4-Unit Quadplex with New
For Sale
$239,000
1700 28th ST, Fort Smith, AR 72901
MULTI_FAMILY - Fort Smith, AR
Property Size3,456 SF
Lot Size0.17 Acres
Price / SF$69.16
Days on Market13
Property Features for 1700 28th ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Rooms
Bedroom 6, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bedroom 5
Parking features
Assigned
Subdivision
Pelly
Lot features
Cleared
Directions
From Rogers Ave, turn South onto S Greenwood, go approximately .6 miles and turn right onto S P St., Right on S28th.
Standard status
Active
APN
15973-0012-00002-00
Size
3,456 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
LOT 12 BLK 2
Tax Annual Amount
1536
Legal Description
LOT 12 BLK 2
Utilities
Heating system
Natural Gas
Cooling system
Window Unit(s)
Amenities
washer/dryer hookups
Building Details
Year built
1950
Floors in Building
1
Number of units
4
Flooring type
Laminate
Roof type
Shingle
Listing Agency:
Minks Realty Group, LLC
(479) 561-3090
Listed By:
Kevin Minks
(479) 629-3700
Added: Aug 12
Changed: Aug 14
Last Checked: Aug 24 at 4:06PM
MLS# 1090845
Copyright © 2026 Western River Valley 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.
This 4-unit quadplex contains two 2-bedroom, 1-bathroom apartments and two 1-bedroom, 1-bathroom apartments within 3,456 square feet. Each residence includes washer/dryer hookups, laminate flooring, natural-gas heating, and window-unit cooling. Assigned covered parking serves the units, while tenants are responsible for utilities and sanitation.
Constructed in 1950, the property occupies 0.1722 acres in Fort Smith, Arkansas. A shingle roof was installed in 2025. The configuration provides a defined mix of two-bedroom and one-bedroom residences within a compact multifamily property.
Constructed in 1950, the property occupies 0.1722 acres in Fort Smith, Arkansas. A shingle roof was installed in 2025. The configuration provides a defined mix of two-bedroom and one-bedroom residences within a compact multifamily property.
Key Highlights
- Four‑unit configuration with two 2‑bedroom, 1‑bathroom units and two 1‑bedroom, 1‑bathroom units
- 3,456 square feet on a 0.1722‑acre lot
- Shingle roof installed in 2025
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
$20,466
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
8.56%
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%
$409,320
$409.3K
Cap Rate 7%
$292,371
$292.4K
Cap Rate 9%
$227,400
$227.4K
Market Conditions
NOI Build-Up for 3,456 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
$40.2K $11.64/SF
− Vacancy
−$3.0K −$0.87/SF
EGI
$37.2K $10.77/SF
− OpEx
−$16.7K −$4.85/SF
NOI
$20.5K $5.92/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$11.64 /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%
$409,320
Cap Rate 7%
$292,371
Cap Rate 9%
$227,400
Alternative Uses
Best Use
Multifamily LT 5
$327.4K
$286.5K – $382.0K
NOI $22,919 @ 7.0% cap · market cap 9.59%
Second Best
Apartment 5plus
$292.4K
$255.8K – $341.1K
NOI $20,466 @ 7.0% cap · market cap 8.56%
Theoretical Best
Healthcare Medical
$735.3K
$643.4K – $857.9K
NOI $51,471 @ 7.0% cap · market cap 21.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
371
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - The unit mix combines one- and two-bedroom apartments with washer/dryer hookups and tenant-paid utilities.
Where is this quadplex located?
The property is located at 1700 28th ST Fort Smith, AR.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: Four‑unit configuration with two 2‑bedroom, 1‑bathroom units and two 1‑bedroom, 1‑bathroom units; 3,456 square feet on a 0.1722‑acre lot; Shingle roof installed in 2025
