Flex Space with Oversized
For Sale
$209,000
Pending
5203 E Highway 45, Fort Smith, AR 72916
Commercial, Fort Smith, AR
Property Size2,031 SF
Lot Size0.91 Acres
Days on Market96
Property Features for 5203 E Highway 45
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
Traveling Hwy 71 take Hwy 45 by Radio Station KTCS. Property will be .3 miles on the right.
Standard status
Pending
APN
60001-0000-05820-02
Size
2,031 SF
Lot size
0.91 Acres
Taxes and HOA fees
Tax Description
PART NW NE SURFACE ONLY
Tax Annual Amount
1499
Legal Description
PART NW NE SURFACE ONLY
Amenities
multiple office/private rooms
2 bathrooms
spacious common areas
large kitchen/break area
oversized double garage
fenced backyard
wood deck
Building Details
Year built
1978
Listing Agency:
TRUVI REALTY
(479) 431-2259
Listed By:
Craig Jones
(479) 431-2259
Added: May 29
Changed: Aug 19
Last Checked: Sep 1 at 5:06PM
MLS# 1089403
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 flex-space property at 5203 E Highway 45 includes approximately 2,031 htd sq ft on about 0.91 acres. The layout provides multiple private rooms, common areas, two bathrooms, a large kitchen or break area, and an oversized double garage. A fenced backyard and wood deck add functional exterior space, with room for parking, storage, or future expansion.
The property is in Fort Smith, Arkansas, 2.3 miles from I-49 and 3 miles from I-540. Building updates include a roof installed in 2023, HVAC replacement in 2022, repainting completed in 2019, and gutters scheduled for 2026. OG&E weatherization upgrades were also completed to improve energy efficiency. The property was originally used as the James Fork Water Department office and may qualify for commercial use, subject to independent verification.
The property is in Fort Smith, Arkansas, 2.3 miles from I-49 and 3 miles from I-540. Building updates include a roof installed in 2023, HVAC replacement in 2022, repainting completed in 2019, and gutters scheduled for 2026. OG&E weatherization upgrades were also completed to improve energy efficiency. The property was originally used as the James Fork Water Department office and may qualify for commercial use, subject to independent verification.
Key Highlights
- Approximately 2,031 htd sq ft on 0.91 acres
- Oversized double garage, fenced backyard, and wood deck
- Multiple private rooms, common areas, kitchen or break area, and 2 bathrooms
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
$10,978
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
5.25%
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%
$219,560
$219.6K
Cap Rate 7%
$156,829
$156.8K
Cap Rate 9%
$121,978
$122.0K
Market Conditions
NOI Build-Up for 2,031 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
$18.3K $9.00/SF
− Vacancy
−$1.4K −$0.68/SF
EGI
$16.9K $8.32/SF
− OpEx
−$5.9K −$2.91/SF
NOI
$11.0K $5.41/SF
Area
Sebastian County, AR
Vacancy
7.60%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
35.00%
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%
$219,560
Cap Rate 7%
$156,829
Cap Rate 9%
$121,978
Alternative Uses
Best Use
Office B
$289.9K
$253.6K – $338.2K
NOI $20,290 @ 7.0% cap · market cap 9.71%
Second Best
Flex RnD
$156.8K
$137.2K – $183.0K
NOI $10,978 @ 7.0% cap · market cap 5.25%
Theoretical Best
Healthcare Medical
$432.1K
$378.1K – $504.1K
NOI $30,248 @ 7.0% cap · market cap 14.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 72916, AR
10,250
Population
4,720
Households
2.2
Avg Household Size
41
Median Age
45%
College-Educated
92%
High-School Grad
37.7 sq mi
ZIP Area
272
Density / Sq Mi
$88,125
Median Household Income
$51,444
Median Earnings
$1,212
Median Rent
$257,100
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?
Flex space - Adaptable property combines private rooms, common areas, a kitchen, and two bathrooms.
Where is this flex space located?
The property is located at 5203 E Highway 45 Fort Smith, AR.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: Approximately 2,031 htd sq ft on 0.91 acres; Oversized double garage, fenced backyard, and wood deck; Multiple private rooms, common areas, kitchen or break area, and 2 bathrooms
