Lakefront 9-Unit Apartment
For Sale
$1,400,000
308 Kleinshore Road, Hot Springs, AR 71913
MULTI_FAMILY - Hot Springs, AR
Property Size8,272 SF
Lot Size0.53 Acres
Price / SF$169.25
Days on Market11
Property Features for 308 Kleinshore Road
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
17
Bathrooms
13
Full bathrooms
13
Rooms
Bathroom 6, Bedroom 5, Bedroom 8, Bedroom 7, Bathroom 13, Bedroom 11, Bedroom 16, Bedroom 1, Bedroom 10, Bedroom 12, Bedroom 2, Bathroom 11, Bathroom 4, Bedroom 15, Bathroom 3, Bathroom 8, Bedroom 4, Bathroom 10, Bathroom 7, Bedroom 6, Bathroom 1, Bedroom 9, Bedroom 17, Bedroom 3, Bathroom 12, Bathroom 5, Bedroom 14, Bathroom 2, Bathroom 9, Bedroom 13
Parking features
Assigned
Patio and Porch features
Patio, Deck
Interior features
Washer-Stays, Dryer-Stays, Fan - Ceiling
Exterior features
Partially Fenced, Deck, Patio
Fencing
Partial
Appliances
Free-Standing Stove, Microwave, Dishwasher, Free-Standing Stove, Microwave, Dishwasher
Subdivision
Metes & Bounds
Lot features
Sloped, Level, Resort Property, Cleared, Not in Subdivision, River/ Lake Area, Lake View, Lake Front, Waterfront
Elementary school
Lake Hamilton
Middle school
Lake Hamilton
High school
Lake Hamilton
Directions
Head West on 70 West, Turn Left on Kleinshore Road (Just Past Chesswood Plaza) follow Kleinshore to the end. Apartments are on the Right Before the Gate. 308 Kleinshore Road.
Standard status
Active
Size
8,272 SF
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT SW SE & PT SE SE
Tax Annual Amount
5771
Legal Description
PT SW SE & PT SE SE
Utilities
Water front features
Lake
Water front
1
Amenities
boat slip rentals
Building Details
Year built
1980
Floors in Building
2
Number of units
9
Flooring type
Carpet - Partial, Laminate, Tile
Roof type
Composition
Architectural style
Other
Listing Agency:
Trademark Real Estate, Inc.
(501) 318-3200
Listed By:
Debi Jones
(501) 276-4446
Added: Jul 28
Changed: Aug 5
Last Checked: Aug 7 at 9:06AM
MLS# 26030899
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 lakefront apartment building contains nine units total, including eight 2-bedroom apartments and one 1-bedroom, 1-bath apartment. Several of the 2-bedroom units include two full bathrooms, providing flexible layouts for tenant needs. Interior conveniences include washer and dryer stays, and ceiling fans are listed among interior features. Flooring is a mix of laminate, tile, and partial carpet.
Outside, residents can enjoy a deck and patio, and the property includes partially fenced areas. Parking is listed as assigned parking, and the roof is composition. The property was built in 1980 and sits on a 0.53-acre lot.
The listing also notes optional boat slip rentals for residents, adding a lake lifestyle amenity tied to the Lake waterfront feature.
Outside, residents can enjoy a deck and patio, and the property includes partially fenced areas. Parking is listed as assigned parking, and the roof is composition. The property was built in 1980 and sits on a 0.53-acre lot.
The listing also notes optional boat slip rentals for residents, adding a lake lifestyle amenity tied to the Lake waterfront feature.
Key Highlights
- 9 total units: eight 2‑bedroom apartments and one 1‑bedroom, 1‑bath apartment
- Several 2‑bedroom units feature two full bathrooms
- Optional boat slip rentals for residents tied to the Lake waterfront
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
$51,047
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
3.65%
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%
$1,020,940
$1.0M
Cap Rate 7%
$729,243
$729.2K
Cap Rate 9%
$567,189
$567.2K
Market Conditions
NOI Build-Up for 8,272 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
$99.3K $12.00/SF
− Vacancy
−$6.5K −$0.78/SF
EGI
$92.8K $11.22/SF
− OpEx
−$41.8K −$5.05/SF
NOI
$51.0K $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%
$1,020,940
Cap Rate 7%
$729,243
Cap Rate 9%
$567,189
Alternative Uses
Best Use
Apartment 5plus
$729.2K
$638.1K – $850.8K
NOI $51,047 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,895 @ 7.0% cap · market cap 7.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
242
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?
Apartment building - Lakefront apartment building with optional boat slip rentals, featuring eight 2-bedroom units and one 1-bedroom unit.
Where is this apartment building located?
The property is located at 308 Kleinshore Road Hot Springs, AR.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 9 total units: eight 2‑bedroom apartments and one 1‑bedroom, 1‑bath apartment; Several 2‑bedroom units feature two full bathrooms; Optional boat slip rentals for residents tied to the Lake waterfront
