Multi-Tenant Office
For Sale
Contact for pricing
3600 Wheeler Avenue, Fort Smith, AR 72901
Heated office building with 65+ private offices, multiple conference rooms, elevator/stair access, and 225+ dedicated parking spaces.
Property Size59,358 SF
Lot Size6.53 Acres
Price / SF$160.05
Days on Market48
Property Features for 3600 Wheeler Avenue
General Information
Standard status
Active
Size
59,358 SF
Total Parking Spaces
225
Lot size
6.53 Acres
Property subtype
Office, Mixed Use
Zoning
Industrial
Occupancy
40%
Lease Type
NNN
Investment Type
Sale/Leaseback
Net Operating Income
$979,000
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
65
Amenities
conference rooms
foyer
elevator
staircases
kitchen/break rooms
copy rooms
filing rooms
dedicated server/data room with separate HVAC
updated systems
TPO roof
Building Details
Year Built
1980
Year Renovated
2026
Buildings
1
Stories
2
Units
1
Tenancy
Multi
Listing Agency:
Sagely & Edwards Realtors
(479) 719-5037
Listed By:
Mont Sagely · License #PB00046463
Source:
Crexi
Added: Jul 6
Changed: Aug 14
Last Checked: Aug 21 at 6:56PM
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 Sagely & Edwards Realtors
Investment Insights
Based on property information with market context.
This heated multi-tenant office building features 65+ private offices, multiple large conference rooms, and a welcoming foyer with both elevator and multiple staircases. Interior amenities include kitchen/break rooms, copy rooms, filing rooms, and a dedicated server/data room with separate HVAC. The property also highlights updated systems and a TPO roof.
Located at 3600 Wheeler Avenue on Hwy 255 in Fort Smith, the building sits on approximately 6.53 acres and is designed to support a range of office and institutional functions. The site includes 225+ dedicated parking spaces and offers strong day-to-day functionality and accessibility for meetings, training, and administrative operations.
Showings are by appointment and during business hours only, and the listing agent will attend all showings.
Located at 3600 Wheeler Avenue on Hwy 255 in Fort Smith, the building sits on approximately 6.53 acres and is designed to support a range of office and institutional functions. The site includes 225+ dedicated parking spaces and offers strong day-to-day functionality and accessibility for meetings, training, and administrative operations.
Showings are by appointment and during business hours only, and the listing agent will attend all showings.
Key Highlights
- 59,358 sq. ft. heated commercial office building built in 1980
- Multi‑tenant setup with 65+ private offices and multiple large conference rooms
- On approximately 6.53 acres with Hwy 255 frontage and dedicated parking for 225+ vehicles
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
$592,986
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
6.24%
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%
$11,859,720
$11.9M
Cap Rate 7%
$8,471,229
$8.5M
Cap Rate 9%
$6,588,733
$6.6M
Market Conditions
NOI Build-Up for 59,358 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
$854.8K $14.40/SF
− Vacancy
−$64.1K −$1.08/SF
EGI
$790.6K $13.32/SF
− OpEx
−$197.7K −$3.33/SF
NOI
$593.0K $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%
$11,859,720
Cap Rate 7%
$8,471,229
Cap Rate 9%
$6,588,733
Alternative Uses
Best Use
Office B
$8.47M
$7.41M – $9.88M
NOI $592,986 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$12.63M
$11.05M – $14.73M
NOI $884,031 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
65
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Explore this area
Business Placement
Demographics for 72901, AR
20,973
Population
10,337
Households
2
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
8.7 sq mi
ZIP Area
2,411
Density / Sq Mi
$42,568
Median Household Income
$30,582
Median Earnings
$837
Median Rent
$113,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Heated office building with 65+ private offices, multiple conference rooms, elevator/stair access, and 225+ dedicated parking spaces.
Where is this office building located?
The property is located at 3600 Wheeler Avenue Fort Smith, AR.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 59,358 sq. ft. heated commercial office building built in 1980; Multi‑tenant setup with 65+ private offices and multiple large conference rooms; On approximately 6.53 acres with Hwy 255 frontage and dedicated parking for 225+ vehicles
