Remodeled Six-Unit Apartment
New
For Sale
$399,999
121 SECOND Street, Hot Springs, AR 71913
MULTI_FAMILY - Hot Springs, AR
Property Size4,610 SF
Lot Size0.08 Acres
Price / SF$86.77
Days on Market1
Property Features for 121 SECOND Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 5, Bedroom 3, Bedroom 5, Bedroom 8, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 6, Bathroom 4, Bedroom 6, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 7
Interior features
Hot Water Heater-Gas, Smoke Detector
Exterior features
Guttering
Appliances
Free-Standing Stove, Refrigerator Stays, Free-Standing Stove, Refrigerator Stays
Subdivision
South Hot Spgs
Lot features
Corner Lot, In Subdivision
Elementary school district
Hot Springs
Middle school district
Hot Springs
High school district
Hot Springs
Directions
West on Grand from Central Ave then left on Second to 121 on Left
Standard status
Active
Size
4,610 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
BLK002 Lots PT 11 & 12 STR 05-03S-19W South Hot Springs Addition Garland County AR PARCEL ID 40589
Legal Description
BLK002 Lots PT 11 & 12 STR 05-03S-19W South Hot Springs Addition Garland County AR PARCEL ID 40589
Building Details
Year built
1946
Floors in Building
3
Flooring type
Laminate
Roof type
Shingle
Architectural style
Bungalow, Tudor
Listing Agency:
Rix Realty - Advantage Team Realtors
(501) 205-1900
Listed By:
Stephen Inman-Crawley · License #SA00076751
(501) 366-0259
Added: Aug 8
Last Checked: Aug 8 at 10:06PM
MLS# 156746
Copyright © 2026 Hot Springs 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 4,610-square-foot apartment building in Hot Springs contains six residential units across three levels on a 0.08-acre site. The 1946 property includes two main-level apartments with flexible one- to two-bedroom configurations, two upstairs one-bedroom, one-bath units, and two basement one-bedroom, one-bath units.
Building improvements include updated electrical and plumbing systems, a newer shingle roof, replacement windows, and replacement of most doors. Each apartment has its own electric meter. Additional features include gas water heating, smoke detectors, laminate flooring, guttering, free-standing stoves, and refrigerators that remain with the property. The building is located at 121 Second Street in Hot Springs, AR 71913.
Building improvements include updated electrical and plumbing systems, a newer shingle roof, replacement windows, and replacement of most doors. Each apartment has its own electric meter. Additional features include gas water heating, smoke detectors, laminate flooring, guttering, free-standing stoves, and refrigerators that remain with the property. The building is located at 121 Second Street in Hot Springs, AR 71913.
Key Highlights
- Six apartment units arranged across main, upper, and basement levels
- 4,610 square feet on a 0.08‑acre lot
- Updated electrical and plumbing systems
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
$28,448
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
7.11%
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%
$568,960
$569.0K
Cap Rate 7%
$406,400
$406.4K
Cap Rate 9%
$316,089
$316.1K
Market Conditions
NOI Build-Up for 4,610 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
$55.3K $12.00/SF
− Vacancy
−$3.6K −$0.78/SF
EGI
$51.7K $11.22/SF
− OpEx
−$23.3K −$5.05/SF
NOI
$28.4K $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%
$568,960
Cap Rate 7%
$406,400
Cap Rate 9%
$316,089
Alternative Uses
Best Use
Apartment 5plus
$406.4K
$355.6K – $474.1K
NOI $28,448 @ 7.0% cap · market cap 7.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$843.1K
$737.7K – $983.6K
NOI $59,015 @ 7.0% cap · market cap 14.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,454
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?
Apartment building - Remodeled six-unit property with separately metered electricity and updated electrical, plumbing, roofing, and windows.
Where is this apartment building located?
The property is located at 121 SECOND Street Hot Springs, AR.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Six apartment units arranged across main, upper, and basement levels; 4,610 square feet on a 0.08‑acre lot; Updated electrical and plumbing systems
