Cedar Court Apartment
New
For Sale
$1,100,000
2910-2928 S 66th St, Fort Smith, AR 72903
Affordable multifamily community with existing affordability requirements extending through the current affordability period.
Property Size8,600 SF
Price / SF$127.91
Days on Market3
Property Features for 2910-2928 S 66th St
General Information
Standard status
Active
Size
8,600 SF
Property subtype
Multi-Family
Additional Details
Asking Price
$1,100,000
Building Details
Year Built
2014
Listing Agency:
Keller Williams Platinum Realty
(479) 646-5539
Listed By:
Bradford & Udouj Realtors
(479) 646-5539
Source:
Bradfordudouj
Added: Aug 30
Changed: Aug 31
Last Checked: Sep 1 at 6:35PM
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 Keller Williams Platinum Realty
Investment Insights
Based on property information with market context.
Cedar Court is an affordable apartment property comprising 8,600 square feet at 2910-2928 S 66th St in Fort Smith, Arkansas. Constructed in 2014, the property is being offered as an established multifamily community with affordability requirements that remain in place through the existing affordability period.
The asset is identified as an apartment building and multifamily property, providing a focused acquisition opportunity for purchasers seeking an affordable housing asset. Its address spans 2910-2928 S 66th St, supporting the property’s multi-address configuration.
The asset is identified as an apartment building and multifamily property, providing a focused acquisition opportunity for purchasers seeking an affordable housing asset. Its address spans 2910-2928 S 66th St, supporting the property’s multi-address configuration.
Key Highlights
- 8,600‑square‑foot apartment property
- Built in 2014
- Affordable multifamily community
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
$50,928
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
4.63%
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%
$1,018,560
$1.0M
Cap Rate 7%
$727,543
$727.5K
Cap Rate 9%
$565,867
$565.9K
Market Conditions
NOI Build-Up for 8,600 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
$100.1K $11.64/SF
− Vacancy
−$7.5K −$0.87/SF
EGI
$92.6K $10.77/SF
− OpEx
−$41.7K −$4.85/SF
NOI
$50.9K $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%
$1,018,560
Cap Rate 7%
$727,543
Cap Rate 9%
$565,867
Alternative Uses
Best Use
Apartment 5plus
$727.5K
$636.6K – $848.8K
NOI $50,928 @ 7.0% cap · market cap 4.63%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$1.83M
$1.60M – $2.13M
NOI $128,082 @ 7.0% cap · market cap 11.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,402
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 - Affordable multifamily community with existing affordability requirements extending through the current affordability period.
Where is this apartment building located?
The property is located at 2910-2928 S 66th St Fort Smith, AR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 8,600‑square‑foot apartment property; Built in 2014; Affordable multifamily community
