Historic Mixed-Use
For Sale
$425,000
500 Garrison Ave, Fort Smith, AR 72901
Two-story property combines a restaurant, leased apartments, and unfinished upper-level space.
Property Size6,158 SF
Price / SF$69.02
Days on Market92
Property Features for 500 Garrison Ave
General Information
Standard status
Active
Size
6,158 SF
Additional Details
Road Access
Yes
Multifamily Units
2
Building Details
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
O'Neal Real Estate
Listed By:
Aaron O'Neal
(479) 739-8087
Source:
Thebesthomeprice
Added: Jul 18
Changed: Sep 15
Last Checked: Oct 7 at 1:43PM
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 O'Neal Real Estate
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Investment Insights
Based on property information with market context.
This two-story mixed-use building contains 6,158 square feet under roof and combines restaurant, residential, and future buildout components. The main level is occupied by an established restaurant, while two apartments are leased. The unfinished second floor provides additional interior area for a future buildout, subject to applicable approvals.
Located at 500 Garrison Avenue in downtown Fort Smith, the property retains original architectural elements, including exposed brick, vintage woodwork, tall ceilings, and large windows. Flexible-use zoning supports the property's mixed commercial and residential configuration. The combination of existing occupants and unfinished upper-level space creates a distinct downtown ownership profile.
Located at 500 Garrison Avenue in downtown Fort Smith, the property retains original architectural elements, including exposed brick, vintage woodwork, tall ceilings, and large windows. Flexible-use zoning supports the property's mixed commercial and residential configuration. The combination of existing occupants and unfinished upper-level space creates a distinct downtown ownership profile.
Key Highlights
- 6,158 square feet under roof in a two‑story mixed‑use building
- Established restaurant occupies the main level
- Two leased apartments provide existing residential occupancy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,467
Cap Rate
8.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$729,340
$729.3K
Cap Rate 7%
$520,957
$521.0K
Cap Rate 9%
$405,189
$405.2K
Market Conditions
NOI Build-Up for 6,158 SF
Gross rent
$71.7K $11.64/SF
− Vacancy
−$5.4K −$0.87/SF
EGI
$66.3K $10.77/SF
− OpEx
−$29.8K −$4.85/SF
NOI
$36.5K $5.92/SF
Area
Sebastian County, AR
Vacancy
7.50%
Lease Rate
$11.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$729,340
Cap Rate 7%
$520,957
Cap Rate 9%
$405,189
Alternative Uses
Best Use
Specialty Retail
$924.4K
$808.8K – $1.08M
NOI $64,705 @ 7.0% cap · market cap 15.22%
Second Best
Mixed Use
$743.4K
$650.5K – $867.4K
NOI $52,041 @ 7.0% cap · market cap 12.24%
Theoretical Best
Healthcare Medical
$1.31M
$1.15M – $1.53M
NOI $91,712 @ 7.0% cap · market cap 21.58%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,077
Businesses Nearby
19k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 68%
Hotels & Casinos 32%
Courtyard Fort Smith Downtown
Hotels & Casinos
5,964 visits/mo
0.3 miles
Valero Energy
Shops & Services
4,908 visits/mo
0.0 miles
Regions Bank
Shops & Services
3,376 visits/mo
0.2 miles
Arvest Bank
Shops & Services
2,692 visits/mo
0.3 miles
Valero Energy
Shops & Services
1,878 visits/mo
0.5 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-story property combines a restaurant, leased apartments, and unfinished upper-level space.
Where is this mixed-use property located?
The property is located at 500 Garrison Ave Fort Smith, AR.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 6,158 square feet under roof in a two‑story mixed‑use building; Established restaurant occupies the main level; Two leased apartments provide existing residential occupancy
