Updated Theater Venue with
For Sale
$1,100,000
1008 Central Avenue, Hot Springs, AR 71901
Commercial / Industrial, Hot Springs, AR
Property Size9,252 SF
Price / SF$118.89
Days on Market506
Property Features for 1008 Central Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Central Business
Parking features
On Street
Interior features
220 Volt Power, Public Restrooms, Janitor Services, Equipment (see remarks), Inventory (see remarks), Smoke Detector, Burglar Alarm, Handicapped Design, Fire System, Video Surveillance
Exterior features
Roof Sign, Wheelchair Accessible
Accessibility
Accessible Approach with Ramp
Subdivision
HSR BLK
Lot features
Zero Lot Line, In Subdivision, Mountain View, Major Road Frontage, Sidewalks, Streetlights
Directions
1008 CENTRAL
Standard status
Active
Size
9,252 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
BLK 105 LOT PT 11
Tax Annual Amount
3731
Legal Description
BLK 105 LOT PT 11
Amenities
LED Chauvet lighting
JBL Pro Audio
stage improvements
seating upgrades
fully stocked bars
camera system
POS system
refrigeration
burglar alarm
full online presence w/webpage, social media & ticketing solution
Building Details
Year built
1927
Floors in Building
2
Flooring type
Carpet - Partial, Tile, Concrete
Roof type
Aluminum
Additional Structures
See Remarks
Listing Agency:
Rix Realty Advantage Team Realtors
(501) 205-1900
Listed By:
Christopher Rix · License #PB00059757
(501) 627-4075
Added: Apr 23, 2025
Changed: Sep 4
Last Checked: Sep 10 at 4:06AM
MLS# 25015739
Copyright © 2026 Cooperative Arkansas Realtors Multiple Listing Service. 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.
Located at 1008 Central Avenue, this 9,252-square-foot theater property was built in 1927 and has received updates to HVAC, electrical, plumbing, stage components, lighting, and audio systems. The venue includes public restrooms, fully stocked bars, refrigeration, seating, video surveillance, a POS system, ticketing infrastructure, fire sprinklers, and a burglar alarm. Flooring includes tile, partial carpet, and concrete.
The balcony is currently unused but includes stubbed plumbing and electrical for a future concession area, along with an additional bathroom and elevated stage sightlines. The property has street access from both the front and rear, lies outside the flood plain, and is positioned two blocks south of the downtown traffic bottleneck and historic district boundary. The property may also be assembled with 1010 Central Avenue, adding 22,000sqf +/- and 1014 Central, which is identified as a parking lot. All properties are zoned C1.
The balcony is currently unused but includes stubbed plumbing and electrical for a future concession area, along with an additional bathroom and elevated stage sightlines. The property has street access from both the front and rear, lies outside the flood plain, and is positioned two blocks south of the downtown traffic bottleneck and historic district boundary. The property may also be assembled with 1010 Central Avenue, adding 22,000sqf +/- and 1014 Central, which is identified as a parking lot. All properties are zoned C1.
Key Highlights
- 9,252 square feet at 1008 Central Avenue
- 1927 theater building with updated HVAC, electrical, plumbing, stage, lighting, and audio systems
- Balcony includes stubbed plumbing and electrical for upstairs concession
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
$97,840
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
8.89%
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%
$1,956,800
$2.0M
Cap Rate 7%
$1,397,714
$1.4M
Cap Rate 9%
$1,087,111
$1.1M
Market Conditions
NOI Build-Up for 9,252 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
$138.8K $15.00/SF
− Vacancy
−$8.3K −$0.90/SF
EGI
$130.5K $14.10/SF
− OpEx
−$32.6K −$3.53/SF
NOI
$97.8K $10.58/SF
Area
Garland County, AR
Vacancy
6.00%
Lease Rate
$15.00 /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%
$1,956,800
Cap Rate 7%
$1,397,714
Cap Rate 9%
$1,087,111
Alternative Uses
Best Use
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,840 @ 7.0% cap · market cap 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,440 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,665
Businesses Nearby
Explore this area
Business Placement
Demographics for 71901, AR
29,363
Population
14,952
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
88%
High-School Grad
101.9 sq mi
ZIP Area
288
Density / Sq Mi
$52,410
Median Household Income
$35,604
Median Earnings
$797
Median Rent
$173,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - C1-zoned venue with upgraded building systems, production equipment, bars, public restrooms, and an unused balcony prepared for concessions.
Where is this theater & concert hall located?
The property is located at 1008 Central Avenue Hot Springs, AR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 9,252 square feet at 1008 Central Avenue; 1927 theater building with updated HVAC, electrical, plumbing, stage, lighting, and audio systems; Balcony includes stubbed plumbing and electrical for upstairs concession
