Student Housing Townhome
For Sale
$17,750,000
5717 Park Avenue, Fort Smith, AR 72903
MULTI_FAMILY - Fort Smith, AR
Property Size96,720 SF
Lot Size5.06 Acres
Price / SF$183.52
Days on Market137
Property Features for 5717 Park Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Multi Family
Parking features
Parking Lot
Window features
Blinds
Patio and Porch features
Porch
Interior features
WalkInClosets, WindowTreatments
Exterior features
ConcreteDriveway
Appliances
Dryer, Dishwasher, ElectricOven, ElectricRange, ElectricWaterHeater, Disposal, Microwave, Refrigerator, SelfCleaningOven, Washer
Subdivision
University Park Place
Lot features
Central Business District, Cleared, Cul De Sac, City Lot, Landscaped, Level, Near Park, Subdivision
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
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Amenities
outdoor grilling areas
fire pit pergolas
pet-friendly spaces
planned resident events
private bedrooms and bathrooms
stainless steel appliances
wood-style flooring
in-unit washer and dryer sets
walk-in closets
large-screen TVs
Building Details
Year built
2020
Floors in Building
2
Number of units
48
Flooring type
Carpet, Vinyl
Building materials
Brick, Cedar, MetalSiding
Roof type
Metal
Listing Agency:
Keller Williams Platinum Realty · Keller Williams Realty
(479) 434-3000
Listed By:
Cheryl Garner · License #Sa00083287
(479) 434-3000
Added: Apr 6
Changed: Aug 3
Last Checked: Aug 20 at 6:06AM
MLS# 1341890
Copyright © 2026 ArkansasONE MLS. 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 purpose-built 48-unit student housing community featuring fully furnished 4-bedroom, 4-bathroom townhomes. Units are set up for individual, by-the-bed leasing, supporting a student-renter lifestyle. Each townhome includes private bedrooms and bathrooms, stainless steel appliances, wood-style flooring, and in-unit washer and dryer sets (two per unit). Additional interior features include walk-in closets and window treatments.
Outdoor amenities include grilling areas and fire pit pergolas, along with pet-friendly spaces and planned resident events. The property is located within a 2-minute walk of the University of Arkansas-Fort Smith campus.
The community includes a concrete driveway and a parking lot for resident parking. Built in 2020, the building has central electric heating and central air conditioning, with a metal roof. Water is served by public utilities.
Outdoor amenities include grilling areas and fire pit pergolas, along with pet-friendly spaces and planned resident events. The property is located within a 2-minute walk of the University of Arkansas-Fort Smith campus.
The community includes a concrete driveway and a parking lot for resident parking. Built in 2020, the building has central electric heating and central air conditioning, with a metal roof. Water is served by public utilities.
Key Highlights
- 48‑unit student housing community with furnished 4‑bedroom, 4‑bath townhomes
- By‑the‑bed leasing model for individual tenant arrangements
- In‑unit washer and dryer sets (two per unit) plus private bedrooms and bathrooms
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
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 - 48-unit student housing community with furnished 4-bedroom, 4-bath townhomes designed for by-the-bed leasing near campus.
Where is this apartment building located?
The property is located at 5717 Park Avenue 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 student housing community with furnished 4‑bedroom, 4‑bath townhomes; By‑the‑bed leasing model for individual tenant arrangements; In‑unit washer and dryer sets (two per unit) plus private bedrooms and bathrooms
