Shopping Center with Leased
For Sale
$2,200,000
5401 CENTRAL, Hot Springs, AR 71913
COMMERCIAL/INDUSTRIAL, Hot Springs, AR
Property Size17,248 SF
Lot Size1.38 Acres
Price / SF$127.55
Days on Market132
Property Features for 5401 CENTRAL
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
NZN No Zoning
Zoning description
NZN No Zoning
Exterior features
Dumpster, Pole Sign
Subdivision
Lake Hamilton Ter
Directions
Central Ave south, across bridges to property on left. Southridge Plaza
Standard status
Active
Size
17,248 SF
Lot size
1.38 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Lots Pt 3-9 Lake Hamilton Subdivision 000/003, 36-03S-20W
Tax Annual Amount
10160
Legal Description
Lots Pt 3-9 Lake Hamilton Subdivision 000/003, 36-03S-20W
Building Details
Year built
2001
Floors in Building
1
Roof type
Metal
Listing Agency:
Hot Springs 1st Choice Realty
(501) 525-1600
Listed By:
Ivy Wood · License #EB00036809
(501) 617-3750
Added: Apr 11
Changed: Aug 19
Last Checked: Aug 20 at 5:06PM
MLS# 153072
Copyright © 2026 Hot Springs 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 shopping center offers a mix of retail storefront spaces within metal building structures featuring ACM panels and stone. The property has undergone recent remodeling and includes new roofs. A pylon sign is also in place, supporting on-site visibility for tenants and visitors. The center is configured as 11 suites, with 10 currently leased. Zoning is listed as NZN (No Zoning).
The property is located on S Central Ave in Hot Springs, Arkansas, in Garland County.
The site totals 1.38 acres and the property size is listed at 17,248 square feet. It is being offered for sale as a commercial investment property.
The property is located on S Central Ave in Hot Springs, Arkansas, in Garland County.
The site totals 1.38 acres and the property size is listed at 17,248 square feet. It is being offered for sale as a commercial investment property.
Key Highlights
- Shopping center located on S Central Ave with 10 of 11 suites currently leased
- Year built 2001 with metal roof
- Exterior features include dumpster and a pole sign/pylon sign
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
$136,190
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
6.19%
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%
$2,723,800
$2.7M
Cap Rate 7%
$1,945,571
$1.9M
Cap Rate 9%
$1,513,222
$1.5M
Market Conditions
NOI Build-Up for 17,248 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
$207.0K $12.00/SF
− Vacancy
−$12.4K −$0.72/SF
EGI
$194.6K $11.28/SF
− OpEx
−$58.4K −$3.38/SF
NOI
$136.2K $7.90/SF
Area
Garland County, AR
Vacancy
6.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,723,800
Cap Rate 7%
$1,945,571
Cap Rate 9%
$1,513,222
Alternative Uses
Best Use
Retail
$1.95M
$1.70M – $2.27M
NOI $136,190 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.15M
$2.76M – $3.68M
NOI $220,802 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
90.9%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
10k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Hotels & Casinos 16%
Dining 9%
Dollar General
Shops & Services
7,631 visits/mo
0.4 miles
Baymont By Wyndham Hot Springs On The Lake
Hotels & Casinos
1,661 visits/mo
0.3 miles
Simple Simon's Pizza
Dining
899 visits/mo
0.1 miles
Demographics for 71913, AR
46,801
Population
25,441
Households
1.8
Avg Household Size
44
Median Age
28%
College-Educated
91%
High-School Grad
134.2 sq mi
ZIP Area
349
Density / Sq Mi
$55,367
Median Household Income
$32,746
Median Earnings
$970
Median Rent
$179,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Shopping center with metal storefronts, ACM panels and stone, with 10 of 11 suites leased.
Where is this shopping center located?
The property is located at 5401 CENTRAL Hot Springs, AR.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Shopping center located on S Central Ave with 10 of 11 suites currently leased; Year built 2001 with metal roof; Exterior features include dumpster and a pole sign/pylon sign
