Furnished Condo with Boat
For Sale
$219,000
651 Peninsula, Hot Springs, AR 71901
Residential, Traditional, Hot Springs, AR
Property Size1,188 SF
Price / SF$184.34
Days on Market10
Property Features for 651 Peninsula
General Information
Property type
Residential
Property subtype
Duplex
Bedrooms
2
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 1, Den, Bathroom 1, Bedroom 2, Bathroom 3, Bathroom 2
Patio and Porch features
Patio
Interior features
Washer Connection, Dryer Connection-Electric, Walk-in Shower, Furnished
Exterior features
Patio, Inground Pool, Boat Dock, Covered Patio
Fireplace
1
Appliances
Built-In Stove, Microwave, Dishwasher, Refrigerator-Stays
Subdivision
BAYWOOD COLONY HPR
Lot features
In Subdivision
Directions
MLK Expressway to Carpenter Dam Rd to Bayshore Dr to Peninsula Dr. Apt 28
Standard status
Active
Size
1,188 SF
Taxes and HOA fees
Tax Description
Lot 28, Baywood Colony HPR
Tax Annual Amount
1467
HOA Fee
$435 Monthly
Legal Description
Lot 28, Baywood Colony HPR
Utilities
Water front
1
Amenities
pool
common areas
boat dock
gated community
Building Details
Year built
1961
Flooring type
Vinyl
Roof type
Composition
Architectural style
Other
Listing Agency:
Trademark Real Estate, Inc.
(501) 318-3200
Listed By:
Tammy Browning
(501) 881-9490
Added: Aug 24
Changed: Aug 31
Last Checked: Sep 2 at 8:06AM
MLS# 26034512
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.
Investment Insights
Based on property information with market context.
This furnished condominium at 651 Peninsula includes 1,188 square feet with two bedrooms, two and a half bathrooms, a den, and vinyl flooring. Interior features include washer and dryer connections, a walk-in shower, and a fireplace. The kitchen is equipped with a built-in stove, microwave, dishwasher, and refrigerator. A private patio, covered patio, composition roof, and furnished interiors add to the property’s functionality.
Baywood Colony is a gated community with an inground pool, common areas, and a boat dock on Lake Hamilton. The property is located in Hot Springs, near shopping, dining, and medical services. Built in 1961, the residence offers a combination of lake-oriented setting and community amenities.
Baywood Colony is a gated community with an inground pool, common areas, and a boat dock on Lake Hamilton. The property is located in Hot Springs, near shopping, dining, and medical services. Built in 1961, the residence offers a combination of lake-oriented setting and community amenities.
Key Highlights
- 1,188‑square‑foot furnished condominium with two bedrooms and 2.5 bathrooms
- Boat dock on Lake Hamilton within the Baywood Colony community
- Gated community with an inground pool and common areas
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
$7,331
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
3.35%
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%
$146,620
$146.6K
Cap Rate 7%
$104,729
$104.7K
Cap Rate 9%
$81,456
$81.5K
Market Conditions
NOI Build-Up for 1,188 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
$14.3K $12.00/SF
− Vacancy
−$927 −$0.78/SF
EGI
$13.3K $11.22/SF
− OpEx
−$6.0K −$5.05/SF
NOI
$7.3K $6.17/SF
Area
Garland County, AR
Vacancy
6.50%
Lease Rate
$12.00 /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%
$146,620
Cap Rate 7%
$104,729
Cap Rate 9%
$81,456
Alternative Uses
Best Use
Apartment 5plus
$104.7K
$91.6K – $122.2K
NOI $7,331 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$217.3K
$190.1K – $253.5K
NOI $15,208 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Explore this area
Business Placement
Demographics for 71901, AR
29,363
Population
14,952
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
88%
High-School Grad
101.9 sq mi
ZIP Area
288
Density / Sq Mi
$52,410
Median Household Income
$35,604
Median Earnings
$797
Median Rent
$173,400
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residence in a gated community with a pool, patio, and access to Lake Hamilton.
Where is this residential income property located?
The property is located at 651 Peninsula Hot Springs, AR.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: 1,188‑square‑foot furnished condominium with two bedrooms and 2.5 bathrooms; Boat dock on Lake Hamilton within the Baywood Colony community; Gated community with an inground pool and common areas
