Six-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 Market18
Property Features for 121 Second Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Interior features
Hot Water Heater-Gas
Exterior features
Guttering
Appliances
Free-Standing Stove, Refrigerator-Stays, Free-Standing Stove, Refrigerator-Stays
Subdivision
South Hot Springs
Lot features
Corner Lot, In Subdivision
Elementary school
Hot Springs
Middle school
Hot Springs
High school
Hot Springs
Directions
W on Grand to Second to 121
Standard status
Active
Size
4,610 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
BLK2 Lots PT 11&12 05-03S-19W
Tax Annual Amount
1300
Legal Description
BLK2 Lots PT 11&12 05-03S-19W
Building Details
Year built
1946
Floors in Building
3
Number of units
6
Flooring type
Vinyl
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 7
Changed: Aug 19
Last Checked: Aug 24 at 7:06PM
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.
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 = 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 - 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
