Four-Unit
For Sale
$289,000
118 Garland Avenue, Hot Springs, AR 71913
Central Hot Springs rental property with separately metered electricity and shared gas and water service.
Property Size2,021 SF
Days on Market144
Property Features for 118 Garland Avenue
General Information
Standard status
Active
Size
2,021 SF
Property subtype
Multi Family Home
Units
Unit Mix
3 x 1BR/1BA, 1 x efficiency
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Building Details
Building Size
2,021 SF
Year Built
1939
Listing Agency:
Signature Homes Real Estate
(501) 693-4223
Listed By:
Karina Alvarez
(501) 693-4223
Source:
Meyersrealty
Added: Apr 10
Changed: Aug 30
Last Checked: Aug 31 at 5:11PM
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 Signature Homes Real Estate
Investment Insights
Based on property information with market context.
Built in 1939, this quadplex contains four rental units arranged as three one-bedroom, one-bath residences and one efficiency unit. The varied configuration supports a mix of rental formats, while separate electric metering assigns each unit’s electricity usage individually. Gas and water are shared across the property.
The property is located at 118 Garland Avenue in Hot Springs, near downtown and its shopping, dining, entertainment, and area attractions. Its unit mix and central setting provide a straightforward multifamily configuration for an owner expanding a rental portfolio or entering the residential income-property market. The property may also accommodate long-term, short-term, or mid-term rental strategies, subject to applicable requirements.
The property is located at 118 Garland Avenue in Hot Springs, near downtown and its shopping, dining, entertainment, and area attractions. Its unit mix and central setting provide a straightforward multifamily configuration for an owner expanding a rental portfolio or entering the residential income-property market. The property may also accommodate long-term, short-term, or mid-term rental strategies, subject to applicable requirements.
Key Highlights
- Four total rental units: three 1‑bedroom, 1‑bath units and one efficiency unit
- Separate electric meters for each unit
- Shared gas and water meters
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
$13,348
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
4.62%
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%
$266,960
$267.0K
Cap Rate 7%
$190,686
$190.7K
Cap Rate 9%
$148,311
$148.3K
Market Conditions
NOI Build-Up for 2,021 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
$20.6K $10.20/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$19.1K $9.44/SF
− OpEx
−$5.7K −$2.83/SF
NOI
$13.3K $6.60/SF
Area
Garland County, AR
Vacancy
7.50%
Lease Rate
$10.20 /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%
$266,960
Cap Rate 7%
$190,686
Cap Rate 9%
$148,311
Alternative Uses
Best Use
Multifamily LT 5
$190.7K
$166.9K – $222.5K
NOI $13,348 @ 7.0% cap · market cap 4.62%
Second Best
Apartment 5plus
$178.2K
$155.9K – $207.9K
NOI $12,472 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$369.6K
$323.4K – $431.2K
NOI $25,872 @ 7.0% cap · market cap 8.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,466
Businesses Nearby
Explore this area
Business Placement
Demographics for 71913, AR
46,801
Population
25,441
Households
1.8
Avg Household Size
44
Median Age
28%
College-Educated
91%
High-School Grad
134.2 sq mi
ZIP Area
349
Density / Sq Mi
$55,367
Median Household Income
$32,746
Median Earnings
$970
Median Rent
$179,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Central Hot Springs rental property with separately metered electricity and shared gas and water service.
Where is this quadplex located?
The property is located at 118 Garland Avenue Hot Springs, AR.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Four total rental units: three 1‑bedroom, 1‑bath units and one efficiency unit; Separate electric meters for each unit; Shared gas and water meters
