101-Unit Senior Housing
For Sale
Contact for pricing
240 Central Avenue, Hot Springs, AR 71901
Multistory senior housing asset with one-bedroom residences, substantial living area, and dedicated off-street parking.
Property Size88,926 SF
Lot Size0.35 Acres
Price / SF$110.20
Days on Market161
Property Features for 240 Central Avenue
General Information
Standard status
Active
Size
88,926 SF
Total Parking Spaces
70
Lot size
0.35 Acres
Property subtype
Multifamily, Senior Living
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
101 x 1BR/1BA
Multifamily Units
101
Building Details
Year Built
1964
Buildings
1
Units
101
Listing Agency:
Horvath & Tremblay
Listed By:
John Przybyla · License #471010441
(312) 361-1643
Source:
Crexi
Added: May 8
Changed: Oct 1
Last Checked: Oct 14 at 8:51PM
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 Horvath & Tremblay
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Investment Insights
Based on property information with market context.
Aristocrat Manor is a multistory senior housing property comprising 101 one-bedroom, one-bathroom units and 88,926 square feet of gross living area. Built in 1964, the building sits on a 0.35-acre parcel and provides 70 off-street parking spaces.
The property fronts Central Avenue, also designated Arkansas Highway 7, within downtown Hot Springs. Its setting places the asset near Hot Springs National Park, Bathhouse Row, restaurants, retail, entertainment venues, and surrounding residential neighborhoods. Central Avenue connects the downtown area with regional routes and the city’s primary commercial corridor.
The property fronts Central Avenue, also designated Arkansas Highway 7, within downtown Hot Springs. Its setting places the asset near Hot Springs National Park, Bathhouse Row, restaurants, retail, entertainment venues, and surrounding residential neighborhoods. Central Avenue connects the downtown area with regional routes and the city’s primary commercial corridor.
Key Highlights
- 101 one‑bedroom, one‑bathroom senior housing units
- 88,926 square feet of gross living area
- Multistory building constructed in 1964
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$548,762
Cap Rate
5.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,975,240
$11.0M
Cap Rate 7%
$7,839,457
$7.8M
Cap Rate 9%
$6,097,356
$6.1M
Market Conditions
NOI Build-Up for 88,926 SF
Gross rent
$1.07M $12.00/SF
− Vacancy
−$69.4K −$0.78/SF
EGI
$997.7K $11.22/SF
− OpEx
−$449.0K −$5.05/SF
NOI
$548.8K $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 Rate 5%
$10,975,240
Cap Rate 7%
$7,839,457
Cap Rate 9%
$6,097,356
Alternative Uses
Best Use
Apartment 5plus
$7.84M
$6.86M – $9.15M
NOI $548,762 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.26M
$14.23M – $18.97M
NOI $1,138,395 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
101
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
775
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Similar Off Market Nearby
- Home Instead — 300 Ouachita Ave, Hot Springs, AR 71901
- The Caring Place — 101 Quapaw Ave, Hot Springs, AR 71901
- Cater to Elders Home Care Services, LLC — 835 Central Ave #410, Hot Springs, AR 71901
- Cater to Elders Home Care Services, LLC — 835 Central Ave suite 402 E, Hot Springs, AR 71901
Frequently Asked Questions
What type of property is this?
Senior housing / Retirement Home - Multistory senior housing asset with one-bedroom residences, substantial living area, and dedicated off-street parking.
Where is this senior housing / retirement home located?
The property is located at 240 Central Avenue Hot Springs, AR.
What is the asking price?
The asking price for this property is $9,800,000.
What are key features of this property?
This property features: 101 one‑bedroom, one‑bathroom senior housing units; 88,926 square feet of gross living area; Multistory building constructed in 1964
