Mixed-Use Building with
For Sale
$2,150,000
1010 CENTRAL Avenue, Hot Springs, AR 71901
COMMERCIAL - Hot Springs, AR
Property Size22,083 SF
Price / SF$97.36
Days on Market122
Property Features for 1010 CENTRAL Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CBD Central Bus. District
Interior features
Public Restrooms, Display Window, Handicapped Design, Ceiling Height (Remarks)
Exterior features
Partially Fenced, Pole Sign, Door Sign
Fencing
Partial
Accessibility
Accessible Approach with Ramp
Subdivision
HSR BLK 105
Directions
Central Avenue.
Standard status
Active
Size
22,083 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
HSR BLK 105 LOT PT 10 & 11
Tax Annual Amount
3530
Legal Description
HSR BLK 105 LOT PT 10 & 11
Amenities
commercial kitchen with grease trap
fiber optic wifi
plumbed bars
Building Details
Year built
1945
Floors in Building
2
Listing Agency:
Rix Realty - Advantage Team Realtors
(501) 205-1900
Listed By:
Chris Rix · License #00059757
(501) 627-4075
Added: Apr 21
Changed: Aug 4
Last Checked: Aug 20 at 5:06AM
MLS# 151843
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 22,083-square-foot mixed-use building at 1010 Central Avenue combines concrete and steel construction with retail, office, restaurant, and residential-use potential. The property has 11-foot ceilings, public restrooms, display windows, accessible ramp entry, newer HVAC, upgraded electrical and plumbing, and a newer 60mil TPO roof with decking insulation. A commercial kitchen includes a grease trap and a 10-foot commercial vent hood, while plumbed bar areas, emergency lighting, and signage support a range of configurations. The second floor is accessible by an indoor ramp and stairs, and the upper and lower levels are metered separately.
The building is located two blocks south of the historic district boundary and sits on the city parade route. A garage can accommodate 11 vehicles, with additional parking surrounding the property. The building is not in a flood zone. Existing plans provide for 9 rental loft apartments, and the roof includes downtown and mountain views with space described for a potential rooftop deck and solar panels.
The building is located two blocks south of the historic district boundary and sits on the city parade route. A garage can accommodate 11 vehicles, with additional parking surrounding the property. The building is not in a flood zone. Existing plans provide for 9 rental loft apartments, and the roof includes downtown and mountain views with space described for a potential rooftop deck and solar panels.
Key Highlights
- 22,083‑square‑foot mixed‑use building at 1010 Central Avenue
- CBD/C1 zoning with retail, museum, restaurant, office, and residential‑use potential
- Concrete and steel construction with 11' ceilings
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
$174,367
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
8.11%
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%
$3,487,340
$3.5M
Cap Rate 7%
$2,490,957
$2.5M
Cap Rate 9%
$1,937,411
$1.9M
Market Conditions
NOI Build-Up for 22,083 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
$265.0K $12.00/SF
− Vacancy
−$15.9K −$0.72/SF
EGI
$249.1K $11.28/SF
− OpEx
−$74.7K −$3.38/SF
NOI
$174.4K $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%
$3,487,340
Cap Rate 7%
$2,490,957
Cap Rate 9%
$1,937,411
Alternative Uses
Best Use
Retail
$2.49M
$2.18M – $2.91M
NOI $174,367 @ 7.0% cap · market cap 8.11%
Second Best
Mixed Use
$1.52M
$1.33M – $1.78M
NOI $106,661 @ 7.0% cap · market cap 4.96%
Theoretical Best
Office A
$4.04M
$3.53M – $4.71M
NOI $282,698 @ 7.0% cap · market cap 13.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
1,665
Businesses Nearby
75k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Shops & Services 27%
Hotels & Casinos 11%
Groceries 6%
McDonald's
Dining
18,055 visits/mo
0.5 miles
Burger King
Dining
9,887 visits/mo
0.2 miles
Embassy Suites By Hilton Hot Springs Hotel & Spa
Hotels & Casinos
7,888 visits/mo
0.4 miles
Popeyes Louisiana Kitchen
Dining
7,854 visits/mo
0.4 miles
Valero Energy
Shops & Services
5,905 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Versatile commercial property with separate floor metering, flexible interior improvements, and CBD/C1 zoning.
Where is this mixed-use property located?
The property is located at 1010 CENTRAL Avenue Hot Springs, AR.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: 22,083‑square‑foot mixed‑use building at 1010 Central Avenue; CBD/C1 zoning with retail, museum, restaurant, office, and residential‑use potential; Concrete and steel construction with 11' ceilings
