Historic Mixed-Use
For Sale
$1,149,000
21 N 2nd ST, Fort Smith, AR 72901
Commercial, Fort Smith, AR
Property Size10,800 SF
Lot Size0.15 Acres
Price / SF$106.39
Days on Market422
Property Features for 21 N 2nd ST
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Rooms
Basement
Parking features
On Street
Directions
Corner of N 2nd Street and N "A" Street
Standard status
Active
APN
11317-0007-00008-00
Size
10,800 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
LOT 7 BLK 8
Tax Annual Amount
7001
Legal Description
LOT 7 BLK 8
Utilities
Heating system
Natural Gas, Central
Cooling system
Central Air, Electric
Building Details
Year built
1845
Number of units
2
Flooring type
Carpet, Wood, Laminate
Roof type
Other
Listing Agency:
O'Neal Real Estate- Fort Smith
(479) 242-4609
Listed By:
Team Shoppach
(918) 774-5743
Added: Jul 14, 2025
Changed: Sep 5
Last Checked: Sep 8 at 1:06AM
MLS# 1082304
Copyright © 2026 Western River Valley 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.
This 10,800-square-foot mixed-use building at 21 N 2nd ST in Fort Smith includes 4,700 square feet of leased office space on the upper level and 6,100 square feet of restaurant and bar space below. Both components are occupied by long-term tenants. The property dates to 1845 and retains more than 150 years of local history while incorporating updates to major building systems, including electrical, plumbing, skylights, roofing, HVAC, and fire suppression. Flooring includes carpet, wood, and laminate, with natural gas and central heating and electric central air conditioning.
The building is situated in Fort Smith’s Entertainment District near the Amphitheater, Public Event Buildings, and national and local museums. A free public parking lot is located across the street, and on-street parking is also available.
The building is situated in Fort Smith’s Entertainment District near the Amphitheater, Public Event Buildings, and national and local museums. A free public parking lot is located across the street, and on-street parking is also available.
Key Highlights
- 10,800‑square‑foot mixed‑use building at 21 N 2nd ST, Fort Smith, AR 72901
- 4,700 square feet of leased office space on the upper floor
- 6,100 square feet leased for restaurant and bar use
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
$91,271
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
7.94%
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%
$1,825,420
$1.8M
Cap Rate 7%
$1,303,871
$1.3M
Cap Rate 9%
$1,014,122
$1.0M
Market Conditions
NOI Build-Up for 10,800 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
$155.5K $14.40/SF
− Vacancy
−$9.5K −$0.88/SF
EGI
$146.0K $13.52/SF
− OpEx
−$54.8K −$5.07/SF
NOI
$91.3K $8.45/SF
Area
Sebastian County, AR
Vacancy
6.10%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
37.50%
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%
$1,825,420
Cap Rate 7%
$1,303,871
Cap Rate 9%
$1,014,122
Alternative Uses
Best Use
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,481 @ 7.0% cap · market cap 9.88%
Second Best
Office B
$1.54M
$1.35M – $1.80M
NOI $107,892 @ 7.0% cap · market cap 9.39%
Theoretical Best
Healthcare Medical
$2.30M
$2.01M – $2.68M
NOI $160,847 @ 7.0% cap · market cap 14.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
828
Businesses Nearby
Explore this area
Business Placement
Demographics for 72901, AR
20,973
Population
10,337
Households
2
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
8.7 sq mi
ZIP Area
2,411
Density / Sq Mi
$42,568
Median Household Income
$30,582
Median Earnings
$837
Median Rent
$113,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level commercial property combines leased office space with a restaurant and bar in Fort Smith’s Entertainment District.
Where is this mixed-use property located?
The property is located at 21 N 2nd ST Fort Smith, AR.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: 10,800‑square‑foot mixed‑use building at 21 N 2nd ST, Fort Smith, AR 72901; 4,700 square feet of leased office space on the upper floor; 6,100 square feet leased for restaurant and bar use
