Flex Space
For Sale
$124,000
5420 S 28th ST, Fort Smith, AR 72901
COMMERCIAL - Fort Smith, AR
Property Size800 SF
Lot Size0.32 Acres
Price / SF$155
Days on Market17
Property Features for 5420 S 28th ST
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Industrial
Directions
From I-540 and Rogers Ave, head South on I-540, continue for 3 miles, take exit 11 onto Zero St., AR-255, turn right on S Zero St., continue for 0.5 miles, turn right onto South 28th St., about 600' destination is on your left. 5420 S 28th St., FSM 72901
Standard status
Active
APN
17162-0006-00009-00
Size
800 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
LOT 6A BLK 9
Tax Annual Amount
454
Legal Description
LOT 6A BLK 9
Listing Agency:
McGraw REALTORS
(479) 226-3931
Listed By:
Allison Gibson
(479) 226-3931
Added: Jul 27
Changed: Aug 4
Last Checked: Aug 12 at 10:06PM
MLS# 1090690
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.
Flex office/warehouse space totaling 800 SF, situated on a 0.32-acre corner lot. The property’s layout supports combined work and storage use, making it suitable for tenants looking for flexible space within an industrial setting.
The property is located at 5420 S 28th ST, Fort Smith, AR 72901 in Sebastian County and carries Industrial zoning. Its corner-lot configuration is positioned for convenient access.
This offering provides a compact footprint with an office/warehouse format on a defined corner parcel.
The property is located at 5420 S 28th ST, Fort Smith, AR 72901 in Sebastian County and carries Industrial zoning. Its corner-lot configuration is positioned for convenient access.
This offering provides a compact footprint with an office/warehouse format on a defined corner parcel.
Key Highlights
- 800 SF flex office/warehouse space
- 0.32‑acre corner lot
- Industrial zoning
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
$7,992
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
6.45%
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%
$159,840
$159.8K
Cap Rate 7%
$114,171
$114.2K
Cap Rate 9%
$88,800
$88.8K
Market Conditions
NOI Build-Up for 800 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
$11.5K $14.40/SF
− Vacancy
−$864 −$1.08/SF
EGI
$10.7K $13.32/SF
− OpEx
−$2.7K −$3.33/SF
NOI
$8.0K $9.99/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$159,840
Cap Rate 7%
$114,171
Cap Rate 9%
$88,800
Alternative Uses
Best Use
Office B
$114.2K
$99.9K – $133.2K
NOI $7,992 @ 7.0% cap · market cap 6.45%
Second Best
Flex RnD
$61.8K
$54.1K – $72.1K
NOI $4,324 @ 7.0% cap · market cap 3.49%
Theoretical Best
Healthcare Medical
$170.2K
$148.9K – $198.6K
NOI $11,915 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
310
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 72901, AR
20,973
Population
10,337
Households
2
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
8.7 sq mi
ZIP Area
2,411
Density / Sq Mi
$42,568
Median Household Income
$30,582
Median Earnings
$837
Median Rent
$113,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial-zoned flex office/warehouse on a corner lot in Fort Smith, Arkansas.
Where is this flex space located?
The property is located at 5420 S 28th ST Fort Smith, AR.
What is the asking price?
The asking price for this property is $124,000.
What are key features of this property?
This property features: 800 SF flex office/warehouse space; 0.32‑acre corner lot; Industrial zoning
