62-Unit Brick Garden Apartment
New
For Sale
$3,900,000
5201 Spradling Ave, Fort Smith, AR 72904
Residents have access to on-site laundry, a leasing office, a playground and storage.
Property Size32,178 SF
Price / SF$121.20
Days on Market2
Property Features for 5201 Spradling Ave
General Information
Standard status
Active
Size
32,178 SF
Property subtype
Multi-Family
Units
Unit Mix
24 x 1BR (600 SF), 38 x 2BR (820 SF)
Multifamily Units
62
Amenities
on-site leasing office
on-site laundry
playground
resident storage
Building Details
Year Built
1991
Buildings
4
Stories
2
Construction
brick
Listing Agency:
The Heritage Group Real Estate - Barling
(479) 806-5955
Listed By:
Bradford & Udouj Realtors
(479) 646-5539
Source:
Bradfordudouj
Added: Oct 5
Changed: Oct 6
Last Checked: Oct 6 at 2:30AM
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 The Heritage Group Real Estate - Barling
Investment Insights
Based on property information with market context.
Built in 1991, this brick apartment property comprises 62 units across four two-story buildings on 1.80 acres, with an adjacent parcel also acquired by current ownership. The mix includes 24 one-bedroom apartments at 600 SF and 38 two-bedroom apartments at 820 SF. On-site amenities include a leasing office, laundry, a playground and resident storage.
Eight apartments have received full interior renovations, including updated kitchens and bathrooms, flooring, fixtures, paint and appliances as needed. Other completed work includes deck repairs, exterior painting and plumbing inspection and cleaning in Building D. Fifty-four classic units remain for renovation. Water, sewer and trash are owner-paid, with no utility bill-back in place. The stated stabilized pro forma reflects a 7.9% cap rate.
Eight apartments have received full interior renovations, including updated kitchens and bathrooms, flooring, fixtures, paint and appliances as needed. Other completed work includes deck repairs, exterior painting and plumbing inspection and cleaning in Building D. Fifty-four classic units remain for renovation. Water, sewer and trash are owner-paid, with no utility bill-back in place. The stated stabilized pro forma reflects a 7.9% cap rate.
Key Highlights
- 62 apartments across four two‑story buildings
- Unit mix: 24 one‑bedroom apartments at 600 SF and 38 two‑bedroom apartments at 820 SF
- Located on 1.80 acres, with an adjacent parcel acquired by current ownership
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$190,553
Cap Rate
4.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,811,060
$3.8M
Cap Rate 7%
$2,722,186
$2.7M
Cap Rate 9%
$2,117,256
$2.1M
Market Conditions
NOI Build-Up for 32,178 SF
Gross rent
$374.6K $11.64/SF
− Vacancy
−$28.1K −$0.87/SF
EGI
$346.5K $10.77/SF
− OpEx
−$155.9K −$4.85/SF
NOI
$190.6K $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%
$3,811,060
Cap Rate 7%
$2,722,186
Cap Rate 9%
$2,117,256
Alternative Uses
Best Use
Apartment 5plus
$2.72M
$2.38M – $3.18M
NOI $190,553 @ 7.0% cap · market cap 4.89%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$6.85M
$5.99M – $7.99M
NOI $479,233 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
62
Residential units
Location Intelligence
Trade Area within ½ mile
112
Businesses Nearby
Explore this area
Business Placement
Demographics for 72904, AR
22,402
Population
8,406
Households
2.7
Avg Household Size
33
Median Age
7%
College-Educated
67%
High-School Grad
13.7 sq mi
ZIP Area
1,635
Density / Sq Mi
$40,357
Median Household Income
$28,519
Median Earnings
$817
Median Rent
$108,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Residents have access to on-site laundry, a leasing office, a playground and storage.
Where is this apartment building located?
The property is located at 5201 Spradling Ave Fort Smith, AR.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 62 apartments across four two‑story buildings; Unit mix: 24 one‑bedroom apartments at 600 SF and 38 two‑bedroom apartments at 820 SF; Located on 1.80 acres, with an adjacent parcel acquired by current ownership
