Historic Mixed-Use
500 Garrison AVE Fort Smith, AR 72901
For Sale
$425,000
COMMERCIAL - Fort Smith, AR
Property Size6,158 SF
Lot Size0.04 Acres
Price / SF$69.02
Days on Market401
Property Features for 500 Garrison AVE
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Parking features
- On Street
- Standard status
- Active
- APN
- 12772-0001-00000-00
- Size
- 6,158 SF
- Lot size
- 0.04 Acres
Taxes and HOA fees
- Tax Description
- APARTMENT ONE
- Tax Annual Amount
- 1819
Listing Agency:
O'Neal Real Estate
(479) 739-8087
Listed By:
Aaron O'Neal · License #155637
(918) 774-5743
Added: Jun 19, 2025
Changed: Jun 17
Last Checked: Jul 24 at 7:06AM
MLS# 1081823
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 two-story historic mixed-use building offers approximately 6,158 square feet under roof with original character features including exposed brick, vintage woodwork, and tall ceilings. The main level is currently occupied by a restaurant, and there are two leased apartments providing ongoing rental income. The entire second floor is unfinished and presented as a blank slate for future buildout, with interior photos provided for upstairs.
Located at 500 Garrison Ave in downtown Fort Smith, the property is positioned on iconic Garrison Avenue. The listing notes the building is zoned for flexible use, which may appeal to investors and owner-occupants looking for multiple ways to utilize the space.
For tenants, buyers, or operators, the combination of an active restaurant space, two apartments, and an unfinished second floor creates a practical path to adapt the property to a range of concepts—while retaining current income from the existing dining and residential units. The unfinished upper level can support future customization, depending on the operator’s intended use, subject to the applicable flexible zoning referenced in the offering materials.
Located at 500 Garrison Ave in downtown Fort Smith, the property is positioned on iconic Garrison Avenue. The listing notes the building is zoned for flexible use, which may appeal to investors and owner-occupants looking for multiple ways to utilize the space.
For tenants, buyers, or operators, the combination of an active restaurant space, two apartments, and an unfinished second floor creates a practical path to adapt the property to a range of concepts—while retaining current income from the existing dining and residential units. The unfinished upper level can support future customization, depending on the operator’s intended use, subject to the applicable flexible zoning referenced in the offering materials.
Key Highlights
- Prime location on Garrison Avenue in Downtown Fort Smith.
- Income‑producing property with an established restaurant and two leased apartments.
- 6,158 SF under roof with a large unfinished second floor ready for buildout.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.7k | $11.64 |
| − Vacancy | −$5.4k | −$0.87 |
| EGI | $66.3k | $10.77 |
| − OpEx | −$29.8k | −$4.85 |
| NOI | $36.5k | $5.92 |
6,158 SF · lease $11.64/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$924.4K
$808.8K – $1.08M
NOI $64,705 @ 7.0% cap · market cap 15.22%
Second Best
Office B
$878.8K
$769.0K – $1.03M
NOI $61,518 @ 7.0% cap · market cap 14.47%
Theoretical Best
Healthcare Medical
$1.31M
$1.15M – $1.53M
NOI $91,712 @ 7.0% cap · market cap 21.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
5th Street Cafe
Restaurant
FAQs
What type of property is this?
Mixed-use property - Two-story historic mixed-use property with an operating restaurant, leased apartments, and an unfinished second floor.
Where is this mixed-use property located?
The property is located at 500 Garrison AVE Fort Smith, AR.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Prime location on Garrison Avenue in Downtown Fort Smith.; Income‑producing property with an established restaurant and two leased apartments.; **6,158 SF under roof with a large unfinished second floor ready for buildout.**
