Remodeled Historic Office
For Sale
$589,000
120 N 16th Street, Fort Smith, AR 72901
Historic office property combines updated systems with five offices, conference rooms, and a third-story apartment.
Property Size5,112 SF
Price / SF$115.22
Days on Market44
Property Features for 120 N 16th Street
General Information
Standard status
Active
Size
5,112 SF
Amenities
5 offices
2 conference rooms
kitchen
3rd story apartment
original woodwork
two gas fireplaces
entry with stairs
Building Details
Year Renovated
2018
Listing Agency:
O'Neal Real Estate
(918) 774-5743
Listed By:
Aaron O'Neal
(918) 774-5743
Source:
Assurancerealtyfsm
Added: Jul 20
Changed: Aug 31
Last Checked: Aug 31 at 5:18PM
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 O'Neal Real Estate
Investment Insights
Based on property information with market context.
This 5,112-square-foot historic office property was remodeled in 2018, including electrical service, plumbing, windows, and zoned heating and air conditioning. The interior includes five private offices, two conference rooms, a kitchen, and a third-story apartment. Original woodwork, two gas fireplaces, and a formal entry with stairs retain the building’s historic character while supporting office and residential components.
Located at 120 N 16th Street in Fort Smith, Arkansas, the property is available for showings by confirmed appointment. Approved financing is required before scheduling.
Located at 120 N 16th Street in Fort Smith, Arkansas, the property is available for showings by confirmed appointment. Approved financing is required before scheduling.
Key Highlights
- 5,112 SF historic office property
- Remodeled in 2018 with new electric, updated plumbing, zoned heat and air, and new windows
- Five offices and two conference rooms
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
$51,069
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
8.67%
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%
$1,021,380
$1.0M
Cap Rate 7%
$729,557
$729.6K
Cap Rate 9%
$567,433
$567.4K
Market Conditions
NOI Build-Up for 5,112 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
$73.6K $14.40/SF
− Vacancy
−$5.5K −$1.08/SF
EGI
$68.1K $13.32/SF
− OpEx
−$17.0K −$3.33/SF
NOI
$51.1K $9.99/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$14.40 /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%
$1,021,380
Cap Rate 7%
$729,557
Cap Rate 9%
$567,433
Alternative Uses
Best Use
Office B
$729.6K
$638.4K – $851.2K
NOI $51,069 @ 7.0% cap · market cap 8.67%
Second Best
Mixed Use
$617.2K
$540.0K – $720.0K
NOI $43,202 @ 7.0% cap · market cap 7.33%
Theoretical Best
Healthcare Medical
$1.09M
$951.7K – $1.27M
NOI $76,134 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,580
Businesses Nearby
Explore this area
Business Placement
Demographics for 72901, AR
20,973
Population
10,337
Households
2
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
8.7 sq mi
ZIP Area
2,411
Density / Sq Mi
$42,568
Median Household Income
$30,582
Median Earnings
$837
Median Rent
$113,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic office property combines updated systems with five offices, conference rooms, and a third-story apartment.
Where is this office building located?
The property is located at 120 N 16th Street Fort Smith, AR.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: 5,112 SF historic office property; Remodeled in 2018 with new electric, updated plumbing, zoned heat and air, and new windows; Five offices and two conference rooms
