1500 Center St · Little Rock, AR 72206

$1,199,000

126 bd · 108.0 ba · 6,692 sqft · MultiFamily · 87 Days on market

Built 1921 Good condition 0.34 ac lot $179/sqft · 63% above area

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +7.9/30.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +3.3/5.0
• 1% rule +2.4/10.0
• Schools +2.1/10.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

INVESTOR OPPORTUNITY! Welcome to Cathedral Park Apartments, a stunning historic property beautifully transformed into modern-style living while preserving its unique charm and character. Once home to the famous Orthodox Church, this property features nine units in total, offering granite countertops, stainless steel appliances, washer/dryer units in eight apartments, assigned on-site parking, and gorgeous stained glass accents with intricate architectural details throughout. Located in the heart of the Governor’s Historic District and just one street over from the vibrant SoMa District, it is within walking distance to popular local amenities like The Root Cafe, Community Bakery, Starbucks, and Boulevard Bread Company. This combination of unique features and a prime location makes Cathedral Park Apartments highly desirable to tenants who appreciate a blend of modern convenience and historic charm. Don’t miss this incredible investment opportunity!

Key facts

• 0.34 acre lot
• 4 parking spots
• Built 1921

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/1-bath units multifamily listed at $1.20M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative. Per door: $-143/mo.
• To cash-flow at today's rent, offer at most $1.01M (15.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $886k (26.1% below list).
• Recommended offer: $886k (26.1% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 4.1% in Little Rock — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 73/100 on livability (#22 in AR) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F.
• Little Rock School District (urban): math 23% / reading 26% proficiency, ranked #183 of 238 in AR (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: M.L. King Elementary School (math 2% / reading 2%, grade F, #452 of 454 statewide, top 100%, 341 students, 86% FRL); Dunbar Magnet Middle School (math 6% / reading 13%, grade F, #196 of 201 statewide, top 98%, 320 students, 90% FRL); Central High School (math 32% / reading 42%, grade F, #64 of 292 statewide, top 26%, 2,338 students, 53% FRL).
• Market conditions: Rents rising (+3.4%/yr); 126 active listings in the ZIP; 1,006 units permitted in Pulaski County in 2024 (0 in 5+ unit buildings).
• At $8,856/mo this rent would consume 204% of the median local household income ($52k/yr) (locally 623% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Pulaski County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $885,600 (26.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 5.00%
• Cash-on-cash: -4.61%
• DSCR: 0.79
• GRM: 11.3

CMA / ARV

• ARV (median comp): $737,273
• List price: $1,199,000
• Delta: 62.63%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.36% rent growth · sell at horizon

5-year hold

• IRR: -23.7%
• Equity multiple: 0.19×
• Total profit: $-273,083
• Equity at exit: $178,775

10-year hold

• IRR: -17.7%
• Equity multiple: 0.02×
• Total profit: $-329,723
• Equity at exit: $103,668

Cash invested: $335,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 92 Strongly Landlord-Friendly
• State Arkansas: 92 Strongly Landlord-Friendly · R+14
• County: — inherits STATE
• City: — inherits STATE

Only US state where non-payment is criminal. Strongly landlord-favorable; very few tenant protections.

Methodology + full state rankings →

ZIP-level market 72206

• Rents YoY: 3.4%
• Active inventory: 126
• Price-to-rent: 101.5×

Monthly cashflow live

• Estimated rent: $8,856 high
• Mortgage (P&I): −$6,288
• Tax est. 1.5%: −$1,499 /mo · $17,985/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,860
• Net cashflow: $-1,290

Break-even live

Break-even rent $10,489

Max offer price $1,012,367

Occupancy floor —

Sensitivity live

Price	-10% $-461	-5% $-875	+0% $-1,290	+5% $-1,704	+10% $-2,118
Rent	-10% $-1,989	-5% $-1,640	+0% $-1,290	+5% $-940	+10% $-590
Rate	-1.0pp $-686	-0.5pp $-985	base $-1,290	+0.5pp $-1,600	+1.0pp $-1,917

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 9× units	1	1	$8,856
Total (9 units)			$8,856

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $299,750
• Closing costs: $35,970
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $1,199,000 Active 87 DOM
2. 2026-06-18
   days on market $1,199,000 Active 84 DOM
3. 2026-06-17
   days on market $1,199,000 Active 83 DOM
4. 2026-06-16
   days on market $1,199,000 Active 82 DOM
5. 2026-06-15
   days on market $1,199,000 Active 81 DOM
6. 2026-06-14
   days on market $1,199,000 Active 79 DOM
7. 2026-06-13
   days on market $1,199,000 Active 78 DOM
8. 2026-06-10
   days on market $1,199,000 Active 76 DOM
9. 2026-06-09
   days on market $1,199,000 Active 75 DOM
10. 2026-06-08
    days on market $1,199,000 Active 74 DOM
11. 2026-06-05
    days on market $1,199,000 Active 70 DOM
12. 2026-06-03
    days on market $1,199,000 Active 69 DOM
13. 2026-06-02
    days on market $1,199,000 Active 68 DOM
14. 2026-06-01
    days on market $1,199,000 Active 67 DOM
15. 2026-05-31
    days on market $1,199,000 Active 66 DOM
16. 2026-05-31
    days on market $1,199,000 Active 65 DOM
17. 2026-03-26
    listed $1,199,000 New Listing 973-char remark

    Show marketing remark (973 chars)

    INVESTOR OPPORTUNITY! Welcome to Cathedral Park Apartments, a stunning historic property beautifully transformed into modern-style living while preserving its unique charm and character. Once home to the famous Orthodox Church, this property features nine units in total, offering granite countertops, stainless steel appliances, washer/dryer units in eight apartments, assigned on-site parking, and gorgeous stained glass accents with intricate architectural details throughout. Located in the heart of the Governor’s Historic District and just one street over from the vibrant SoMa District, it is within walking distance to popular local amenities like The Root Cafe, Community Bakery, Starbucks, and Boulevard Bread Company. This combination of unique features and a prime location makes Cathedral Park Apartments highly desirable to tenants who appreciate a blend of modern convenience and historic charm. Don’t miss this incredible investment opportunity!

18. 2025-04-15
    historical
19. 2025-04-04
    listed $1,275,000 New Listing
20. 2025-04-04
    historical
21. 2025-01-17
    historical $1,250
22. 2025-01-13
    price $1,299,000
23. 2024-12-21
    listed $1,325,000 New Listing
24. 2024-12-13
    price $1,250
25. 2024-11-22
    price $1,275
26. 2024-11-14
    listed $1,295

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥110°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $106,272
• − Mortgage interest: −$67,163
• − Property taxes: −$17,985
• − Insurance: −$5,995
• − Repairs & maintenance: −$8,502
• − Management: −$8,502
• − Depreciation: −$34,880
• Taxable loss: −$36,754
• Est. tax savings @ 24.0%: +$8,821
• After-tax cash flow: $-6,656/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This multi-family property in the heart of the Governor’s Historic District offers nine units with modern amenities and historic charm. The home is in good condition with minimal maintenance required.

Value-add opportunities

• Both Stained glass cleaning — Enhances curb appeal and interior aesthetics
• Both Paint touch-ups — Maintains the home's appearance
• Both Ceiling fan maintenance — Ensures proper ventilation and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Stained glass cleaning — Enhances curb appeal and interior aesthetics ↑
• Both Paint touch-ups — Maintains the home's appearance ↑
• Both Ceiling fan maintenance — Ensures proper ventilation and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Little Rock School District
• NCES district ID: 0509000
• Math proficiency: 23% ▼ -12.00%
• Reading proficiency: 26% ▼ -8.00%
• Median HH income: $43,346
• Composite: 21.0/100
• National rank: #8457
• State rank: #183 of 238 in AR

Livability — Little Rock

• Score: 73/100
• State rank: #22
• US rank: #5295

Category grades

Amenities C+ Commute A+ Cost of living A+ Crime F Employment C Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Little Rock, AR
• County: Pulaski County · 372,764 people
• City population: 218,896
• Metro: Little Rock-North Little Rock-Conway, AR
• Population (ZIP): 22,667
• Household income: $52,132
• Rent vs Own: 29.3% rent · 70.7% own
• Severe rent burden: 623.0

Population outlook (Pulaski County) Hauer SSP2

• Today (2025): 415,378 people
• By 2030: 423,720 · +2.0%
• By 2040: 435,182 · +4.8%
• By 2050: 440,904 · +6.1%
• By 2075: 445,521 · +7.3%
• By 2100: 419,173 · +0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 48% White 43% Two or more races 6% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Iranian 1% Italian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Pulaski

• 2024 margin: Strong D (+22.1) · D 59.8% · R 37.7% · Other 2.5%
• 2008→2024 swing: +10.6pp toward D · 2008: 11.6pp · 2024: 22.1pp
• All cycles: 2024: D+22.1 2020: D+22.5 2016: D+17.9 2012: D+11.4 2008: D+11.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.64%
• Current HPI: 158.3601
• Rent YoY: ▲ 3.36%
• Metro: Little Rock-North Little Rock-Conway, AR
• State GDP YoY: ▲ 3.80%
• F500 in state: 10

Industry mix (Fortune 500 HQ in AR)

Industry	F500 HQs	Revenue
▸Retail	1	$681B
▸Food / Agriculture	1	$53B
▸Retail / Energy	1	$22B
▸Transportation / Logistics	1	$12B
▸Energy	1	$4B

Price history

+92486.9% since first listed

10 events — show timeline

• 2026-03-26 Listed $1,199,000 CARMLS
• 2025-04-15 Listing Removed — CARMLS
• 2025-04-04 Listing Removed — CARMLS
• 2025-04-04 Listed $1,275,000 CARMLS
• 2025-01-17 Rental Removed $1,250 CARMLS
• 2025-01-13 Price Changed $1,299,000 CARMLS
• 2024-12-21 Listed $1,325,000 CARMLS
• 2024-12-13 Price Changed $1,250 CARMLS
• 2024-11-22 Price Changed $1,275 CARMLS
• 2024-11-14 Listed for Rent $1,295 CARMLS