Furnished Duplex with Boat
For Sale
$469,900
181 FISH HATCHERY Road, Hot Springs, AR 71913
Residential, Townhouse, Hot Springs, AR
Property Size2,227 SF
Price / SF$211
Days on Market428
Property Features for 181 FISH HATCHERY Road
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 2, Laundry Room, Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 3
Parking features
Open, Garage
Patio and Porch features
Patio
Interior features
Washer Connection, Washer-Stays, Dryer Connection-Electric, Dryer-Stays, Water Heater-Electric, Window Treatments, Walk-In Closet(s), Balcony/Loft, Ceiling Fan(s), Walk-in Shower, Breakfast Bar, Furnished, Kit Counter- Granite Slab
Exterior features
Patio, Inground Pool, Guttering, Enclosed Pool
Fireplace
1
Appliances
Free-Standing Stove, Microwave, Electric Range, Dishwasher, Disposal, Pantry, Refrigerator-Stays
Subdivision
BLUE HERON HPR
Lot features
Level, Cleared, In Subdivision, River/ Lake Area, Mountain View, Lake View, Lake Front, Common to Lake, Waterfront
Directions
Head south on Central Ave., turn Left onto Hwy 290, Left onto Fish Hatchery Rd. to the first Left onto Blue Heron Bay.
Standard status
Active
Size
2,227 SF
Taxes and HOA fees
Tax Description
Bldg M, Unit M1
Tax Annual Amount
3462
HOA Fee
$300 Monthly
Legal Description
Bldg M, Unit M1
Utilities
Water front features
Lake
Water front
1
Amenities
fireplace
breakfast bar
French doors
patio
loft
covered balcony
pool
boardwalk
swim dock
boat dock
Building Details
Year built
2006
Floors in Building
2
Flooring type
Tile, Vinyl, Carpet
Roof type
Shingle
Architectural style
Other
Listing Agency:
Hot Springs 1st Choice Realty
(501) 525-1600
Listed By:
Andrea Marks · License #SA00079133
(501) 545-9770
Added: Aug 3, 2025
Changed: Sep 23
Last Checked: Oct 4 at 9:06PM
MLS# 25030777
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 furnished duplex offers 2,227 square feet of lakefront living space with a main-level primary suite, open kitchen, dining, and living areas, plus a fireplace and breakfast bar. The floor plan also includes two additional bedrooms, a loft, three bathrooms, a laundry room, patio, covered balcony, and two-car garage. Granite countertops, supplied appliances, and a mix of vinyl, tile, and carpet flooring are among the interior features. The property was built in 2006.
Outdoor amenities include a 31 x 9 covered boat dock, lakeside inground pool, boardwalk, swim dock, and nearby public boat ramp. A balcony provides views of Lake Hamilton and surrounding mountains. The residence can accommodate 10 to 12 guests and is identified as suitable for short-term rental use without obtaining a permit.
Outdoor amenities include a 31 x 9 covered boat dock, lakeside inground pool, boardwalk, swim dock, and nearby public boat ramp. A balcony provides views of Lake Hamilton and surrounding mountains. The residence can accommodate 10 to 12 guests and is identified as suitable for short-term rental use without obtaining a permit.
Key Highlights
- 2,227‑square‑foot furnished lakefront duplex
- 31 x 9 covered boat dock
- Three bedrooms, three bathrooms, and loft
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
$14,708
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
3.13%
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%
$294,160
$294.2K
Cap Rate 7%
$210,114
$210.1K
Cap Rate 9%
$163,422
$163.4K
Market Conditions
NOI Build-Up for 2,227 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
$22.7K $10.20/SF
− Vacancy
−$1.7K −$0.77/SF
EGI
$21.0K $9.44/SF
− OpEx
−$6.3K −$2.83/SF
NOI
$14.7K $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%
$294,160
Cap Rate 7%
$210,114
Cap Rate 9%
$163,422
Alternative Uses
Best Use
Multifamily LT 5
$210.1K
$183.9K – $245.1K
NOI $14,708 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$196.3K
$171.8K – $229.1K
NOI $13,743 @ 7.0% cap · market cap 2.92%
Theoretical Best
Office A
$407.3K
$356.4K – $475.2K
NOI $28,509 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
16
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Lakefront furnished residence with private outdoor amenities, flexible sleeping capacity, and convenient boating access.
Where is this duplex located?
The property is located at 181 FISH HATCHERY Road Hot Springs, AR.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: 2,227‑square‑foot furnished lakefront duplex; 31 x 9 covered boat dock; Three bedrooms, three bathrooms, and loft
