6-Unit Remodeled Apartment
For Sale
$399,999
121 SECOND Street, Hot Springs, AR 71913
MULTI-FAMILY, Bungalow/Cottage, Tudor, Hot Springs, AR
Property Size4,610 SF
Lot Size0.08 Acres
Price / SF$86.77
Days on Market63
Property Features for 121 SECOND Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
8
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 4, Bedroom 7, Bathroom 3, Bathroom 4, Bedroom 8, Bedroom 3, Bedroom 2, Bathroom 6, Bedroom 5, Bathroom 5, Bedroom 6, Bathroom 1, Bathroom 2, Bedroom 1
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
Tudor, Bungalow
Listing Agency:
Rix Realty - Advantage Team Realtors
(501) 205-1900
Listed By:
Stephen Inman-Crawley · License #SA00076751
(501) 366-0259
Added: Aug 8
Changed: Oct 8
Last Checked: Oct 9 at 8:06AM
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.
Located at 121 Second Street in Hot Springs, this 4,610-square-foot apartment building contains six units across three levels. The main floor has two apartments with flexible one- to two-bedroom configurations and one full bathroom each. Two one-bedroom, one-bath apartments are positioned upstairs, with two additional one-bedroom, one-bath units in the basement. The building dates to 1946 and features Tudor and Bungalow architectural elements.
Recent improvements include updated electrical and plumbing systems, a replacement roof, new windows, and most doors replaced throughout the building. Each apartment has its own electric meter. Additional features include laminate flooring, gas hot water, smoke detectors, guttering, shingle roofing, free-standing stoves, and refrigerators. The property occupies 0.08 acres in Hot Springs, Arkansas.
Recent improvements include updated electrical and plumbing systems, a replacement roof, new windows, and most doors replaced throughout the building. Each apartment has its own electric meter. Additional features include laminate flooring, gas hot water, smoke detectors, guttering, shingle roofing, free-standing stoves, and refrigerators. The property occupies 0.08 acres in Hot Springs, Arkansas.
Key Highlights
- Six‑unit apartment building with 4,610 square feet of building area
- Main level includes two units with one- to two‑bedroom configurations
- Four additional apartments are one‑bedroom, one‑bath units across the upper and basement levels
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.
Property Analytics
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Current Use
Lease Details
6
Residential units
Yes
Utilities to site
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
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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?
Apartment building - Individual electric meters and updated building systems support practical utility administration across the apartment property.
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‑unit apartment building with 4,610 square feet of building area; Main level includes two units with one- to two‑bedroom configurations; Four additional apartments are one‑bedroom, one‑bath units across the upper and basement levels
