Historic Downtown Retail and
348 CENTRAL Avenue, Hot Springs, AR 71901
Street-level retail with expansive display windows plus a second-floor level with original features and redevelopment flexibility.
Type:Commercial Building
Property size:
8,400 SFPrice / SF:
$166/SF- Added:
- Jun 26, 2026
- Days on Market:
- 11
- Last Refresh:
- Jul 6 at 2:54 am
Property Features for 348 CENTRAL Avenue
General Information
- Standard status
- Active
- Size
- 8,400 SF
- Property subtype
- Commercial Building
Building Details
- Year Built
- 1907
Listing office Urban Living and Development INC
Listing date Jun 26, 2026
Source Whitestonearkansas
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 Urban Living and Development INC
HighLights
- 1907 historic building in Historic Downtown Hot Springs adjacent to The Waters Hotel and steps from Bathhouse Row
- Approximately 8,400 total SF with about 4,000 SF of street‑level commercial/retail space and expansive display windows on Central Avenue
- Second floor adds approximately 4,000 SF and offers redevelopment flexibility for a variety of uses
- Upper level features original hardwood floors, soaring ceilings, a vaulted skylight, and views over Bathhouse Row and the Arlington Hotel
- Street‑level retail layout includes prominent pedestrian exposure along Central Avenue
Overview
This historic landmark property totals approximately 8,400 square feet, with about 4,000 square feet of street-level commercial space featuring expansive display windows and strong pedestrian-oriented frontage along Central Avenue. The upper level adds approximately 4,000 square feet and is presented as a unique redevelopment opportunity, with original hardwood floors, soaring ceilings, a vaulted skylight, and views overlooking Bathhouse Row and the Arlington Hotel.
Set in the heart of Historic Downtown Hot Springs, the building is positioned adjacent to The Waters Hotel and just steps from Bathhouse Row. It sits within the active downtown district surrounded by restaurants, shopping, entertainment, and year-round tourism.
For buyers and operators, the combination of street-level storefront space and an additional second-floor level can support a range of business formats, including retail with office or service components, hospitality concepts, executive office use, creative workspaces, event venues, or a mixed-use redevelopment strategy. The property is marketed as an income-producing asset, offering a chance to preserve a piece of Hot Springs history while tailoring the upper level for modern occupancy needs.
Set in the heart of Historic Downtown Hot Springs, the building is positioned adjacent to The Waters Hotel and just steps from Bathhouse Row. It sits within the active downtown district surrounded by restaurants, shopping, entertainment, and year-round tourism.
For buyers and operators, the combination of street-level storefront space and an additional second-floor level can support a range of business formats, including retail with office or service components, hospitality concepts, executive office use, creative workspaces, event venues, or a mixed-use redevelopment strategy. The property is marketed as an income-producing asset, offering a chance to preserve a piece of Hot Springs history while tailoring the upper level for modern occupancy needs.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $121.0k | $14.40 |
| − Vacancy | −$13.4k | −$1.60 |
| EGI | $107.5k | $12.80 |
| − OpEx | −$26.9k | −$3.20 |
| NOI | $80.7k | $9.60 |
8,400 SF · lease $14.40/SF/yr · vacancy 11.10% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.15M
$1.01M – $1.34M
NOI $80,650 @ 7.0% cap · market cap 5.78%
Second Best
Retail
$947.5K
$829.1K – $1.11M
NOI $66,326 @ 7.0% cap · market cap 4.75%
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,533 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Toy Chest
(Bike/Boat/Book/etc) Store
Similar Places Nearby
- Elegant Gunk — Hot Springs, AR 71913
- Joe Sturgill & Company — 817 Prospect Ave, Hot Springs, AR 71901
- Hot Springs Florist Gifts & More Inc. — 2034 Central Ave, Hot Springs National Park, AR 71901
- Norman Florist & Greenhouses, Inc. — 620 Greenwood Ave, Hot Springs, AR 71913
Location Insight
- Map
- Local Demand
- City
- Hot Springs
- County
- Garland
- State
- Arkansas
- Longitude
- -93.054143
- Latitude
- 34.514675
Nearby Similar for Sale
FAQs
What type of property is this?
Storefront property - Street-level retail with expansive display windows plus a second-floor level with original features and redevelopment flexibility.
Where is this storefront property located?
The property is located at 348 CENTRAL Avenue Hot Springs, AR.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 1907 historic building in Historic Downtown Hot Springs adjacent to The Waters Hotel and steps from Bathhouse Row; Approximately 8,400 total SF with about 4,000 SF of street‑level commercial/retail space and expansive display windows on Central Avenue; Second floor adds approximately 4,000 SF and offers redevelopment flexibility for a variety of uses
