Residential Income Property with
New
For Sale
$250,000
111 Prospect Avenue, Hot Springs, AR 71901
Residential, Traditional, Hot Springs, AR
Property Size1,320 SF
Price / SF$189.39
Days on Market4
Property Features for 111 Prospect Avenue
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1
Parking features
Assigned
Patio and Porch features
Patio
Interior features
Washer Connection, Washer-Stays, Dryer Connection-Electric, Dryer-Stays, Water Heater-Electric, Smoke Detector(s), Window Treatments, Balcony/Loft, Ceiling Fan(s), Walk-in Shower
Exterior features
Patio, Inground Pool, Enclosed Pool
Appliances
Free-Standing Stove, Microwave, Electric Range, Dishwasher
Subdivision
COURTYARD HPR
Directions
From Central Ave: Head N towards Downtown Hot Springs. L on Prospect Ave. Condo Complex on L. Unit 52.
Standard status
Active
Size
1,320 SF
Taxes and HOA fees
Tax Description
Courtyard HPR Unit 52
Tax Annual Amount
1135
HOA Fee
$247 Monthly
Legal Description
Courtyard HPR Unit 52
Amenities
in-unit washer/dryer
assigned parking
gated community
Building Details
Year built
1947
Floors in Building
2
Flooring type
Vinyl, Wood, Tile - Stone
Architectural style
Other
Listing Agency:
McGraw Realtors - HS
(501) 881-3331
Listed By:
Michael Morgridge
(575) 770-0487
Added: Oct 1
Last Checked: Oct 4 at 11:06PM
MLS# 26039861
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.
This 1,320-square-foot residence was built in 1947 and is furnished, apart from select personal belongings. Its three-bedroom layout includes a loft with a closet and private bathroom. Hardwood flooring extends through the main living areas, with vinyl in two bedrooms and tile in the kitchen and bathrooms. Stained-glass details appear in the dining room and one bedroom. The home also has an in-unit washer and dryer, patio, and access to an enclosed in-ground pool; parking is assigned.
The gated community is in downtown Hot Springs, near thermal spas, restaurants, antique shops, galleries, and retail. Oaklawn Racing Casino Resort is 2 miles away, Northwoods Mountain Bike Trail is 2.5 miles away, and Garvan Woodland Gardens is 8 miles away. Lake Hamilton is a short drive, while Little Rock Airport is about 50 minutes away. Community costs cover natural gas, city water and sewer, trash collection, termite protection, gated access, and common-area maintenance.
The gated community is in downtown Hot Springs, near thermal spas, restaurants, antique shops, galleries, and retail. Oaklawn Racing Casino Resort is 2 miles away, Northwoods Mountain Bike Trail is 2.5 miles away, and Garvan Woodland Gardens is 8 miles away. Lake Hamilton is a short drive, while Little Rock Airport is about 50 minutes away. Community costs cover natural gas, city water and sewer, trash collection, termite protection, gated access, and common-area maintenance.
Key Highlights
- 1,320 square feet; built in 1947
- Three bedrooms, including a loft with closet and private bathroom
- Furnished residence with in‑unit washer and dryer
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
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,639
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?
Residential income property - A furnished three-bedroom residence includes a private loft bedroom and assigned parking within a gated community.
Where is this residential income property located?
The property is located at 111 Prospect Avenue 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: 1,320 square feet; built in 1947; Three bedrooms, including a loft with closet and private bathroom; Furnished residence with in‑unit washer and dryer
