Renovated Medical Office
For Sale
Contact for pricing
1501 South Waldron Road, Fort Smith, AR 72903
Renovated multi-tenant medical and professional office building with room to expand.
Property Size30,140 SF
Price / SF$142.67
Days on Market78
Property Features for 1501 South Waldron Road
General Information
Standard status
Active
Size
30,140 SF
Class
B
Total Parking Spaces
144
Property subtype
Office
Zoning
C-5
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
1980
Year Renovated
2012
Buildings
1
Stories
2
Units
9
Tenancy
Multi
Listing Agency:
Ghan & Cooper Commercial Properties
Listed By:
Stuart Ghan, CCIM · License #AR PB00068079
Source:
Crexi
Added: May 27
Changed: Aug 7
Last Checked: Aug 11 at 7:41PM
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 Ghan & Cooper Commercial Properties
Investment Insights
Based on property information with market context.
This multi-tenant medical and professional office building has been renovated in phases since 2012. The property offers an office-focused configuration designed to support multiple tenants within a single building, with the noted ability to expand from ground level.
The building is located along Waldron Rd, directly across from Central Mall Fort Smith. Its position on a major road provides straightforward access for patients, employees, and visitors.
For buyers seeking an office asset with a medical-friendly orientation, the current multi-tenant setup supports a range of professional users. With the building already renovated since 2012 and expansion potential indicated from the ground level, the property offers a practical platform for an operator or owner who wants to manage a variety of office uses under one roof.
The building is located along Waldron Rd, directly across from Central Mall Fort Smith. Its position on a major road provides straightforward access for patients, employees, and visitors.
For buyers seeking an office asset with a medical-friendly orientation, the current multi-tenant setup supports a range of professional users. With the building already renovated since 2012 and expansion potential indicated from the ground level, the property offers a practical platform for an operator or owner who wants to manage a variety of office uses under one roof.
Key Highlights
- Multi‑tenant medical and professional office building built in 1980
- Entire building renovated since 2012
- Located along Waldron Rd, across from Central Mall Fort Smith
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
$301,099
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
7.00%
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%
$6,021,980
$6.0M
Cap Rate 7%
$4,301,414
$4.3M
Cap Rate 9%
$3,345,544
$3.3M
Market Conditions
NOI Build-Up for 30,140 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
$434.0K $14.40/SF
− Vacancy
−$32.6K −$1.08/SF
EGI
$401.5K $13.32/SF
− OpEx
−$100.4K −$3.33/SF
NOI
$301.1K $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%
$6,021,980
Cap Rate 7%
$4,301,414
Cap Rate 9%
$3,345,544
Alternative Uses
Best Use
Healthcare Medical
$6.41M
$5.61M – $7.48M
NOI $448,881 @ 7.0% cap · market cap 10.44%
Second Best
Office B
$4.30M
$3.76M – $5.02M
NOI $301,099 @ 7.0% cap · market cap 7.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,089
Businesses Nearby
Explore this area
Business Placement
Demographics for 72903, AR
25,225
Population
12,079
Households
2.1
Avg Household Size
41
Median Age
33%
College-Educated
91%
High-School Grad
16.2 sq mi
ZIP Area
1,557
Density / Sq Mi
$60,186
Median Household Income
$36,560
Median Earnings
$804
Median Rent
$216,200
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 - Renovated multi-tenant medical and professional office building with room to expand.
Where is this office building located?
The property is located at 1501 South Waldron Road Fort Smith, AR.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Multi‑tenant medical and professional office building built in 1980; Entire building renovated since 2012; Located along Waldron Rd, across from Central Mall Fort Smith
