Four-Unit
For Sale
$289,000
118 Garland Ave, Hot Springs, AR 71913
Residential income property with a varied unit mix and separately metered electricity.
Property Size2,021 SF
Price / SF$142
Days on Market170
Property Features for 118 Garland Ave
General Information
Standard status
Active
Size
2,021 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$666
Listing Agency:
Signature Homes Real Estate
(501) 359-3059
Listed By:
Karina Alvarez
(501) 693-4223
Source:
Exprealty
Added: Apr 10
Changed: Sep 24
Last Checked: Sep 24 at 1:09PM
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.
This quadplex at 118 Garland Ave in Hot Springs, AR, contains four rental units: three one-bedroom, one-bath residences plus one efficiency unit. The configuration provides a mix of layouts within a single multifamily property. Electricity is individually metered for each unit, while gas and water are served through shared meters.
The property is situated near downtown Hot Springs, with shopping, dining, entertainment, and area attractions in the surrounding area. Its four-unit layout and separate electric metering offer a straightforward framework for residential rental operations.
The property is situated near downtown Hot Springs, with shopping, dining, entertainment, and area attractions in the surrounding area. Its four-unit layout and separate electric metering offer a straightforward framework for residential rental operations.
Key Highlights
- Four total units: three 1‑bedroom, 1‑bath units and one efficiency unit
- Electricity is separately metered for each unit
- Gas and water are on shared 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
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Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential income property with a varied unit mix and separately metered electricity.
Where is this quadplex located?
The property is located at 118 Garland Ave 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 units: three 1‑bedroom, 1‑bath units and one efficiency unit; Electricity is separately metered for each unit; Gas and water are on shared meters
