62-Unit Garden Apartment
New
For Sale
$3,900,000
5201 Spradling AVE, Fort Smith, AR 72904
Multifamily, Fort Smith, AR
Property Size32,178 SF
Lot Size1.80 Acres
Price / SF$121.20
Days on Market3
Property Features for 5201 Spradling AVE
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
85
Rooms
Bedroom 45, Bedroom 14, Bedroom 64, Bedroom 13, Bedroom 78, Bedroom 21, Bedroom 75, Bedroom 60, Bedroom 24, Bedroom 12, Bedroom 39, Bedroom 4, Bedroom 5, Bedroom 44, Bedroom 41, Bedroom 1, Bedroom 27, Bedroom 22, Bedroom 42, Bedroom 52, Bedroom 70, Bedroom 50, Bedroom 18, Bedroom 67, Bedroom 73, Bedroom 38, Bedroom 31, Bedroom 76, Bedroom 61, Bedroom 63, Bedroom 85, Bedroom 71, Bedroom 2, Bedroom 16, Bedroom 82, Bedroom 35, Bedroom 54, Bedroom 77, Bedroom 55, Bedroom 53, Bedroom 7, Bedroom 30, Bedroom 23, Bedroom 69, Bedroom 83, Bedroom 3, Bedroom 43, Bedroom 47, Bedroom 32, Bedroom 72, Bedroom 66, Bedroom 28, Bedroom 46, Bedroom 20, Bedroom 15, Bedroom 17, Bedroom 40, Bedroom 58, Bedroom 36, Bedroom 26, Bedroom 62, Bedroom 68, Bedroom 6, Bedroom 57, Bedroom 48, Bedroom 81, Bedroom 51, Bedroom 79, Bedroom 11, Bedroom 74, Bedroom 37, Bedroom 29, Bedroom 84, Bedroom 8, Bedroom 49, Bedroom 33, Bedroom 25, Bedroom 34, Bedroom 56, Bedroom 10, Bedroom 59, Bedroom 80, Bedroom 65, Bedroom 19, Bedroom 9
Subdivision
STOUGH'S ELECTRIC PARK #2
Lot features
Cleared, Open
Elementary school
Spradling
Middle school
Kimmons
High school
Northside
Elementary school district
Fort Smith
Middle school district
Fort Smith
High school district
Fort Smith
Directions
From Midland Blvd, take N 50th St north to Spradling Ave. Turn left onto Spradling Ave; property is located at the corner of Spradling Ave and N 52nd St.
Standard status
Active
APN
17536-0007-00002-00
Size
32,178 SF
Lot size
1.80 Acres
Taxes and HOA fees
Tax Description
LOTS 5-8 BLK 2
Tax Annual Amount
30414
Legal Description
LOTS 5-8 BLK 2
Utilities
Heating system
Central
Cooling system
Window Unit(s)
Amenities
on-site leasing office
on-site laundry
playground
resident storage
Building Details
Year built
1991
Floors in Building
2
Number of units
62
Flooring type
Vinyl, Carpet
Roof type
Shingle
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# 1092230
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 62-unit apartment property comprises four two-story buildings constructed in 1991 on 1.80 acres. The unit mix includes 24 one-bedroom apartments at 600 SF and 38 two-bedroom apartments at 820 SF. Shared features include an on-site leasing office, laundry facilities, a playground and resident storage. Eight apartments have received extensive interior updates, including work to kitchens, bathrooms, flooring, fixtures and paint; 54 units remain in classic condition.
The property is in Fort Smith, Arkansas. Existing improvements include vinyl and carpet flooring, central heating, window-unit cooling and shingle roofing. Recent ownership has also undertaken exterior and building-system work, along with a grounds program. The property includes an adjacent parcel acquired by current ownership.
The property is in Fort Smith, Arkansas. Existing improvements include vinyl and carpet flooring, central heating, window-unit cooling and shingle roofing. Recent ownership has also undertaken exterior and building-system work, along with a grounds program. The property includes an adjacent parcel acquired by current ownership.
Key Highlights
- 62 apartments in four two‑story buildings
- Unit mix: 24 one‑bedroom units at 600 SF and 38 two‑bedroom units at 820 SF
- 1.80‑acre property with an adjacent parcel
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
$190,553
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
4.89%
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%
$3,811,060
$3.8M
Cap Rate 7%
$2,722,186
$2.7M
Cap Rate 9%
$2,117,256
$2.1M
Market Conditions
NOI Build-Up for 32,178 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
$374.6K $11.64/SF
− Vacancy
−$28.1K −$0.87/SF
EGI
$346.5K $10.77/SF
− OpEx
−$155.9K −$4.85/SF
NOI
$190.6K $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%
$3,811,060
Cap Rate 7%
$2,722,186
Cap Rate 9%
$2,117,256
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.18M
NOI $190,553 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$6.85M
$5.99M – $7.99M
NOI $479,233 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
62
Residential units
Location Intelligence
Trade Area within ½ mile
112
Businesses Nearby
Explore this area
Business Placement
Demographics for 72904, AR
22,402
Population
8,406
Households
2.7
Avg Household Size
33
Median Age
7%
College-Educated
67%
High-School Grad
13.7 sq mi
ZIP Area
1,635
Density / Sq Mi
$40,357
Median Household Income
$28,519
Median Earnings
$817
Median Rent
$108,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four two-story buildings offer a mix of one- and two-bedroom homes with shared resident amenities.
Where is this apartment building located?
The property is located at 5201 Spradling AVE Fort Smith, AR.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 62 apartments in four two‑story buildings; Unit mix: 24 one‑bedroom units at 600 SF and 38 two‑bedroom units at 820 SF; 1.80‑acre property with an adjacent parcel
