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    1003 Park Avenue Hot Springs, AR 71901

    View on Map
    For Sale
    $279,000

    Building and Land - Hot Springs, AR

    Property size:
    3,180 SF
    Lot size:
    0.46 Acres
    Added:
    Jan 14, 2026
    Days on Market:
    76
    Last Refresh:
    Mar 31 at 6:06 pm

    Property Features for 1003 Park Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    7
    Exterior features
    Partially Fenced, Pole Sign, Wheelchair Accessible, Video Surveillance, Additional Outbuildings
    Fencing
    Fenced, Partial
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    400-19600-067-000
    Size
    3,180 SF
    Lot size
    0.46 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    1829

    Utilities

    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1880
    Floors in Building
    1
    Flooring type
    Wood
    Building materials
    Other, See Remarks
    Roof type
    Composition
    Architectural style
    Other
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    Sharon Tremor
    Sharon Tremor

    Listing agent Sharon Tremor

    Listing office McGraw Realtors HSV 1060 Desoto Blvd., Hot Springs Village, AR

    Listing date Jan 14, 2026

    MLS# 26002221 Listing URL

    Copyright © 2026 Cooperative Arkansas Realtors Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Hot Springs Building and Land

    This commercial property, formerly the Red Light Coffee House, is situated on approximately 0.46 acres of land bordering Reid Street. The building, originally constructed in 1880 with a residential addition in 1975, offers a versatile space suitable for various uses. It features two asphalt entrances. An adjacent parcel with asphalt is available for an additional price and is zoned CTR. The interior presents a blank canvas for customization. The property includes an on-demand electric water heater, a functional roof and HVAC system, and a handicap-accessible bathroom. It is located within a community and near the Northwoods Trail and the new Red Light Coffee Shop location. The property offers an opportunity to be part of a treasured community and a loved location by many. The building size is 3180 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Red Light Roastery ... Cafe & Coffee Shop Larkmartin Soaps (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Hair Salon Nail Salon Gym & Fitness Center Building Supply Auto Repair Shop Kitchen & Bath Showroom Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hot Springs
    County
    Garland
    State
    Arkansas
    Longitude
    -93.046682
    Latitude
    34.531222

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    FAQs

    What type of property is this?
    Storefront property - Commercial building on 0.46 acres in Hot Springs, Arkansas.
    Where is this storefront property located?
    The property is located at 1003 Park Avenue Hot Springs, AR.
    What is the asking price?
    The asking price for this property is $279,000.
    What are key features of this property?
    This property features: Almost half an acre of land with two asphalt entrances.; Multi‑use zoning (CTR) offering a blank canvas for various business or residential purposes.; Building originally built in 1880 with a residential addition, blending historical charm with modern living potential.
    (501) 538-3885
    We can help!
    Listing Contact
    Sharon Tremor
    Sharon Tremor
    Learn More
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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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