Creperie Business with
For Sale
$174,900
238 Cornerstone Boulevard, Hot Springs, AR 71913
Established restaurant business includes an equipped kitchen plus indoor and outdoor seating areas.
Property Size1,200 SF
Days on Market223
Property Features for 238 Cornerstone Boulevard
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Commercial
Zoning
C-R Reg Comm District
Financials
Asking Price
$193,500
Business Included
Yes
Restaurant
Patio
Yes
Equipment Included
Yes
Building Details
Building Size
1,200 SF
Year Built
1998
Stories
1
Listing Agency:
Urban Living And Development Inc
(501) 352-7670
Listed By:
Amber Henson · License #PB00075323
(501) 352-7670
Source:
Meyersrealty
Added: Jan 20
Changed: Aug 29
Last Checked: Aug 30 at 5:32PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Urban Living And Development Inc
Investment Insights
Based on property information with market context.
Alexa's Creperie is a business-only restaurant offering sweet and savory crepes from an equipped commercial kitchen. The operation includes approximately 48 interior seats and an outdoor patio with approximately 12 additional seats, along with the restaurant’s existing décor, appliances, and equipment. The business is situated at 238 Cornerstone Boulevard in Hot Springs, Arkansas, within the C-R Reg Comm District. The building dates to 1998. The sale provides an operating restaurant setup with an established menu concept and seating in both indoor and patio areas.
Key Highlights
- Business‑only sale of Alexa's Creperie
- Approximately 48 interior seats
- Outdoor patio seating for approximately 12
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
$12,690
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
7.26%
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%
$253,800
$253.8K
Cap Rate 7%
$181,286
$181.3K
Cap Rate 9%
$141,000
$141.0K
Market Conditions
NOI Build-Up for 1,200 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
$18.0K $15.00/SF
− Vacancy
−$1.1K −$0.90/SF
EGI
$16.9K $14.10/SF
− OpEx
−$4.2K −$3.53/SF
NOI
$12.7K $10.58/SF
Area
Garland County, AR
Vacancy
6.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$253,800
Cap Rate 7%
$181,286
Cap Rate 9%
$141,000
Alternative Uses
Best Use
Specialty Retail
$181.3K
$158.6K – $211.5K
NOI $12,690 @ 7.0% cap · market cap 7.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$219.5K
$192.0K – $256.0K
NOI $15,362 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
963
Businesses Nearby
640k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 29%
Apparel 20%
Superstores 19%
Home Improvements & Furnishings 15%
Walmart
Superstores
120,758 visits/mo
0.5 miles
Lowe's
Home Improvements & Furnishings
52,337 visits/mo
0.1 miles
Chick-fil-A
Dining
51,468 visits/mo
0.2 miles
T.J. Maxx
Apparel
50,946 visits/mo
0.1 miles
Harbor Freight Tools
Home Improvements & Furnishings
37,576 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant business includes an equipped kitchen plus indoor and outdoor seating areas.
Where is this conventional restaurant located?
The property is located at 238 Cornerstone Boulevard Hot Springs, AR.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: Business‑only sale of Alexa's Creperie; Approximately 48 interior seats; Outdoor patio seating for approximately 12
