18-Unit Brick Apartment
New
For Sale
$1,325,000
4515 kinkead AVE, Fort Smith, AR 72903
Multifamily, Fort Smith, AR
Property Size12,580 SF
Lot Size0.50 Acres
Price / SF$105.33
Days on Market3
Property Features for 4515 kinkead AVE
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
24
Rooms
Bedroom 19, Bedroom 3, Bedroom 13, Bedroom 21, Bedroom 22, Bedroom 15, Bedroom 18, Bedroom 12, Bedroom 5, Bedroom 8, Bedroom 7, Bedroom 20, Bedroom 6, Bedroom 14, Bedroom 23, Bedroom 2, Bedroom 9, Bedroom 24, Bedroom 16, Bedroom 10, Bedroom 17, Bedroom 1, Bedroom 11, Bedroom 4
Subdivision
GRAND AVENUE
Lot features
Level
Elementary school
Albert Pike
Middle school
Darby
High school
Northside
Elementary school district
Fort Smith
Middle school district
Fort Smith
High school district
Fort Smith
Directions
From Rogers Ave, turn north onto N 46th St. Turn west onto Kinkead Ave. Property is on the right at 4515 Kinkead Ave, near the intersection of N 45th St.
Standard status
Active
APN
13222-0012-00010-00
Size
12,580 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Description
LOTS 10-12 BLK 10
Tax Annual Amount
4544
Legal Description
LOTS 10-12 BLK 10
Utilities
Heating system
Natural Gas, Electric (Heating), Central
Cooling system
Window Unit(s)
Building Details
Year built
1976
Floors in Building
2
Number of units
18
Flooring type
Carpet, Vinyl
Roof type
Other
Listing Agency:
Harmon Real Estate Company
(479) 546-0109
Listed By:
Lindsey Cotton
(479) 719-0344
Added: Oct 2
Last Checked: Oct 4 at 6:06PM
MLS# 1092220
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 18-unit apartment property comprises two brick buildings with four studio apartments, eight one-bedroom units, and six two-bedroom units. Individual apartments range from 600 to 933 square feet. Improvements include new air-conditioning units in 17 apartments, two full unit renovations, and kitchen and bath updates in two additional units. Exterior work includes repainting, new privacy fencing, upgraded lighting, locking mailboxes, and enclosed under-stair areas. Plumbing repairs, tree work, and landscaping have also been completed. The property was built in 1976 and is zoned RM-3.
Situated on Kinkead Avenue in Fort Smith, the property is one mile from the University of Arkansas–Fort Smith and 0.4 miles from Kinkead Corner. At August month-end, all 18 units were occupied; two apartments turned in September and were rent-ready. Utility bill-back is in place.
Situated on Kinkead Avenue in Fort Smith, the property is one mile from the University of Arkansas–Fort Smith and 0.4 miles from Kinkead Corner. At August month-end, all 18 units were occupied; two apartments turned in September and were rent-ready. Utility bill-back is in place.
Key Highlights
- 18 apartments across two brick buildings
- Unit mix: four studios, eight one‑bedrooms, and six two‑bedrooms
- Apartment sizes range from 600 to 933 square feet
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
$74,497
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
5.62%
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%
$1,489,940
$1.5M
Cap Rate 7%
$1,064,243
$1.1M
Cap Rate 9%
$827,744
$827.7K
Market Conditions
NOI Build-Up for 12,580 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
$146.4K $11.64/SF
− Vacancy
−$11.0K −$0.87/SF
EGI
$135.4K $10.77/SF
− OpEx
−$61.0K −$4.85/SF
NOI
$74.5K $5.92/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$11.64 /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%
$1,489,940
Cap Rate 7%
$1,064,243
Cap Rate 9%
$827,744
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$931.2K – $1.24M
NOI $74,497 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.68M
$2.34M – $3.12M
NOI $187,356 @ 7.0% cap · market cap 14.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 72903, AR
25,225
Population
12,079
Households
2.1
Avg Household Size
41
Median Age
33%
College-Educated
91%
High-School Grad
16.2 sq mi
ZIP Area
1,557
Density / Sq Mi
$60,186
Median Household Income
$36,560
Median Earnings
$804
Median Rent
$216,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings feature refreshed exteriors, upgraded lighting, new fencing, and renovated apartments.
Where is this apartment building located?
The property is located at 4515 kinkead AVE Fort Smith, AR.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 18 apartments across two brick buildings; Unit mix: four studios, eight one‑bedrooms, and six two‑bedrooms; Apartment sizes range from 600 to 933 square feet
