Residential Income Property with Boat
For Sale
$242,500
2315 Lakeshore Drive, Hot Springs, AR 71912
Residential, Contemporary, Hot Springs, AR
Property Size1,412 SF
Price / SF$171.74
Days on Market25
Property Features for 2315 Lakeshore Drive
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2, Den
Parking features
Assigned, Carport
Patio and Porch features
Deck
Interior features
Wet Bar, Washer Connection, Water Heater-Electric, Kit Counter-Ceramic Tile
Exterior features
Deck
Fireplace
1
Appliances
Microwave, Surface Range, Dishwasher, Disposal, Trash Compactor, Refrigerator-Stays, Wall Oven
Subdivision
Metes & Bounds
Lot features
Level, Lake View
Directions
Airpoort Rd at MLK bypass
Standard status
Active
Size
1,412 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
lot 1 block H
Tax Annual Amount
226
HOA Fee
$449 Monthly
Legal Description
lot 1 block H
Amenities
swimming pool
landscaped grounds
deeded boat slip
wood-burning fireplace
wet bar
spacious deck
Building Details
Year built
1989
Flooring type
Carpet, Tile, Parquet Wood
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Realty Solution
(760) 760-4320
Listed By:
Bill Johnson · License #50058
(800) 516-8569
Added: Sep 11
Changed: Oct 5
Last Checked: Oct 5 at 7:06AM
MLS# 26037235
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.
Unit F3 is a 1,412-square-foot, second-floor condominium at Spring Bay with two bedrooms and two bathrooms. The residence includes an open living and dining area oriented toward Lake Hamilton, a wood-burning fireplace, wet bar, spacious deck, and substantial storage. A new HVAC system and fireplace updates add to the existing improvements, while much of the interior remains in original condition. The contemporary property was built in 1989.
The condominium includes a deeded boat slip, two assigned parking spaces with one covered space, and access to Spring Bay’s swimming pool and landscaped grounds. Short-term and overnight rentals are not permitted. The property is located at 2315 Lakeshore Drive in Hot Springs, Arkansas, within Saline County.
The condominium includes a deeded boat slip, two assigned parking spaces with one covered space, and access to Spring Bay’s swimming pool and landscaped grounds. Short-term and overnight rentals are not permitted. The property is located at 2315 Lakeshore Drive in Hot Springs, Arkansas, within Saline County.
Key Highlights
- 1,412‑square‑foot second‑floor condo with 2 bedrooms and 2 bathrooms
- Deeded boat slip on Lake Hamilton
- Open living and dining area with lake views
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
$8,713
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
3.59%
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%
$174,260
$174.3K
Cap Rate 7%
$124,471
$124.5K
Cap Rate 9%
$96,811
$96.8K
Market Conditions
NOI Build-Up for 1,412 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
$16.9K $12.00/SF
− Vacancy
−$1.1K −$0.78/SF
EGI
$15.8K $11.22/SF
− OpEx
−$7.1K −$5.05/SF
NOI
$8.7K $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%
$174,260
Cap Rate 7%
$124,471
Cap Rate 9%
$96,811
Alternative Uses
Best Use
Apartment 5plus
$124.5K
$108.9K – $145.2K
NOI $8,713 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$258.2K
$226.0K – $301.3K
NOI $18,076 @ 7.0% cap · market cap 7.45%
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
169
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor condo with two bedrooms, two baths, lake views, and assigned parking.
Where is this residential income property located?
The property is located at 2315 Lakeshore Drive Hot Springs, AR.
What is the asking price?
The asking price for this property is $242,500.
What are key features of this property?
This property features: 1,412‑square‑foot second‑floor condo with 2 bedrooms and 2 bathrooms; Deeded boat slip on Lake Hamilton; Open living and dining area with lake views
