Brick Duplex with
For Sale
$350,000
Pending
4901/4903 Morgans WY, Fort Smith, AR 72916
Multifamily, Fort Smith, AR
Property Size2,525 SF
Lot Size0.24 Acres
Days on Market12
Property Features for 4901/4903 Morgans WY
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Appliances
Dishwasher, Microwave, Range
Subdivision
Millennium Estates
Lot features
In Subdivision
Directions
driving East on Zero turn South on Hwy 45 turn left on Geren Rd right into Millennium Estates.
Standard status
Pending
APN
15266-0093-00000-00
Size
2,525 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
LOT 93
Tax Annual Amount
2548
HOA Fee
$70 Annually
Legal Description
LOT 93
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
patio
Building Details
Year built
2001
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic, Carpet
Roof type
Shingle
Listing Agency:
Linsey & Co. Realtors
(479) 431-4168
Listed By:
Linsey Yates · License #PB00055637
(479) 883-9370
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 27 at 1:06PM
MLS# 1091711
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 2,525-square-foot brick duplex, built in 2001, contains two three-bedroom, two-bath units. Each residence includes a two-car garage and patio, with total-electric service, central heating, and central air conditioning. Interior finishes include carpet and ceramic tile, while the property is covered by a shingle roof.
The property sits on a 0.2406-acre lot at 4901/4903 Morgans WY in Fort Smith, Arkansas 72916. Both units are currently occupied. Appliances provided in the residences include dishwashers, microwaves, and ranges.
The property sits on a 0.2406-acre lot at 4901/4903 Morgans WY in Fort Smith, Arkansas 72916. Both units are currently occupied. Appliances provided in the residences include dishwashers, microwaves, and ranges.
Key Highlights
- Two three‑bedroom, two‑bath units
- 2,525 square feet on a 0.2406‑acre lot
- Each unit includes a two‑car garage and patio
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
$16,745
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
4.78%
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%
$334,900
$334.9K
Cap Rate 7%
$239,214
$239.2K
Cap Rate 9%
$186,056
$186.1K
Market Conditions
NOI Build-Up for 2,525 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
$25.8K $10.20/SF
− Vacancy
−$1.8K −$0.73/SF
EGI
$23.9K $9.47/SF
− OpEx
−$7.2K −$2.84/SF
NOI
$16.7K $6.63/SF
Area
Sebastian County, AR
Vacancy
7.12%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$334,900
Cap Rate 7%
$239,214
Cap Rate 9%
$186,056
Alternative Uses
Best Use
Multifamily LT 5
$239.2K
$209.3K – $279.1K
NOI $16,745 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$213.6K
$186.9K – $249.2K
NOI $14,953 @ 7.0% cap · market cap 4.27%
Theoretical Best
Healthcare Medical
$537.2K
$470.1K – $626.8K
NOI $37,605 @ 7.0% cap · market cap 10.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 72916, AR
10,250
Population
4,720
Households
2.2
Avg Household Size
41
Median Age
45%
College-Educated
92%
High-School Grad
37.7 sq mi
ZIP Area
272
Density / Sq Mi
$88,125
Median Household Income
$51,444
Median Earnings
$1,212
Median Rent
$257,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex offering two residential units with private garages, patios, and all-electric service.
Where is this duplex located?
The property is located at 4901/4903 Morgans WY Fort Smith, AR.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two three‑bedroom, two‑bath units; 2,525 square feet on a 0.2406‑acre lot; Each unit includes a two‑car garage and patio
