Multi-Tenant Office
For Sale
$9,500,000
3600 Wheeler AVE, Fort Smith, AR 72901
Commercial, Fort Smith, AR
Property Size59,358 SF
Lot Size6.53 Acres
Price / SF$152.73
Days on Market65
Property Features for 3600 Wheeler AVE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Industrial
Parking
225
Directions
From downtown Fort Smith take Wheeler Avenue heading South. The building will be on your right.
Standard status
Active
APN
18587-0008-00000-00
Size
62,201 SF
Lot size
6.53 Acres
Taxes and HOA fees
Tax Description
Lot 8-1 of Wheeler Avenue Industrial Park
Legal Description
Lot 8-1 of Wheeler Avenue Industrial Park
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
private offices
conference rooms
foyer
staircases
kitchen/break rooms
copy rooms
filing rooms
server/data room
updated systems
TPO roof
Building Details
Year built
1980
Flooring type
Carpet, Marble
Roof type
Other
Listing Agency:
Sagely & Edwards Realtors
(479) 782-8911
Listed By:
Mont & Angel Sagely Team
(479) 462-5516
Added: Jul 6
Changed: Aug 19
Last Checked: Sep 8 at 2:06PM
MLS# 1090212
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 multi-tenant office property occupies approximately 6.53 acres and includes more than 65 private offices, several large conference rooms, a reception foyer, an elevator, and multiple stairways. Interior support areas include a kitchen and break rooms, copy and filing rooms, plus a dedicated server and data room with separate HVAC. Carpet and marble flooring are reported, along with central heating and cooling, updated systems, and a TPO roof. The building was constructed in 1980 and is zoned Industrial.
Located on Wheeler Avenue along Hwy 255 in Fort Smith, the property provides more than 225 dedicated parking spaces and convenient access to the surrounding commercial area. Its existing configuration supports a range of executive, administrative, medical, and institutional office functions, with a substantial layout suited to multi-occupant operations or a larger organization.
Located on Wheeler Avenue along Hwy 255 in Fort Smith, the property provides more than 225 dedicated parking spaces and convenient access to the surrounding commercial area. Its existing configuration supports a range of executive, administrative, medical, and institutional office functions, with a substantial layout suited to multi-occupant operations or a larger organization.
Key Highlights
- Approximately 6.53‑acre office property in Fort Smith
- More than 65 private offices with multiple large conference rooms
- Over 225 dedicated parking spaces
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
$621,388
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
6.54%
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%
$12,427,760
$12.4M
Cap Rate 7%
$8,876,971
$8.9M
Cap Rate 9%
$6,904,311
$6.9M
Market Conditions
NOI Build-Up for 62,201 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
$895.7K $14.40/SF
− Vacancy
−$67.2K −$1.08/SF
EGI
$828.5K $13.32/SF
− OpEx
−$207.1K −$3.33/SF
NOI
$621.4K $9.99/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$12,427,760
Cap Rate 7%
$8,876,971
Cap Rate 9%
$6,904,311
Alternative Uses
Best Use
Office B
$8.88M
$7.77M – $10.36M
NOI $621,388 @ 7.0% cap · market cap 6.54%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$13.23M
$11.58M – $15.44M
NOI $926,372 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
336
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?
Office building - Substantial office property with extensive private workspace, conference facilities, dedicated parking, and elevator access.
Where is this office building located?
The property is located at 3600 Wheeler AVE Fort Smith, AR.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Approximately 6.53‑acre office property in Fort Smith; More than 65 private offices with multiple large conference rooms; Over 225 dedicated parking spaces
