Historic Downtown Theater and Event
For Sale
$1,100,000
1008 CENTRAL Avenue, Hot Springs, AR 71901
COMMERCIAL - Hot Springs, AR
Property Size9,252 SF
Price / SF$118.89
Days on Market101
Property Features for 1008 CENTRAL Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RN-1 Res Nbhd 1 District
Zoning description
RN-1 Res Nbhd 1 District
Interior features
Sprinkler, Public Restrooms, Janitor Services, Equipment (See Remarks), Inventory (See Remarks), Smoke Detector, Burglar Alarm, Handicapped Design
Exterior features
Roof Sign
Accessibility
Accessible Approach with Ramp
Subdivision
HSR BLK 105
Directions
1008 Central.
Standard status
Active
Size
9,252 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
BLK 105 LOT PT 11
Tax Annual Amount
3731
Legal Description
BLK 105 LOT PT 11
Building Details
Year built
1927
Floors in Building
2
Flooring type
Carpet - Partial
Roof type
Metal
Additional Structures
See Remarks
Listing Agency:
Rix Realty - Advantage Team Realtors
(501) 205-1900
Listed By:
Chris Rix · License #00059757
(501) 627-4075
Added: Apr 21
Changed: Jul 19
Last Checked: Jul 30 at 10:06PM
MLS# 150620
Copyright © 2026 Hot Springs Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Updated venue located in the historic downtown theatre, gallery & bathhouse district, configured as an auditorium with seating and balcony space. Balcony area is currently not in use but is stubbed out with plumbing and electrical for an upstairs concession, and includes an additional bathroom on the balcony. Improvements cited include newer HVAC with dust-free active technology, electrical updates with grounded stage, plumbing updates including low-flow toilets, a new water heater, newer LED Chauvet lighting, new JBL Pro Audio with digital iLive, stage improvements, seating upgrades, and fully stocked bars with permits. The property also includes a camera system, POS system, refrigeration, and a fire sprinkler system and burglar alarm.
Street access is available both at the front and the back of the building. Public remarks note the property is not in the flood plain, and that it has vehicle and foot traffic exposure roughly two blocks south of a downtown traffic bottleneck, with convenience to parking issues tied to the historic district boundary.
Zoning is listed as RN-1 Res Nbhd 1 District, and public remarks indicate C1 zoning for flexible redevelopment. The venue can also be purchased or assembled with connected 1010 Central Avenue and 1014 Central Avenue (parking lot), as described in the listing materials.
Street access is available both at the front and the back of the building. Public remarks note the property is not in the flood plain, and that it has vehicle and foot traffic exposure roughly two blocks south of a downtown traffic bottleneck, with convenience to parking issues tied to the historic district boundary.
Zoning is listed as RN-1 Res Nbhd 1 District, and public remarks indicate C1 zoning for flexible redevelopment. The venue can also be purchased or assembled with connected 1010 Central Avenue and 1014 Central Avenue (parking lot), as described in the listing materials.
Key Highlights
- Historic downtown venue built in 1927 in the theatre, gallery & bathhouse district
- Updated HVAC with dust‑free active technology, plus electrical, plumbing, low‑flow toilets, and water heater updates
- Fire sprinkler system and burglar alarm, with smoke detectors and camera system included
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $138.8k | $15.00 |
| − Vacancy | −$8.3k | −$0.90 |
| EGI | $130.5k | $14.10 |
| − OpEx | −$32.6k | −$3.53 |
| NOI | $97.8k | $10.58 |
9,252 SF · lease $15.00/SF/yr · vacancy 6.00% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,840 @ 7.0% cap · market cap 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,440 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,634
Businesses Nearby
62k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 32%
Beauty & Spa 3%
Electronics 2%
McDonald's
Dining
18,055 visits/mo
0.4 miles
Burger King
Dining
9,887 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
7,854 visits/mo
0.3 miles
Valero Energy
Shops & Services
5,905 visits/mo
0.1 miles
Family Dollar
Shops & Services
5,119 visits/mo
0.3 miles
Demographics for 71901, AR
29,363
Population
14,952
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
88%
High-School Grad
101.9 sq mi
ZIP Area
288
Density / Sq Mi
$52,410
Median Household Income
$35,604
Median Earnings
$797
Median Rent
$173,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - Updated theater venue with HVAC, audio, lighting, sprinklers, and security systems, plus street access front and back.
Where is this theater & concert hall located?
The property is located at 1008 CENTRAL Avenue Hot Springs, AR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Historic downtown venue built in 1927 in the theatre, gallery & bathhouse district; Updated HVAC with dust‑free active technology, plus electrical, plumbing, low‑flow toilets, and water heater updates; Fire sprinkler system and burglar alarm, with smoke detectors and camera system included
