12-Unit Apartment
For Sale
$699,000
2308 Savannah ST, Fort Smith, AR 72903
Multifamily, Fort Smith, AR
Property Size8,308 SF
Lot Size0.50 Acres
Price / SF$84.14
Days on Market262
Property Features for 2308 Savannah ST
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
17
Rooms
Bedroom 17, Bedroom 3, Bedroom 1, Bedroom 14, Bedroom 5, Bedroom 6, Bedroom 11, Bedroom 12, Bedroom 15, Bedroom 16, Bedroom 4, Bedroom 13, Bedroom 10, Bedroom 7, Bedroom 2, Bedroom 8, Bedroom 9
Parking features
Assigned
Subdivision
Mazzard Tracts
Lot features
Sidewalk
Directions
From Phoenix Ave turn right onto Jenny Lind Rd and left on Savannah St and the complex is on the right.
Standard status
Active
APN
14984-0044-00000-00
Size
8,308 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Description
E/2 LT 44
Tax Annual Amount
2947
Legal Description
E/2 LT 44
Utilities
Heating system
Electric (Heating)
Cooling system
Electric
Amenities
on-site laundry
Building Details
Floors in Building
2
Number of units
12
Flooring type
Vinyl, Wood
Roof type
Shingle
Listing Agency:
Keller Williams Platinum Realty · Keller Williams Realty
(479) 434-3000
Listed By:
Misty Beasley · License #SA00087019
(479) 434-3000
Added: Dec 1, 2025
Changed: Aug 19
Last Checked: Aug 20 at 2:06PM
MLS# 1085437
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 well-maintained 12-unit apartment building offers updated interiors and an income-producing on-site laundry facility. The unit mix includes seven one-bedroom units and five two-bedroom units. An additional vacant room provides flexibility and could be used as a community space, office, or fitness room.
The property sits on a 0.5-acre lot and is approximately 8,308 square feet. Flooring includes wood and vinyl, with electric heating and electric cooling throughout. The roof is shingle, and parking is available with assigned spaces.
The configuration supports straightforward multifamily leasing with in-building laundry and versatile common/bonus space. The layout includes multiple bedrooms across the 12 units, with each unit type contributing to the overall mix of one-bedroom and two-bedroom residences.
The property sits on a 0.5-acre lot and is approximately 8,308 square feet. Flooring includes wood and vinyl, with electric heating and electric cooling throughout. The roof is shingle, and parking is available with assigned spaces.
The configuration supports straightforward multifamily leasing with in-building laundry and versatile common/bonus space. The layout includes multiple bedrooms across the 12 units, with each unit type contributing to the overall mix of one-bedroom and two-bedroom residences.
Key Highlights
- 12‑unit apartment building with updated interiors and an income‑producing on‑site laundry facility
- 7 one‑bedroom units and 5 two‑bedroom units
- Additional vacant room could serve as a community space, office, or fitness room
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
$49,199
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
7.04%
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%
$983,980
$984.0K
Cap Rate 7%
$702,843
$702.8K
Cap Rate 9%
$546,656
$546.7K
Market Conditions
NOI Build-Up for 8,308 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
$96.7K $11.64/SF
− Vacancy
−$7.3K −$0.87/SF
EGI
$89.5K $10.77/SF
− OpEx
−$40.3K −$4.85/SF
NOI
$49.2K $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%
$983,980
Cap Rate 7%
$702,843
Cap Rate 9%
$546,656
Alternative Uses
Best Use
Apartment 5plus
$702.8K
$615.0K – $820.0K
NOI $49,199 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.77M
$1.55M – $2.06M
NOI $123,733 @ 7.0% cap · market cap 17.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
521
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 12-unit building with updated interiors, featuring 7 one-bedrooms, 5 two-bedrooms, and an on-site laundry facility.
Where is this apartment building located?
The property is located at 2308 Savannah ST Fort Smith, AR.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 12‑unit apartment building with updated interiors and an income‑producing on‑site laundry facility; 7 one‑bedroom units and 5 two‑bedroom units; Additional vacant room could serve as a community space, office, or fitness room
