8-Unit Studio Apartment
New
For Sale
$579,000
316 HAZEL Street, Hot Springs, AR 71901
COMMERCIAL/INDUSTRIAL, Hot Springs, AR
Property Size3,100 SF
Price / SF$186.77
Days on Market4
Property Features for 316 HAZEL Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-G General Comm District
Zoning description
C-G General Comm District
Subdivision
HSR BLK 98
Directions
From downtown Hot Springs, take Central Avenue to Grand Avenue, turn onto Hazel Street, and continue to 316 Hazel Street.
Standard status
Active
Size
3,100 SF
Taxes and HOA fees
Tax Description
HSR BLK 98 098 / 007 05-03S-19W BLK 98 LOT PT 7
Tax Annual Amount
1203
Legal Description
HSR BLK 98 098 / 007 05-03S-19W BLK 98 LOT PT 7
Building Details
Year built
1930
Floors in Building
2
Listing Agency:
Progressive Realtors
(501) 622-8440
Listed By:
Shaila Sharrock
(501) 209-5884
Added: Oct 16
Changed: Oct 18
Last Checked: Oct 19 at 1:06AM
MLS# 157618
Copyright © 2026 Hot Springs 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.
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Investment Insights
Based on property information with market context.
This 8-unit studio apartment property contains 3,100 square feet and was built in 1930. The apartments are HUD-approved, and the site carries C-G General Comm District zoning.
Located on Hazel Street in downtown Hot Springs, the property is identified as an improvement lot. The current owner has relationships with multiple housing agencies and can assist with a transition involving applicable licensing, permits, and operating information.
Located on Hazel Street in downtown Hot Springs, the property is identified as an improvement lot. The current owner has relationships with multiple housing agencies and can assist with a transition involving applicable licensing, permits, and operating information.
Key Highlights
- Eight studio apartments in a 3,100‑square‑foot property
- Built in 1930
- C‑G General Comm District zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,130
Cap Rate
3.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$382,600
$382.6K
Cap Rate 7%
$273,286
$273.3K
Cap Rate 9%
$212,556
$212.6K
Market Conditions
NOI Build-Up for 3,100 SF
Gross rent
$37.2K $12.00/SF
− Vacancy
−$2.4K −$0.78/SF
EGI
$34.8K $11.22/SF
− OpEx
−$15.7K −$5.05/SF
NOI
$19.1K $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%
$382,600
Cap Rate 7%
$273,286
Cap Rate 9%
$212,556
Alternative Uses
Best Use
Apartment 5plus
$273.3K
$239.1K – $318.8K
NOI $19,130 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$566.9K
$496.1K – $661.4K
NOI $39,685 @ 7.0% cap · market cap 6.85%
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
8
Residential units
95%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,635
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - HUD-approved apartments operate within a commercially zoned property in downtown Hot Springs.
Where is this apartment building located?
The property is located at 316 HAZEL Street Hot Springs, AR.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Eight studio apartments in a 3,100‑square‑foot property; Built in 1930; C‑G General Comm District zoning
