Downtown Hot Springs Mixed-Use
For Sale
$2,150,000
1010 CENTRAL Avenue, Hot Springs, AR 71901
COMMERCIAL - Hot Springs, AR
Property Size22,083 SF
Price / SF$97.36
Days on Market101
Property Features for 1010 CENTRAL Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CBD Central Bus. District
Interior features
Public Restrooms, Display Window, Handicapped Design, Ceiling Height (Remarks)
Exterior features
Partially Fenced, Pole Sign, Door Sign
Fencing
Partial
Accessibility
Accessible Approach with Ramp
Subdivision
HSR BLK 105
Directions
Central Avenue.
Standard status
Active
Size
22,083 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
HSR BLK 105 LOT PT 10 & 11
Tax Annual Amount
3530
Legal Description
HSR BLK 105 LOT PT 10 & 11
Building Details
Year built
1945
Floors in Building
2
Listing Agency:
Rix Realty - Advantage Team Realtors
(501) 205-1900
Listed By:
Chris Rix · License #00059757
(501) 627-4075
Added: Apr 21
Changed: May 28
Last Checked: Jul 30 at 11:06PM
MLS# 151843
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.
Located in the heart of Hot Springs, this mixed-use building offers 22,000 square feet of space. Constructed with concrete and steel, the building is situated outside of the flood zone. Its CBD/C1 zoning allows for various uses, including retail, museum, restaurant, or office space. The building features 11-foot ceilings. The top floor can serve as a residence, vacation rental, or be converted into nine rental loft apartments based on existing plans. Recent upgrades include a newer roof with decking insulation, fiber optic wifi, newer HVAC, a commercial kitchen with a grease trap, electrical and plumbing upgrades, emergency exit signage and lighting, and a new garage door opener. Plumbed bars and fresh paint are also present. The garage can accommodate 11 vehicles. The second-story kitchen area includes a 10-foot commercial vent hood and updated plumbing. An indoor ramp and stairs provide access to the second floor from street level. Situated on the city parade route, the building's roof offers views of downtown and the mountains, making it suitable for a rooftop deck and solar panels. The upstairs and downstairs areas are metered separately. Ample parking is available in the surrounding area. Located two blocks south of the historic district boundary, the property benefits from high foot and vehicle traffic, with several new adjacent businesses. Commercial/residential use is considered the highest and best use, but many options are available. The neighboring building, with over 9,000 square feet, is also available for purchase.
Key Highlights
- 22,000 sqf building with CBD/C1 zoning, suitable for various uses.
- Concrete & Steel construction, not in a flood zone.
- Potential for 9 rental loft apartments or vacation rental on the top floor.
Financial Insights For 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 | $265.0k | $12.00 |
| − Vacancy | −$15.9k | −$0.72 |
| EGI | $249.1k | $11.28 |
| − OpEx | −$74.7k | −$3.38 |
| NOI | $174.4k | $7.90 |
22,083 SF · lease $12.00/SF/yr · vacancy 6.00% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$3.34M
$2.92M – $3.89M
NOI $233,528 @ 7.0% cap · market cap 10.86%
Second Best
Office B
$3.03M
$2.65M – $3.53M
NOI $212,023 @ 7.0% cap · market cap 9.86%
Theoretical Best
Office A
$4.04M
$3.53M – $4.71M
NOI $282,698 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,634
Businesses Nearby
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - 22,000+ sqft mixed-use building in the heart of Hot Springs.
Where is this mixed-use property located?
The property is located at 1010 CENTRAL Avenue Hot Springs, AR.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 22,000 sqf building with CBD/C1 zoning, suitable for various uses.; Concrete & Steel construction, not in a flood zone.; Potential for 9 rental loft apartments or vacation rental on the top floor.
