Professional Office
New
For Sale
$575,000
3224 Old Greenwood RD, Fort Smith, AR 72903
Commercial, Fort Smith, AR
Property Size3,180 SF
Lot Size0.27 Acres
Price / SF$180.82
Days on Market3
Property Features for 3224 Old Greenwood RD
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Rooms
Basement
Parking
12
Directions
Heading West on Rogers Ave, turn South on Old Greenwood Rd and the office is on the right
Standard status
Active
APN
14808-0002-00000-00
Size
3,180 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Description
LOT 2
Tax Annual Amount
3207
Legal Description
LOT 2
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Amenities
executive offices
conference rooms
natural light
quality interior finishes
Building Details
Year built
1995
Number of units
1
Flooring type
Vinyl
Roof type
Shingle
Listing Agency:
Limbird Real Estate Group
(855) 755-7653
Listed By:
Charli Lawson
(479) 718-2800
Added: Sep 7
Changed: Sep 9
Last Checked: Sep 9 at 9:06PM
MLS# 1091522
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.
This office building provides 3,180 square feet across a 2,435-square-foot main level and a 745-square-foot basement. The layout includes multiple executive offices and conference rooms, with natural light and vinyl flooring throughout the office areas. The basement adds storage or operational space for the property’s users.
Built in 1995, the property occupies 0.27 acres and features central air conditioning, electric heating, a shingle roof, and commercial zoning. The configuration supports professional office operations with separate work areas and dedicated meeting space.
Built in 1995, the property occupies 0.27 acres and features central air conditioning, electric heating, a shingle roof, and commercial zoning. The configuration supports professional office operations with separate work areas and dedicated meeting space.
Key Highlights
- 3,180 square feet of total building area
- 2,435‑square‑foot main level plus 745‑square‑foot basement
- Multiple executive offices and conference rooms
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
$31,768
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
5.52%
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%
$635,360
$635.4K
Cap Rate 7%
$453,829
$453.8K
Cap Rate 9%
$352,978
$353.0K
Market Conditions
NOI Build-Up for 3,180 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
$45.8K $14.40/SF
− Vacancy
−$3.4K −$1.08/SF
EGI
$42.4K $13.32/SF
− OpEx
−$10.6K −$3.33/SF
NOI
$31.8K $9.99/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$14.40 /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%
$635,360
Cap Rate 7%
$453,829
Cap Rate 9%
$352,978
Alternative Uses
Best Use
Office B
$453.8K
$397.1K – $529.5K
NOI $31,768 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$676.6K
$592.0K – $789.3K
NOI $47,360 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
260
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Commercially zoned office property with executive offices, conference rooms, and supplemental basement space.
Where is this office building located?
The property is located at 3224 Old Greenwood RD Fort Smith, AR.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,180 square feet of total building area; 2,435‑square‑foot main level plus 745‑square‑foot basement; Multiple executive offices and conference rooms
