Remodeled Historical Office
For Sale
$599,000
120 N 16th ST, Fort Smith, AR 72901
Commercial, Fort Smith, AR
Property Size5,112 SF
Lot Size0.32 Acres
Price / SF$117.18
Days on Market379
Property Features for 120 N 16th ST
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Parking features
Assigned, On Street
Directions
Turn Right from Rogers Avenue onto North 16th Street. Office is on the Corner of 16th and B.
Standard status
Active
APN
12763-0006-00029-00
Size
5,112 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Description
LOTS 5 & 6 BLK 29
Tax Annual Amount
3361
Legal Description
LOTS 5 & 6 BLK 29
Utilities
Heating system
Central, Natural Gas
Cooling system
Central Air, Electric
Amenities
conference rooms
kitchen
apartment
original woodwork
gas fireplaces
entry with stairs
Building Details
Year built
1900
Flooring type
Vinyl, Wood, Tile - Ceramic
Roof type
Shingle
Listing Agency:
O'Neal Real Estate
(479) 739-8087
Listed By:
Aaron O'Neal · License #155637
(918) 774-5743
Added: Aug 7, 2025
Changed: Aug 19
Last Checked: Aug 20 at 7:06PM
MLS# 1083009
Copyright © 2026 Western River Valley 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 remodeled historical office building includes five offices, two conference rooms, a kitchen, and a third-story apartment. The property retains gorgeous original woodwork and features two gas fireplaces and a beautiful entry with stairs. Interiors include wood, ceramic tile, and vinyl flooring. Systems and openings were refreshed with all new electric, updated plumbing, zoned heat and air, and new windows. Central heating includes natural gas, with central air and electric cooling. The roof is shingle, and there is a basement.
Located at 120 N 16th St in Fort Smith, Arkansas, the property sits on a 0.3214-acre lot and provides on-street and assigned parking. Built in 1900, it underwent a complete remodel in 2018, preserving character while updating major building components.
With flexible configuration across office space and a third-story apartment, this building may fit users seeking dedicated office rooms plus an additional residential component within the same structure.
Located at 120 N 16th St in Fort Smith, Arkansas, the property sits on a 0.3214-acre lot and provides on-street and assigned parking. Built in 1900, it underwent a complete remodel in 2018, preserving character while updating major building components.
With flexible configuration across office space and a third-story apartment, this building may fit users seeking dedicated office rooms plus an additional residential component within the same structure.
Key Highlights
- Completely remodeled in 2018 with all new electric, updated plumbing, zoned heat and air, and new windows
- Five offices plus two conference rooms, kitchen, and a 3rd story apartment
- 1900 construction with gorgeous original woodwork and two gas fireplaces
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
$51,069
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
8.53%
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%
$1,021,380
$1.0M
Cap Rate 7%
$729,557
$729.6K
Cap Rate 9%
$567,433
$567.4K
Market Conditions
NOI Build-Up for 5,112 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
$73.6K $14.40/SF
− Vacancy
−$5.5K −$1.08/SF
EGI
$68.1K $13.32/SF
− OpEx
−$17.0K −$3.33/SF
NOI
$51.1K $9.99/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,021,380
Cap Rate 7%
$729,557
Cap Rate 9%
$567,433
Alternative Uses
Best Use
Office B
$729.6K
$638.4K – $851.2K
NOI $51,069 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.09M
$951.7K – $1.27M
NOI $76,134 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,580
Businesses Nearby
Explore this area
Business Placement
Demographics for 72901, AR
20,973
Population
10,337
Households
2
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
8.7 sq mi
ZIP Area
2,411
Density / Sq Mi
$42,568
Median Household Income
$30,582
Median Earnings
$837
Median Rent
$113,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Remodeled historical office building with multiple offices, conference rooms, and a third-story apartment.
Where is this office building located?
The property is located at 120 N 16th ST Fort Smith, AR.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Completely remodeled in 2018 with all new electric, updated plumbing, zoned heat and air, and new windows; Five offices plus two conference rooms, kitchen, and a 3rd story apartment; 1900 construction with gorgeous original woodwork and two gas fireplaces
