Cedar Court Apartment
New
For Sale
$1,100,000
2910-2928 S 66th ST, Fort Smith, AR 72903
Multifamily, Fort Smith, AR
Property Size8,600 SF
Lot Size1.39 Acres
Price / SF$127.91
Days on Market5
Property Features for 2910-2928 S 66th ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
22
Rooms
Bedroom 5, Bedroom 1, Bedroom 12, Bedroom 4, Bedroom 6, Bedroom 20, Bedroom 3, Bedroom 22, Bedroom 2, Bedroom 11, Bedroom 16, Bedroom 8, Bedroom 18, Bedroom 9, Bedroom 10, Bedroom 15, Bedroom 21, Bedroom 19, Bedroom 13, Bedroom 17, Bedroom 14, Bedroom 7
Subdivision
South 66th Duplexes
Lot features
In Subdivision, Landscaped, Level
Directions
Rogers Avenue to South 66th turn South toward Phoenix 1/2 Block to property on the right.
Standard status
Active
APN
17280-0001-00000-00
Size
8,600 SF
Lot size
1.39 Acres
Taxes and HOA fees
Tax Description
LOT 1
Tax Annual Amount
7900
Legal Description
LOT 1
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
2014
Floors in Building
1
Number of units
10
Flooring type
Vinyl
Roof type
Fiberglass, Shingle
Listing Agency:
Compass Realty & Construction Group
(479) 755-4663
Listed By:
Paul McCollom
(479) 755-4663
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 31 at 2:06AM
MLS# 1091442
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.
Cedar Court is an apartment building occupying 8,600 square feet on 1.39 acres in Fort Smith, Arkansas. Constructed in 2014, the property includes vinyl flooring, central heating, central air conditioning, and a shingle and fiberglass roof system. The asset is subject to affordability requirements that remain in effect through the existing affordability period.
The property is located at 2910-2928 S 66th ST in Fort Smith’s 72903 ZIP code. Its established multifamily configuration and documented building systems provide a clear physical profile for purchasers evaluating an affordable apartment asset. The offering is being made by the Fort Smith Housing Authority.
The property is located at 2910-2928 S 66th ST in Fort Smith’s 72903 ZIP code. Its established multifamily configuration and documented building systems provide a clear physical profile for purchasers evaluating an affordable apartment asset. The offering is being made by the Fort Smith Housing Authority.
Key Highlights
- 8,600 square feet on 1.39 acres
- Constructed in 2014
- Affordable housing requirements continue through the existing affordability period
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
Property Profile
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 housing requirements continue through the existing affordability period at this Fort Smith multifamily property.
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 feet on 1.39 acres; Constructed in 2014; Affordable housing requirements continue through the existing affordability period
