Updated Duplex with Turnkey
For Sale
$485,000
173 A & B Hershell Road, Hot Springs, AR 71913
MULTI_FAMILY - Hot Springs, AR
Property Size3,864 SF
Lot Size0.19 Acres
Price / SF$125.52
Days on Market104
Property Features for 173 A & B Hershell Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Partially Fenced, Guttering
Fencing
Partial
Appliances
Free-Standing Stove, Electric Range, Pantry, Refrigerator-Stays, Free-Standing Stove, Electric Range, Pantry, Refrigerator-Stays
Subdivision
Metes & Bounds
Lot features
Level, Cleared
Directions
From HWY 70/Airport Rd. Turn at Hershell, property is on the left.
Standard status
Active
Size
3,864 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
PT NE SW
Tax Annual Amount
2552
Legal Description
PT NE SW
Building Details
Year built
2012
Floors in Building
2
Number of units
2
Flooring type
Vinyl
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
McGraw Realtors - HS
(501) 881-3331
Listed By:
Shahmarie Afkhami
(501) 762-3497
Added: May 9
Changed: Jun 19
Last Checked: Aug 20 at 5:06PM
MLS# 26020019
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 updated duplex features two separate units with matching layouts, each offering 4 bedrooms, 2 full bathrooms, and 2 half bathrooms. The property has been refreshed throughout, including updated flooring, new interior paint, refreshed kitchens with updated cabinetry, and upgraded bathrooms with new vanities and toilets. Lighting and fixtures have been updated, and new exterior doors were installed. Appliances are included, and the duplex also offers newer major system improvements, including a roof installed in 2023 and a brand-new HVAC system in 2025.
The property is located at 173 A & B Hershell Road in Hot Springs, Garland County, in an area described as outside city limits. Lot size is listed at 0.19 acres, and the total property size is 3,864 square feet. Both units are currently occupied.
As a for-sale income property, this duplex is positioned for buyers seeking a turnkey setup with immediate occupancy. With four-bedroom, multi-bath layouts in each unit and recent updates across finishes and mechanical systems, it may fit investors or owner-occupants looking for rental flexibility, including long-term leasing or nightly rental use where permitted.
The property is located at 173 A & B Hershell Road in Hot Springs, Garland County, in an area described as outside city limits. Lot size is listed at 0.19 acres, and the total property size is 3,864 square feet. Both units are currently occupied.
As a for-sale income property, this duplex is positioned for buyers seeking a turnkey setup with immediate occupancy. With four-bedroom, multi-bath layouts in each unit and recent updates across finishes and mechanical systems, it may fit investors or owner-occupants looking for rental flexibility, including long-term leasing or nightly rental use where permitted.
Key Highlights
- Turnkey duplex: immediate rental income from two occupied units.
- Each unit boasts 4 bedrooms, 2 full baths, and 2 half baths.
- Newer roof (2023) and brand‑new HVAC (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
$25,520
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
5.26%
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%
$510,400
$510.4K
Cap Rate 7%
$364,571
$364.6K
Cap Rate 9%
$283,556
$283.6K
Market Conditions
NOI Build-Up for 3,864 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
$39.4K $10.20/SF
− Vacancy
−$3.0K −$0.77/SF
EGI
$36.5K $9.44/SF
− OpEx
−$10.9K −$2.83/SF
NOI
$25.5K $6.60/SF
Area
Garland County, AR
Vacancy
7.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$510,400
Cap Rate 7%
$364,571
Cap Rate 9%
$283,556
Alternative Uses
Best Use
Multifamily LT 5
$364.6K
$319.0K – $425.3K
NOI $25,520 @ 7.0% cap · market cap 5.26%
Second Best
Apartment 5plus
$340.6K
$298.1K – $397.4K
NOI $23,845 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$706.6K
$618.3K – $824.4K
NOI $49,465 @ 7.0% cap · market cap 10.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
66
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?
Duplex - Updated two-unit duplex with both sides occupied, offering flexibility for long-term or nightly rental use.
Where is this duplex located?
The property is located at 173 A & B Hershell Road Hot Springs, AR.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Turnkey duplex: immediate rental income from two occupied units.; Each unit boasts 4 bedrooms, 2 full baths, and 2 half baths.; Newer roof (2023) and brand‑new HVAC (2025).
