Quadplex with Separately Metered
For Sale
$289,000
118 Garland Ave, Hot Springs, AR 71913
MULTI_FAMILY - Hot Springs, AR
Property Size2,021 SF
Lot Size0.16 Acres
Price / SF$142
Days on Market136
Property Features for 118 Garland Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Appliances
Gas Range, Gas Range
Subdivision
Dawers
Lot features
Sloped
Directions
Hwy 70 to Hwy 7 then make aright on Garland Ave. Home on the right.
Standard status
Active
APN
400-14350-016-000
Size
2,021 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BLK 2 PT LOT 3
Tax Annual Amount
666
Legal Description
BLK 2 PT LOT 3
Building Details
Year built
1939
Floors in Building
2
Number of units
4
Flooring type
Laminate, Ceramic
Roof type
Shingle
Architectural style
Craftsman
Listing Agency:
Signature Homes Real Estate
(501) 359-3059
Listed By:
Karina Alvarez
(501) 693-4223
Added: Apr 10
Changed: Jul 30
Last Checked: Aug 23 at 8:06AM
MLS# 26014055
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.
Investment Insights
Based on property information with market context.
Income-producing quadplex on a 0.16-acre lot featuring four units in a Craftsman-style building. The unit mix includes three 1-bedroom, 1-bath apartments and one efficiency unit. Each unit is separately metered for electricity, while gas and water are on shared meters. The property size is listed at 2021 square feet, built in 1939 with a shingle roof.
The property is located in the heart of Hot Springs, with convenient access to downtown Hot Springs shopping, dining, entertainment, and area attractions.
Appliances noted include gas range(s), with interior finishes including laminate and ceramic flooring. The separate electric metering can simplify tenant billing for electric usage while keeping gas and water managed through shared metering.
The property is located in the heart of Hot Springs, with convenient access to downtown Hot Springs shopping, dining, entertainment, and area attractions.
Appliances noted include gas range(s), with interior finishes including laminate and ceramic flooring. The separate electric metering can simplify tenant billing for electric usage while keeping gas and water managed through shared metering.
Key Highlights
- 0.16‑acre quadplex site
- 2021 SF building
- Four units: three 1‑bedroom, 1‑bath plus one efficiency
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,348
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$266,960
$267.0K
Cap Rate 7%
$190,686
$190.7K
Cap Rate 9%
$148,311
$148.3K
Market Conditions
NOI Build-Up for 2,021 SF
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.
Gross rent
$20.6K $10.20/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$19.1K $9.44/SF
− OpEx
−$5.7K −$2.83/SF
NOI
$13.3K $6.60/SF
Area
Garland County, AR
Vacancy
7.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$266,960
Cap Rate 7%
$190,686
Cap Rate 9%
$148,311
Alternative Uses
Best Use
Multifamily LT 5
$190.7K
$166.9K – $222.5K
NOI $13,348 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$178.2K
$155.9K – $207.9K
NOI $12,472 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$369.6K
$323.4K – $431.2K
NOI $25,872 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,466
Businesses Nearby
Explore this area
Business Placement
Demographics for 71913, AR
46,801
Population
25,441
Households
1.8
Avg Household Size
44
Median Age
28%
College-Educated
91%
High-School Grad
134.2 sq mi
ZIP Area
349
Density / Sq Mi
$55,367
Median Household Income
$32,746
Median Earnings
$970
Median Rent
$179,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit quadplex with three 1-bedroom units plus an efficiency, where electricity is separately metered per unit.
Where is this quadplex located?
The property is located at 118 Garland Ave Hot Springs, AR.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: 0.16‑acre quadplex site; 2021 SF building; Four units: three 1‑bedroom, 1‑bath plus one efficiency
