Six-Unit Remodeled Apartment
121 Second Street, Hot Springs, AR 71913
For Sale
$399,999
Multi-Family, Bungalow/Cottage, Tudor, Hot Springs, AR
Property Size4,610 SF
Lot Size0.08 Acres
Price / SF$86.77
Days on Market98
Property Features for 121 Second Street
General Information
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Exterior features
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Subdivision
Lot features
Elementary school
Middle school
High school
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Size
Lot size
Additional Details
Individually Metered Utilities
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Building Details
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Floors in Building
Number of units
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Buildings
Listing Agency:
Rix Realty Advantage Team Realtors
(501) 205-1900
Listed By:
Stephen Inman-Crawley · License AR SA00076751
(501) 366-0259
Added: Aug 7
Changed: Oct 27
Last Checked: Nov 12 at 7:06AM
MLS# 26032437
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.
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Investment Insights
Based on property information with market context.
This 4,610-square-foot apartment building contains six units across three levels. The main floor has two comparable apartments with one to two bedrooms, depending on configuration and use, plus one full bathroom each. Two additional one-bedroom, one-bath apartments are located upstairs, with two more units of the same bedroom and bath configuration in the basement.
Major building components have been updated, including electrical wiring, plumbing, the shingle roof, windows, and most doors. Each apartment has its own electric meter. Built in 1946, the property occupies 0.08 acres at 121 Second Street in Hot Springs, Arkansas. Interior features include gas hot water service and vinyl flooring, while the exterior includes guttering.
Major building components have been updated, including electrical wiring, plumbing, the shingle roof, windows, and most doors. Each apartment has its own electric meter. Built in 1946, the property occupies 0.08 acres at 121 Second Street in Hot Springs, Arkansas. Interior features include gas hot water service and vinyl flooring, while the exterior includes guttering.
Key Highlights
- Six apartments within a 4,610‑square‑foot building
- Unit mix includes two 1‑2 bedroom apartments and four 1‑bedroom, 1‑bath apartments
- Separate electric meters serve each apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,448
Cap Rate
7.11%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,454
Businesses Nearby
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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
$179,200
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Hot Springs, AR
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Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated electrical, plumbing, roofing, windows, and most doors support the building’s six separately metered apartments.
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 apartments within a 4,610‑square‑foot building; Unit mix includes two 1‑2 bedroom apartments and four 1‑bedroom, 1‑bath apartments; Separate electric meters serve each apartment
