Updated Theater and Entertainment
For Sale
$1,100,000
1008 Central Ave, Hot Springs, AR 71901
Updated historic venue on C1 zoning with theater seating, modern lighting, audio, and life-safety systems plus front and back street access.
Property Size9,252 SF
Price / SF$118.89
Days on Market477
Property Features for 1008 Central Ave
General Information
Standard status
Active
Size
9,252 SF
Taxes and HOA fees
Annual Taxes
$3,731
Listing Agency:
Rix Realty Advantage Team Realtors
(501) 627-4075
Listed By:
Christopher Rix · License #PB00059757
(501) 627-4075
Source:
Exprealty
Added: Apr 23, 2025
Changed: Aug 8
Last Checked: Aug 11 at 12:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rix Realty Advantage Team Realtors
Investment Insights
Based on property information with market context.
Updated theater and entertainment venue in the historic downtown theatre, gallery and bathhouse district, with updates across HVAC, electrical, plumbing, lighting, and stage systems. The property includes newer HVAC with dust free active technology, electrical updates with grounded stage, plumbing updates including low-flow toilets, a water heater, and stage improvements. Lighting has been upgraded with new LED Chauvet lighting, and the sound system includes new JBL Pro Audio with all digital iLive.
The venue is equipped for operations with fully stocked bars, permits, a camera system, and a POS system, plus refrigeration and fire sprinkler and burglar alarm systems. Seating upgrades are included, and the balcony—while not in use—has plumbing and electrical stubbed out for an upstairs concession, along with an additional bathroom on the balcony.
Zoned C1 allowing for flexible use, the property is not in the flood plain and has street access both front and back of the buildings. The venue totals 9,252 SF.
The venue is equipped for operations with fully stocked bars, permits, a camera system, and a POS system, plus refrigeration and fire sprinkler and burglar alarm systems. Seating upgrades are included, and the balcony—while not in use—has plumbing and electrical stubbed out for an upstairs concession, along with an additional bathroom on the balcony.
Zoned C1 allowing for flexible use, the property is not in the flood plain and has street access both front and back of the buildings. The venue totals 9,252 SF.
Key Highlights
- Zoned C1 allowing most flexible use for redevelopment
- 9,252 SF updated theater venue in the historic downtown theatre district
- Newer HVAC with dust free active technology
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
$97,840
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
8.89%
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%
$1,956,800
$2.0M
Cap Rate 7%
$1,397,714
$1.4M
Cap Rate 9%
$1,087,111
$1.1M
Market Conditions
NOI Build-Up for 9,252 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
$138.8K $15.00/SF
− Vacancy
−$8.3K −$0.90/SF
EGI
$130.5K $14.10/SF
− OpEx
−$32.6K −$3.53/SF
NOI
$97.8K $10.58/SF
Area
Garland County, AR
Vacancy
6.00%
Lease Rate
$15.00 /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%
$1,956,800
Cap Rate 7%
$1,397,714
Cap Rate 9%
$1,087,111
Alternative Uses
Best Use
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,840 @ 7.0% cap · market cap 8.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,440 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,634
Businesses Nearby
62k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 63%
Shops & Services 32%
Beauty & Spa 3%
Electronics 2%
McDonald's
Dining
18,055 visits/mo
0.4 miles
Burger King
Dining
9,887 visits/mo
0.2 miles
Popeyes Louisiana Kitchen
Dining
7,854 visits/mo
0.3 miles
Valero Energy
Shops & Services
5,905 visits/mo
0.1 miles
Family Dollar
Shops & Services
5,119 visits/mo
0.3 miles
Demographics for 71901, AR
29,363
Population
14,952
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
88%
High-School Grad
101.9 sq mi
ZIP Area
288
Density / Sq Mi
$52,410
Median Household Income
$35,604
Median Earnings
$797
Median Rent
$173,400
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Theater & concert hall - Updated historic venue on C1 zoning with theater seating, modern lighting, audio, and life-safety systems plus front and back street access.
Where is this theater & concert hall located?
The property is located at 1008 Central Ave Hot Springs, AR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Zoned C1 allowing most flexible use for redevelopment; 9,252 SF updated theater venue in the historic downtown theatre district; Newer HVAC with dust free active technology
