48-Unit Student Housing Apartment
For Sale
$17,750,000
5717 Park AVE, Fort Smith, AR 72903
Multifamily, Contemporary, Fort Smith, AR
Property Size96,720 SF
Lot Size5.06 Acres
Price / SF$183.52
Days on Market140
Property Features for 5717 Park AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi Family
Bedrooms
144
Rooms
Bedroom 3, Bedroom 132, Bedroom 78, Bedroom 23, Bedroom 48, Bedroom 143, Bedroom 98, Bedroom 130, Bedroom 68, Bedroom 95, Bedroom 136, Bedroom 66, Bedroom 15, Bedroom 102, Bedroom 123, Bedroom 43, Bedroom 117, Bedroom 108, Bedroom 17, Bedroom 4, Bedroom 129, Bedroom 110, Bedroom 126, Bedroom 99, Bedroom 127, Bedroom 140, Bedroom 42, Bedroom 84, Bedroom 89, Bedroom 22, Bedroom 134, Bedroom 128, Bedroom 12, Bedroom 56, Bedroom 28, Bedroom 138, Bedroom 77, Bedroom 6, Bedroom 119, Bedroom 144, Bedroom 53, Bedroom 2, Bedroom 27, Bedroom 37, Bedroom 111, Bedroom 135, Bedroom 101, Bedroom 106, Bedroom 92, Bedroom 24, Bedroom 79, Bedroom 116, Bedroom 18, Bedroom 72, Bedroom 93, Bedroom 112, Bedroom 19, Bedroom 60, Bedroom 139, Bedroom 35, Bedroom 39, Bedroom 16, Bedroom 34, Bedroom 52, Bedroom 113, Bedroom 85, Bedroom 57, Bedroom 49, Bedroom 69, Bedroom 109, Bedroom 104, Bedroom 96, Bedroom 61, Bedroom 83, Bedroom 70, Bedroom 82, Bedroom 107, Bedroom 120, Bedroom 131, Bedroom 13, Bedroom 26, Bedroom 46, Bedroom 14, Bedroom 63, Bedroom 7, Bedroom 33, Bedroom 59, Bedroom 36, Bedroom 103, Bedroom 133, Bedroom 11, Bedroom 74, Bedroom 38, Bedroom 137, Bedroom 118, Bedroom 10, Bedroom 8, Bedroom 32, Bedroom 87, Bedroom 47, Bedroom 81, Bedroom 141, Bedroom 1, Bedroom 21, Bedroom 125, Bedroom 76, Bedroom 114, Bedroom 41, Bedroom 20, Bedroom 62, Bedroom 40, Bedroom 86, Bedroom 65, Bedroom 54, Bedroom 105, Bedroom 122, Bedroom 44, Bedroom 115, Bedroom 94, Bedroom 45, Bedroom 58, Bedroom 124, Bedroom 142, Bedroom 100, Bedroom 9, Bedroom 97, Bedroom 64, Bedroom 67, Bedroom 88, Bedroom 91, Bedroom 51, Bedroom 80, Bedroom 29, Bedroom 90, Bedroom 75, Bedroom 30, Bedroom 121, Bedroom 73, Bedroom 5, Bedroom 50, Bedroom 25, Bedroom 71, Bedroom 31, Bedroom 55
Patio and Porch features
Porch
Appliances
Dishwasher, Dryer, Electric, Garbage Disposal, Microwave, Oven, Range, Refrigerator, Washer
Subdivision
University Park Place
Lot features
Cleared, Cul-De-Sac, Curbing, In Subdivision, Landscaped, Level, Sidewalk
Elementary school district
Fort Smith
Middle school district
Fort Smith
High school district
Fort Smith
Directions
From the intersection of I-540 and Grand Ave, go west on Grand 0.4 miles; turn left on Waldron Ave and go south 0.5 miles; turn left on Park Ave and go 0.2 miles - the property is on the left.
Standard status
Active
APN
11264-0001-00000-00
Size
96,720 SF
Lot size
5.06 Acres
Taxes and HOA fees
Tax Description
LOT 1
Tax Annual Amount
63864
Legal Description
LOT 1
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
outdoor grilling areas
fire pit pergolas
pet-friendly spaces
planned resident events
in-unit washer and dryer
walk-in closets
large-screen TVs
stainless steel appliances
wood-style flooring
Building Details
Year built
2020
Floors in Building
2
Number of units
48
Flooring type
Carpet, Vinyl
Roof type
Metal
Architectural style
Contemporary
Listing Agency:
Keller Williams Platinum Realty · Keller Williams Realty
(479) 434-3000
Listed By:
Cheryl Garner · License #Sa00083287
(479) 434-3000
Added: Apr 3
Changed: Aug 19
Last Checked: Aug 20 at 5:06AM
MLS# 1088155
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.
University Park Place is a 48-unit, purpose-built student housing community featuring fully furnished townhomes with individual, by-the-bed leasing. Each unit includes private bedrooms and bathrooms and stainless steel appliances, along with wood-style flooring and walk-in closets. Residents have in-unit washer and dryer sets (two per unit), plus large-screen TVs in the furnished living spaces.
The community is located at 5717 Park AVE in Fort Smith, AR 72903, with proximity described as within a 5-minute walk to the University of Arkansas–Fort Smith campus. Community amenities include outdoor grilling areas, fire pit pergolas, pet-friendly spaces, and planned resident events.
The property is sited on 5.06 acres and has a total property size of 96,720 square feet. Built in 2020 with a contemporary style and a metal roof, the buildings are served by central heating and central air conditioning.
The community is located at 5717 Park AVE in Fort Smith, AR 72903, with proximity described as within a 5-minute walk to the University of Arkansas–Fort Smith campus. Community amenities include outdoor grilling areas, fire pit pergolas, pet-friendly spaces, and planned resident events.
The property is sited on 5.06 acres and has a total property size of 96,720 square feet. Built in 2020 with a contemporary style and a metal roof, the buildings are served by central heating and central air conditioning.
Key Highlights
- 48‑unit purpose‑built student housing community
- Fully furnished townhomes with individual, by‑the‑bed leasing
- In‑unit washer and dryer sets (two per unit) plus stainless steel appliances
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
$572,761
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
3.23%
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%
$11,455,220
$11.5M
Cap Rate 7%
$8,182,300
$8.2M
Cap Rate 9%
$6,364,011
$6.4M
Market Conditions
NOI Build-Up for 96,720 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
$1.13M $11.64/SF
− Vacancy
−$84.4K −$0.87/SF
EGI
$1.04M $10.77/SF
− OpEx
−$468.6K −$4.85/SF
NOI
$572.8K $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 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%
$11,455,220
Cap Rate 7%
$8,182,300
Cap Rate 9%
$6,364,011
Alternative Uses
Best Use
Apartment 5plus
$8.18M
$7.16M – $9.55M
NOI $572,761 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$20.58M
$18.01M – $24.01M
NOI $1,440,470 @ 7.0% cap · market cap 8.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
48
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Explore this area
Business Placement
Demographics for 72903, AR
25,225
Population
12,079
Households
2.1
Avg Household Size
41
Median Age
33%
College-Educated
91%
High-School Grad
16.2 sq mi
ZIP Area
1,557
Density / Sq Mi
$60,186
Median Household Income
$36,560
Median Earnings
$804
Median Rent
$216,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multi family student housing community built in 2020 with central HVAC and fully furnished townhomes featuring in-unit washer and dryer sets.
Where is this apartment building located?
The property is located at 5717 Park AVE Fort Smith, AR.
What is the asking price?
The asking price for this property is $17,750,000.
What are key features of this property?
This property features: 48‑unit purpose‑built student housing community; Fully furnished townhomes with individual, by‑the‑bed leasing; In‑unit washer and dryer sets (two per unit) plus stainless steel appliances
