Furnished Residential Income
For Sale
$250,000
111 Prospect Avenue Unit 52, Hot Springs, AR 71901
Gated downtown condo offers three bedrooms, a loft, assigned parking, and in-unit laundry.
Property Size1,320 SF
Days on Market17
Property Features for 111 Prospect Avenue Unit 52
General Information
Standard status
Active
Size
1,320 SF
Property subtype
Condo/Townhse/Duplex/Apt
Units
Unit Mix
1 x 3BR+loft
Multifamily Units
1
Additional Details
Furnished
Yes
HOA Fee
$247
Amenities
assigned parking
in-unit washer/dryer
gated entrance
Building Details
Building Size
1,320 SF
Year Built
1947
Listing Agency:
McGraw Realtors - HS
(575) 770-0487
Listed By:
Michael Morgridge
(575) 770-0487
Source:
Whitestonearkansas
Added: Jul 22
Changed: Jul 31
Last Checked: Aug 7 at 1:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of McGraw Realtors - HS
Investment Insights
Based on property information with market context.
This furnished residential income property is a penthouse condominium in a gated community at 111 Prospect Avenue, Unit 52. The three-bedroom layout includes a versatile loft with its own closet and private bath. Tall ceilings define the living and dining rooms, while hardwood flooring serves the main living areas. Two bedrooms feature vinyl plank flooring, and tile is used in the kitchen and bathrooms. Stained-glass details appear in the dining room and one bedroom. The unit also includes an in-unit washer and dryer and assigned parking.
The property is positioned in downtown Hot Springs near thermal spas, dining, antique shops, art galleries, and retail. Oaklawn Racing Casino Resort is 2 mi away, Northwoods Mountain Bike Trail is 2.5 mi away, Garvan Woodland Gardens is 8 mi away, and Lake Hamilton is a quick drive. Little Rock Airport is 50 min away. Built in 1947, the community includes a gated entrance and maintained common areas.
The property is positioned in downtown Hot Springs near thermal spas, dining, antique shops, art galleries, and retail. Oaklawn Racing Casino Resort is 2 mi away, Northwoods Mountain Bike Trail is 2.5 mi away, Garvan Woodland Gardens is 8 mi away, and Lake Hamilton is a quick drive. Little Rock Airport is 50 min away. Built in 1947, the community includes a gated entrance and maintained common areas.
Key Highlights
- Three‑bedroom penthouse condominium with a versatile loft, private bath, and closet
- Furnished unit with tall ceilings in the living and dining rooms
- Hardwood flooring in main living areas; vinyl plank in 2 bedrooms and tile in kitchen and baths
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
$8,146
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
3.26%
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%
$162,920
$162.9K
Cap Rate 7%
$116,371
$116.4K
Cap Rate 9%
$90,511
$90.5K
Market Conditions
NOI Build-Up for 1,320 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
$15.8K $12.00/SF
− Vacancy
−$1.0K −$0.78/SF
EGI
$14.8K $11.22/SF
− OpEx
−$6.7K −$5.05/SF
NOI
$8.1K $6.17/SF
Area
Garland County, AR
Vacancy
6.50%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$162,920
Cap Rate 7%
$116,371
Cap Rate 9%
$90,511
Alternative Uses
Best Use
Apartment 5plus
$116.4K
$101.8K – $135.8K
NOI $8,146 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$241.4K
$211.2K – $281.6K
NOI $16,898 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,507
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Gated downtown condo offers three bedrooms, a loft, assigned parking, and in-unit laundry.
Where is this residential income property located?
The property is located at 111 Prospect Avenue Unit 52 Hot Springs, AR.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Three‑bedroom penthouse condominium with a versatile loft, private bath, and closet; Furnished unit with tall ceilings in the living and dining rooms; Hardwood flooring in main living areas; vinyl plank in 2 bedrooms and tile in kitchen and baths
