8410 Counts Massie RdNorth Little Rock, AR 72113

Property Details for 8410 Counts Massie Rd

Year built

2008

Lot size

4.58 AC

Property size (Sq ft)

15,120 SF

Property type

Office buildings

APN

43N-011-07-002-00

APU

43N0110700200

Description

This exceptional value-add opportunity presents a 15,000-square-foot, single-story Class B office building situated on a 5-acre lot in North Little Rock, Arkansas, at 8410 Counts Massie Rd, zip code 72113. Currently boasting 85% occupancy (as of January 17, 2023) with ten tenants, including prominent professionals such as CPA firms, financial advisors, and contractors, the property generates a current NOI of $100,000, representing a 4.00% cap rate. The building features eight units, including approximately 1,300 square feet of executive office suites, and is zoned C-3. A significant advantage is the inclusion of an additional 2.7 acres of land, presenting substantial potential for expansion, with a pro-forma NOI projected at $120,000 and a pro-forma cap rate of 4.80%. The asking price is $2,500,000, translating to $166.67 per square foot. The property is held under a partnership ownership and is offered for sale by owner. The lease type is modified, and tenant credit is not available. The net rentable square footage is 14,000 square feet. This property offers a compelling blend of immediate income and significant future development potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,403,336

  6.5%

  $2,218,464

  7%

  $2,060,002

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,081,534

  Geo Method

  $1,081,534

• Alternative Use

  Use

  Valuation

  Residential

  $2,750,896

  Hospitality

  $2,519,806

  Educational

  $2,096,449

  Medical

  $2,168,549

  Retail

  $3,261,142

Location Insight

City

N Little Rock

County

Pulaski

State

Arkansas

Latitude

34.84

Longitude

-92.3808

CBSA code

30780

CBSA name

LITTLE ROCK-NORTH LITTLE ROCK, AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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