Multifamily Investment Opportunity Near Lake
5703 CENTRAL AVENUE, Hot Springs, AR 71913
New
MULTI_FAMILY - Hot Springs, AR
Type:Apartment
Property size:
13,846 SFLot size:
0.59 AcresPrice / SF:
$71/SF- Added:
- May 21, 2026
- Days on Market:
- 1
- Last Refresh:
- May 21 at 11:06 pm
Property Features for 5703 CENTRAL AVENUE
General Information
- Property type
- Residential Multi Family
- Property subtype
- Apartment
- Exterior features
- Dumpster
- Standard status
- Active
- Size
- 13,846 SF
- Lot size
- 0.59 Acres
Taxes and HOA fees
- Tax Description
- PT LOT 3 NW
- Tax Annual Amount
- 66284
Building Details
- Floors in Building
- 1
- Number of units
- 19
- Roof type
- Metal
Listing agent Greg Calaway (501) 529-1921
Listing office Baxley-Penfield-Moudy Realtors 3525 Highway 5 N Suite 100, Benton, AR (501) 315-5000
Listing date May 21, 2026
MLS# 26020486
Listing URL
Copyright © 2026 Cooperative Arkansas Realtors Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Prime investment opportunity with 19 units in the Lakeside School District and close proximity to Lake Hamilton.
- Option to renovate existing units or convert to condos for higher LTV sales. Architectural blueprints available to increase square footage and value.
- Flexibility to lease units yearly or as Airbnb rentals (no permit required in Garland County).
- Potential to own the entire condo association and all 19 units.
- Plans available to create a unit mix of 8 three‑bedroom, 8 two‑bedroom, and 3 one‑bedroom units.
- Opportunity to add carports or garages for both the front and back units.
Overview
This multifamily property, located in the Lakeside School District, presents a significant investment opportunity with 19 units and convenient access to Lake Hamilton. The property includes 18 built-out units, comprising 8 units in 4 duplexes at the rear and 10 finished units with 1 unfinished unit in the front building. The property has been recently converted to condos, offering the potential to sell individual units for a higher loan-to-value ratio in the future. The property can be renovated and leased on a yearly basis or utilized for Airbnb rentals, as no permit is required due to its location in Garland County, outside the city limits of Hot Springs. The investor would own the entire condo association and all units within it. Architectural blueprints are available to increase unit square footage and overall value. Renovated plans envision 8 units with 3 bedrooms and 2.5 baths, 8 units with 2 bedrooms and 2 baths, and 3 units with 1 bedroom and 1.5 baths. The envisioned design includes making the main building accessible on Central Avenue with a slider gate at the front and fencing around the perimeter, along with the addition of 11 carports or garages parallel to the 11-unit main building. The back 8 units would have a separate gated entrance from Long Beach, featuring 8 covered parking spaces or garages. The property size is 13846 square feet and sits on a 0.59-acre lot.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$949.4K
NOI $85,444 @ 9.00% cap · cautious / downside scenario
Moderate
$1.22M
NOI $85,444 @ 7.00% cap · market / base-case scenario
Aggressive
$1.71M
NOI $85,444 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $166.2k | $12.00 |
| − Vacancy | −$10.8k | −$0.78 |
| EGI | $155.4k | $11.22 |
| − OpEx | −$69.9k | −$5.05 |
| NOI | $85.4k | $6.17 |
13,846 SF · lease $12.00/SF/yr · vacancy 6.50% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,444 @ 7.0% cap · market cap 8.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.53M
$2.22M – $2.95M
NOI $177,251 @ 7.0% cap · market cap 17.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
7 South Apartments
Apartment Building
Location Insight
- Map
- Local Demand
- City
- Hot Springs
- County
- Garland
- State
- Arkansas
- Longitude
- -93.097699
- Latitude
- 34.419969
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 19-unit multifamily property near Lake Hamilton in Hot Springs, AR.
Where is this apartment building located?
The property is located at 5703 CENTRAL AVENUE Hot Springs, AR.
What is the asking price?
The asking price for this property is $994,400.
What are key features of this property?
This property features: Prime investment opportunity with 19 units in the Lakeside School District and close proximity to Lake Hamilton.; Option to renovate existing units or convert to condos for higher LTV sales. Architectural blueprints available to increase square footage and value.; Flexibility to lease units yearly or as Airbnb rentals (no permit required in Garland County).
