Residential Income Property with
For Sale
$499,000
451 Lakeland Drive Unit G4, Hot Springs, AR 71913
Condominium residence with a private primary suite, two additional bedrooms, and shared recreational amenities.
Property Size3,168 SF
Days on Market150
Property Features for 451 Lakeland Drive Unit G4
General Information
Standard status
Active
Size
3,168 SF
Property subtype
Condo/Townhse/Duplex/Apt
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,884
Amenities
pool
hot tub
clubhouse
gated
balcony
Building Details
Building Size
3,168 SF
Year Built
2005
Listing Agency:
ArkBest Realty, Inc.
(501) 507-8426
Listed By:
Camme Fell · License ##SA00076597
Source:
Whitestonearkansas
Added: Mar 28
Changed: Aug 21
Last Checked: Aug 23 at 7:42AM
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 ArkBest Realty, Inc.
Investment Insights
Based on property information with market context.
This condominium residence was built in 2005 and offers a multi-level layout with the primary suite occupying the entire upper floor. Two additional bedrooms are positioned on the main level, and two balconies extend the living space outdoors. The unit is located within a gated complex on a deep-water cove of Lake Hamilton.
Community amenities include a swimming pool, hot tub, and clubhouse party room with restrooms. Existing docks permit short-term tie-ups, while Hot Springs Marina is less than 1/8 mile down the cove and offers boat concierge service. Daily and weekly rentals are not permitted.
Community amenities include a swimming pool, hot tub, and clubhouse party room with restrooms. Existing docks permit short-term tie-ups, while Hot Springs Marina is less than 1/8 mile down the cove and offers boat concierge service. Daily and weekly rentals are not permitted.
Key Highlights
- Condominium completed in 2005
- Entire upstairs level serves as the primary suite
- Two additional bedrooms on the main level
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
$19,550
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
3.92%
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%
$391,000
$391.0K
Cap Rate 7%
$279,286
$279.3K
Cap Rate 9%
$217,222
$217.2K
Market Conditions
NOI Build-Up for 3,168 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
$38.0K $12.00/SF
− Vacancy
−$2.5K −$0.78/SF
EGI
$35.5K $11.22/SF
− OpEx
−$16.0K −$5.05/SF
NOI
$19.5K $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 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%
$391,000
Cap Rate 7%
$279,286
Cap Rate 9%
$217,222
Alternative Uses
Best Use
Apartment 5plus
$279.3K
$244.4K – $325.8K
NOI $19,550 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$579.4K
$506.9K – $675.9K
NOI $40,555 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
Explore this area
Business Placement
Demographics for 71913, AR
46,801
Population
25,441
Households
1.8
Avg Household Size
44
Median Age
28%
College-Educated
91%
High-School Grad
134.2 sq mi
ZIP Area
349
Density / Sq Mi
$55,367
Median Household Income
$32,746
Median Earnings
$970
Median Rent
$179,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with a private primary suite, two additional bedrooms, and shared recreational amenities.
Where is this residential income property located?
The property is located at 451 Lakeland Drive Unit G4 Hot Springs, AR.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Condominium completed in 2005; Entire upstairs level serves as the primary suite; Two additional bedrooms on the main level
