Approved Triplex
7406 Ellis ST, Fort Smith, AR 72916
For Sale
$245,000
Multifamily, Fixer Upper, Fort Smith, AR
Property Size2,841 SF
Lot Size0.19 Acres
Price / SF$86.24
Days on Market185
Property Features for 7406 Ellis ST
General Information
Property type
Property subtype
Subdivision
Lot features
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Description
Tax Annual Amount
Legal Description
Building Details
Year built
Floors in Building
Number of units
Flooring type
Roof type
Architectural style
Listing Agency:
O'Neal Real Estate- Fort Smith
(479) 242-4609
Listed By:
Team Shoppach
(918) 774-5743
Added: May 10
Changed: Sep 17
Last Checked: Nov 10 at 8:06PM
MLS# 1088979
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.
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Investment Insights
Based on property information with market context.
This 2,841-square-foot property is a former military barracks and office building offered in its current as-is condition. Approved architectural and permitting plans convey with the sale and provide for conversion into three separate townhome-style residences. The planned layout includes open living areas, kitchens with islands, updated bathrooms, LVT flooring, individual front porches, composite decking, and dedicated parking.
Built in 1940, the property is located on Ellis Street in Fort Smith’s Chaffee Crossing district. The surrounding area includes ACHE, Heritage, Fort Smith Brewing, Conex Bar, trails, medical facilities, manufacturing, industrial uses, and new residential development. The approved plans establish a defined redevelopment path for a three-unit residential project, subject to completion by the purchaser.
Built in 1940, the property is located on Ellis Street in Fort Smith’s Chaffee Crossing district. The surrounding area includes ACHE, Heritage, Fort Smith Brewing, Conex Bar, trails, medical facilities, manufacturing, industrial uses, and new residential development. The approved plans establish a defined redevelopment path for a three-unit residential project, subject to completion by the purchaser.
Key Highlights
- 2,841‑square‑foot former military barracks and office building
- Approved plans for three separate townhome‑style residential units
- City of Fort Smith permitting and architectural plans convey with sale
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,840
Cap Rate
7.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$376,800
$376.8K
Cap Rate 7%
$269,143
$269.1K
Cap Rate 9%
$209,333
$209.3K
Market Conditions
NOI Build-Up for 2,841 SF
Gross rent
$29.0K $10.20/SF
− Vacancy
−$2.1K −$0.73/SF
EGI
$26.9K $9.47/SF
− OpEx
−$8.1K −$2.84/SF
NOI
$18.8K $6.63/SF
Area
Sebastian County, AR
Vacancy
7.12%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$376,800
Cap Rate 7%
$269,143
Cap Rate 9%
$209,333
Alternative Uses
Best Use
Multifamily LT 5
$269.1K
$235.5K – $314.0K
NOI $18,840 @ 7.0% cap · market cap 7.69%
Second Best
Apartment 5plus
$240.3K
$210.3K – $280.4K
NOI $16,824 @ 7.0% cap · market cap 6.87%
Theoretical Best
Healthcare Medical
$604.5K
$528.9K – $705.2K
NOI $42,312 @ 7.0% cap · market cap 17.27%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
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Business Placement
Demographics for 72916, AR
10,250
Population
4,720
Households
2.2
Avg Household Size
41
Median Age
45%
College-Educated
92%
High-School Grad
37.7 sq mi
ZIP Area
272
Density / Sq Mi
$88,125
Median Household Income
$51,444
Median Earnings
$1,212
Median Rent
$257,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - City-approved plans support three townhome-style residences with dedicated parking and updated interior finishes.
Where is this triplex located?
The property is located at 7406 Ellis ST Fort Smith, AR.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: 2,841‑square‑foot former military barracks and office building; Approved plans for three separate townhome‑style residential units; City of Fort Smith permitting and architectural plans convey with sale
