6-Unit Remodeled Apartment
For Sale
$399,999
121 SECOND Street, Hot Springs, AR 71913
MULTI-FAMILY, Bungalow/Cottage, Tudor, Hot Springs, AR
Property Size4,610 SF
Lot Size0.08 Acres
Price / SF$86.77
Days on Market38
Property Features for 121 SECOND Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 1, Bedroom 8, Bathroom 6, Bedroom 6, Bathroom 4, Bedroom 5, Bathroom 1, Bedroom 7, Bedroom 2, Bathroom 5, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 3
Interior features
Hot Water Heater-Gas, Smoke Detector
Exterior features
Guttering
Appliances
Free-Standing Stove, Refrigerator Stays, Free-Standing Stove, Refrigerator Stays
Subdivision
South Hot Spgs
Lot features
Corner Lot, In Subdivision
Elementary school district
Hot Springs
Middle school district
Hot Springs
High school district
Hot Springs
Directions
West on Grand from Central Ave then left on Second to 121 on Left
Standard status
Active
Size
4,610 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
BLK002 Lots PT 11 & 12 STR 05-03S-19W South Hot Springs Addition Garland County AR PARCEL ID 40589
Legal Description
BLK002 Lots PT 11 & 12 STR 05-03S-19W South Hot Springs Addition Garland County AR PARCEL ID 40589
Building Details
Year built
1946
Floors in Building
3
Flooring type
Laminate
Roof type
Shingle
Architectural style
Tudor, Bungalow
Listing Agency:
Rix Realty - Advantage Team Realtors
(501) 205-1900
Listed By:
Stephen Inman-Crawley · License #SA00076751
(501) 366-0259
Added: Aug 8
Changed: Sep 13
Last Checked: Sep 14 at 6:06PM
MLS# 156746
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 at 121 Second Street in Hot Springs, this 4,610-square-foot apartment building contains six units across three levels. The main floor has two apartments with flexible one- to two-bedroom configurations and one full bathroom each. Two one-bedroom, one-bath apartments are positioned upstairs, with two additional one-bedroom, one-bath units in the basement. The building dates to 1946 and features Tudor and Bungalow architectural elements.
Recent improvements include updated electrical and plumbing systems, a replacement roof, new windows, and most doors replaced throughout the building. Each apartment has its own electric meter. Additional features include laminate flooring, gas hot water, smoke detectors, guttering, shingle roofing, free-standing stoves, and refrigerators. The property occupies 0.08 acres in Hot Springs, Arkansas.
Recent improvements include updated electrical and plumbing systems, a replacement roof, new windows, and most doors replaced throughout the building. Each apartment has its own electric meter. Additional features include laminate flooring, gas hot water, smoke detectors, guttering, shingle roofing, free-standing stoves, and refrigerators. The property occupies 0.08 acres in Hot Springs, Arkansas.
Key Highlights
- Six‑unit apartment building with 4,610 square feet of building area
- Main level includes two units with one- to two‑bedroom configurations
- Four additional apartments are one‑bedroom, one‑bath units across the upper and basement levels
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
$28,448
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
7.11%
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%
$568,960
$569.0K
Cap Rate 7%
$406,400
$406.4K
Cap Rate 9%
$316,089
$316.1K
Market Conditions
NOI Build-Up for 4,610 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
$55.3K $12.00/SF
− Vacancy
−$3.6K −$0.78/SF
EGI
$51.7K $11.22/SF
− OpEx
−$23.3K −$5.05/SF
NOI
$28.4K $6.17/SF
Area
Garland County, AR
Vacancy
6.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$568,960
Cap Rate 7%
$406,400
Cap Rate 9%
$316,089
Alternative Uses
Best Use
Apartment 5plus
$406.4K
$355.6K – $474.1K
NOI $28,448 @ 7.0% cap · market cap 7.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$843.1K
$737.7K – $983.6K
NOI $59,015 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,454
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Individual electric meters and updated building systems support practical utility administration across the apartment property.
Where is this apartment building located?
The property is located at 121 SECOND Street Hot Springs, AR.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Six‑unit apartment building with 4,610 square feet of building area; Main level includes two units with one- to two‑bedroom configurations; Four additional apartments are one‑bedroom, one‑bath units across the upper and basement levels
