • Value Estimation
      $240,000
      3,840 SF

      101 Miller St

      OFFICE BUILDING • 3,840 SF
      101 Miller St, Jonesboro, AR 72401-2051
      View Details
    • Value Estimation
      $310,000
      4,157 SF

      528 Monroe Ave

      OFFICE BUILDING • 4,157 SF
      528 Monroe Ave, Jonesboro, AR 72401-2767
      View Details
    • Value Estimation
      $225,000
      3,150 SF

      3420 Nettleton Ave

      OFFICE BUILDING • 3,150 SF
      3420 Nettleton Ave, Jonesboro, AR 72401-5522
      View Details
    • Value Estimation
      $305,000
      2,330 SF

      310 Culberhouse St

      OFFICE BUILDING • 2,330 SF
      310 Culberhouse St, Jonesboro, AR 72401-1914
      View Details
    • Value Estimation
      $245,000
      4,200 SF

      172 County Rd 311

      OFFICE BUILDING • 4,200 SF
      172 County Rd 311, Jonesboro, AR 72401-8996
      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
    • $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
    • New
      Contact for pricing
      9,224 SF

      Custom Office Building in Jonesboro

      Furnished office building in Windover Office Park, Jonesboro.
      2804 Longview Dr, 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

    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
    • $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
    • $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
    • $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
    • $216 SF/Yr
      10,700 SF

      Hilltop Office/Retail Space in Jonesboro

      Prime Jonesboro location, 3,600 sq ft available.
      3701 Johnson Ave, Jonesboro, AR 72401
      View Details
    • $22 SF/Yr
      6,000 SF

      Office Space in Medical Corridor

      Professional office space for lease in Jonesboro's medical corridor.
      1107 E Matthews Ave, Jonesboro, AR 72401
      View Details
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    515 Washington Ave
    Jonesboro, AR 72401-2782
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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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