Two-Unit Renovated Duplex with Furnished
For Sale
$349,000
5017 S 28th ST, Fort Smith, AR 72901
Multifamily, Fort Smith, AR
Property Size2,040 SF
Lot Size0.18 Acres
Price / SF$171.08
Days on Market93
Property Features for 5017 S 28th ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 1
Window features
Vinyl Frames, Double Pane Windows
Appliances
Dishwasher, Dryer, Electric, Garbage Disposal, Microwave, Oven, Refrigerator, Washer
Subdivision
South Fort Smith
Lot features
Level
High school
Southside
Directions
Phoenix to 28th, south on 28th, Duplex is in left
Standard status
Active
APN
000-000-00000-0000
Size
2,040 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
Lot 9 South Fort Smith
Tax Annual Amount
1671
Legal Description
Lot 9 South Fort Smith
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Building Details
Year built
2008
Floors in Building
1
Number of units
2
Flooring type
Tile - Ceramic, Laminate
Roof type
Shingle
Listing Agency:
Keller Williams Platinum Realty · Keller Williams Realty
(479) 434-3000
Listed By:
Laura McLean · License #SA00081842
(479) 434-3000
Added: May 27
Changed: Aug 19
Last Checked: Aug 27 at 1:06PM
MLS# 1089338
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 renovated duplex offers two fully furnished units, each with two bedrooms and one bathroom. The home features laminate and ceramic tile flooring with no carpet, along with newer appliances including a dishwasher, microwave, oven, refrigerator, washer, dryer, and garbage disposal. Heating is electric (central) and cooling is provided by central air, supporting a low-maintenance, comfortable layout for either short-term or long-term occupancy.
The property sits on a 0.18-acre lot totaling 2,040 square feet, with a shingle roof. Built in 2008, the duplex is currently operating as an Airbnb business and is also described as a versatile option for conversion to reliable long-term rentals. It is located at 5017 S 28th ST in Fort Smith, AR (Sebastian County), and is associated with Southside schools.
The property sits on a 0.18-acre lot totaling 2,040 square feet, with a shingle roof. Built in 2008, the duplex is currently operating as an Airbnb business and is also described as a versatile option for conversion to reliable long-term rentals. It is located at 5017 S 28th ST in Fort Smith, AR (Sebastian County), and is associated with Southside schools.
Key Highlights
- Two fully furnished units with two bedrooms and one bathroom each
- 0.18‑acre lot with 2,040 square feet
- Renovated interior with laminate and ceramic tile flooring, no carpet
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
$13,529
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
3.88%
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%
$270,580
$270.6K
Cap Rate 7%
$193,271
$193.3K
Cap Rate 9%
$150,322
$150.3K
Market Conditions
NOI Build-Up for 2,040 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
$20.8K $10.20/SF
− Vacancy
−$1.5K −$0.73/SF
EGI
$19.3K $9.47/SF
− OpEx
−$5.8K −$2.84/SF
NOI
$13.5K $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%
$270,580
Cap Rate 7%
$193,271
Cap Rate 9%
$150,322
Alternative Uses
Best Use
Multifamily LT 5
$193.3K
$169.1K – $225.5K
NOI $13,529 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$172.6K
$151.0K – $201.4K
NOI $12,081 @ 7.0% cap · market cap 3.46%
Theoretical Best
Healthcare Medical
$434.0K
$379.8K – $506.4K
NOI $30,382 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
447
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 Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-unit duplex with two furnished two-bedroom, one-bath units and central HVAC.
Where is this duplex located?
The property is located at 5017 S 28th ST Fort Smith, AR.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two fully furnished units with two bedrooms and one bathroom each; 0.18‑acre lot with 2,040 square feet; Renovated interior with laminate and ceramic tile flooring, no carpet
