Furnished Victorian Short-Term
New
For Sale
$535,000
224 Court Street, Hot Springs, AR 71901
Commercial / Industrial, Victorian, Hot Springs, AR
Property Size3,556 SF
Lot Size0.13 Acres
Price / SF$150.45
Days on Market6
Property Features for 224 Court Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Central Business
Parking
5
Interior features
Smoke Detector, Furnished, Kitchen Area, Living Area, Ceiling Fans
Subdivision
HSR BLK
Lot features
Sloped, Wooded, Mountain View, Down Slope
Directions
From HSBOR head North on Orange St; Turn right onto Quapaw Ave go to intersection of Prospect; Directly across street onto Court St. Property is on the left.
Standard status
Active
APN
400-27500-007-000
Size
3,556 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Block/Lot: 131/010
Tax Annual Amount
3279
Legal Description
Block/Lot: 131/010
Building Details
Year built
1879
Floors in Building
3
Flooring type
Wood, Vinyl
Roof type
Metal
Architectural style
Victorian
Listing Agency:
CBRPM Hot Springs · Coldwell Banker Real Estate
(501) 525-7355
Listed By:
Todd Woerpel
(501) 622-8396
Added: Sep 22
Changed: Sep 25
Last Checked: Sep 27 at 12:06PM
MLS# 26039010
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.
Built in 1879, this restored Victorian short-term rental contains 3,556 square feet on a 0.13-acre lot. The furnished interior includes eight bedrooms, three full bathrooms and two half bathrooms, along with kitchen and living areas. Wood and vinyl flooring, ceiling fans and a metal roof are among its existing features.
At 224 Court Street in downtown Hot Springs, the property is within walking distance of Bathhouse Row, shopping, restaurants, arts and entertainment. Hot Springs National Park and the convention center are also nearby, while the Ouachita National Forest is described as steps from the back door.
At 224 Court Street in downtown Hot Springs, the property is within walking distance of Bathhouse Row, shopping, restaurants, arts and entertainment. Hot Springs National Park and the convention center are also nearby, while the Ouachita National Forest is described as steps from the back door.
Key Highlights
- Eight bedrooms, three full bathrooms and two half bathrooms
- 3,556 square feet on a 0.13‑acre lot
- Built in 1879; restored Victorian architectural style
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
$21,944
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
4.10%
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%
$438,880
$438.9K
Cap Rate 7%
$313,486
$313.5K
Cap Rate 9%
$243,822
$243.8K
Market Conditions
NOI Build-Up for 3,556 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
$42.7K $12.00/SF
− Vacancy
−$2.8K −$0.78/SF
EGI
$39.9K $11.22/SF
− OpEx
−$18.0K −$5.05/SF
NOI
$21.9K $6.17/SF
Area
Garland County, AR
Vacancy
6.50%
Lease Rate
$12.00 /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%
$438,880
Cap Rate 7%
$313,486
Cap Rate 9%
$243,822
Alternative Uses
Best Use
Apartment 5plus
$313.5K
$274.3K – $365.7K
NOI $21,944 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$650.3K
$569.0K – $758.7K
NOI $45,522 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 71901, AR
29,363
Population
14,952
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
88%
High-School Grad
101.9 sq mi
ZIP Area
288
Density / Sq Mi
$52,410
Median Household Income
$35,604
Median Earnings
$797
Median Rent
$173,400
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?
Short term rental property - An eight-bedroom furnished property offers space for group stays in historic downtown Hot Springs.
Where is this short term rental property located?
The property is located at 224 Court Street Hot Springs, AR.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Eight bedrooms, three full bathrooms and two half bathrooms; 3,556 square feet on a 0.13‑acre lot; Built in 1879; restored Victorian architectural style
