Updated Three-Bedroom Duplex
For Sale
Under Contract
$189,900
22 Steeplechase Court, Hot Springs, AR 71901
Residential, Townhouse, Garden, Patio Home, Hot Springs, AR
Property Size1,523 SF
Price / SF$124.69
Days on Market49
Property Features for 22 Steeplechase Court
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 3, Bathroom 2, Laundry Room
Parking features
Carport, Assigned
Fireplace
1
Appliances
Free-Standing Stove, Microwave, Surface Range, Dishwasher, Pantry
Subdivision
HUNTLEIGH WOODS HPR
Lot features
Level
Directions
Central Avenue ~ Left on Grand ~ Right on Malvern Avenue~ Right on Huntleigh~ Right onto Steeplechase last home on the left.
Standard status
Active Under Contract
Size
1,523 SF
Taxes and HOA fees
Tax Description
See Attached
HOA Fee
$330 Monthly
Legal Description
See Attached
Amenities
swimming pool
clubhouse
fitness center
sauna
fireplace
Building Details
Year built
1983
Floors in Building
1
Flooring type
Wood, Tile
Roof type
Composition
Architectural style
Other
Listing Agency:
RE/MAX Encore · RE/MAX International
(501) 843-3067
Listed By:
Stacy O'Gary · License #SA11160512
(501) 804-3582
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 30 at 2:06AM
MLS# 26028262
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.
This updated three-bedroom, two-bath duplex-style home offers modern finishes and low-maintenance living. The interior includes updated flooring (wood and tile), fresh paint, and stylish light fixtures. A composition roof was added in 2023, the HVAC system was replaced in 2018, and new siding and windows were installed in 2020. The kitchen was upgraded with granite countertops in 2024 and includes new appliances, while the living room features an electric fireplace with logs. Bathrooms include walk-in showers, and the home also provides a laundry room. Outside, the corner lot setting includes a large backyard and a deck for outdoor enjoyment.
Parking is available via carport with assigned spaces. Community amenities include a swimming pool, clubhouse, fitness center, and sauna, supporting an easy, at-home lifestyle. Built in 1983, this residence contains approximately 1,523 square feet of interior space and includes appliances such as a free-standing stove, microwave, surface range, dishwasher, and pantry.
Parking is available via carport with assigned spaces. Community amenities include a swimming pool, clubhouse, fitness center, and sauna, supporting an easy, at-home lifestyle. Built in 1983, this residence contains approximately 1,523 square feet of interior space and includes appliances such as a free-standing stove, microwave, surface range, dishwasher, and pantry.
Key Highlights
- Approximately 1,523 square feet duplex‑style home
- Corner lot with large backyard and deck
- Composition roof installed in 2023
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
$9,398
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
4.95%
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%
$187,960
$188.0K
Cap Rate 7%
$134,257
$134.3K
Cap Rate 9%
$104,422
$104.4K
Market Conditions
NOI Build-Up for 1,523 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
$18.3K $12.00/SF
− Vacancy
−$1.2K −$0.78/SF
EGI
$17.1K $11.22/SF
− OpEx
−$7.7K −$5.05/SF
NOI
$9.4K $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%
$187,960
Cap Rate 7%
$134,257
Cap Rate 9%
$104,422
Alternative Uses
Best Use
Apartment 5plus
$134.3K
$117.5K – $156.6K
NOI $9,398 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$278.5K
$243.7K – $325.0K
NOI $19,497 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
644
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Three-bedroom, two-bath duplex on a corner lot with updated roof, HVAC, siding, windows, and granite countertops.
Where is this single family property located?
The property is located at 22 Steeplechase Court Hot Springs, AR.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Approximately 1,523 square feet duplex‑style home; Corner lot with large backyard and deck; Composition roof installed in 2023
