Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Hope, AR Retail/Commercial Space Title is generated by Realmo AI

    317 W 23rd St, Hope, AR 71801

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    1,920 SF retail/commercial space near university and Highway 29.

    Type:Mixed Use, Office, Retail, Self Storage
    Property size:
    1,920 SF
    Price / SF:
    $93/SF
    Added:
    May 29, 2024
    Days on Market:
    723
    Last Refresh:
    Mar 17 at 1:25 pm

    Property Features for 317 W 23rd St

    General Information

    Standard status
    Active
    Size
    1,920 SF
    Property subtype
    Mixed Use, Office, Retail, Self Storage

    Building Details

    Year Built
    1979

    We can help!

    Listing Contact
    Shep Campbell

    Listing agent Shep Campbell License #AR SA00075762

    Listing office Merger & Acquisition Specialists

    Listing date May 29, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Merger & Acquisition Specialists

    HighLights

    • 1,920 sq ft Flex Retail/Commercial Space
    • Highway 29 Traffic Exposure
    • Overhead Door Shop/Office Layout
    • Near University
    • Radio Tower Rental Potential
    • Built in 1979

    Overview

    This retail/commercial space is located at 317 W 23rd St in Hope, AR. The property has a total area of 1,920 square feet and features an overhead door shop/office layout. It is situated near a university and benefits from Highway 29 traffic. There is also radio tower rental potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Building Supply Auto Repair Shop Pharmacy Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hope
    County
    Hempstead
    State
    Arkansas
    Longitude
    -93.591727
    Latitude
    33.64618

    Nearby Similar for Sale

    • $830,000
      8,750 SF

      Auto Repair and Body Shop

      Profitable auto glass repair and body shop with expansion potential.
      900 W 3rd Street, Hope, AR 71801
      View Details
    • $273,000
      9,100 SF

      Highway Commercial Property with Repair Bays

      Commercial property with two buildings and multiple truck repair bays.
      3091 Highway 32 North, Hope, AR 71801
      View Details
    • $189,000
      4,000 SF

      Hope, AR Commercial Property

      4,000 SF commercial property suitable for auto repair shop.
      1211 W 3rd Street, Hope, AR 71801
      View Details
    • $150,000
      2,330 SF

      Hope, AR Commercial Property

      Well-known commercial property with high visibility and strong local recognition.
      204 Bill Clinton Drive, Hope, AR 71801
      View Details
    • $159,000
      1,590 SF

      Commercial Building on Corner Lot

      Commercial building with offices, kitchen, and fenced backyard.
      1404 S Main Street, Hope, AR 71801
      View Details
    • $225,000
      3,159 SF

      Medical Office Building on Acreage

      Medical office building with land for sale in Hope, AR.
      405 W 16th Street, Hope, AR 71801
      View Details
    • $294,000
      2,000 SF

      Commercial Property on Highway 29

      2000 sq ft building on 0.5-acre lot with highway frontage.
      1023 S Main, Hope, AR 71801-0000
      View Details
    • $175,000
      4,508 SF

      Mechanic Shop Opportunity in Hope

      Mechanic shop with office, bays, and equipment for sale.
      321 E 3RD ST, Hope, AR 71801-0000
      View Details
    • $150,000

      Commercial Building in Hope, AR

      Corner lot with building on Main Street in Hope.
      901 S Main St., Hope, AR 71801
      View Details
    • $219,000
      2,400 SF

      Hope, AR Warehouse and Land

      Warehouse with loading dock and land near Interstate.
      2918 Hwy 29 N, Hope, AR 71801
      View Details
    • $349,500
      1,840 SF

      Farm/Estate in HOPE, AR

      Farm/Estate property located in HOPE, Arkansas.
      856 HWY 174 NORTH, HOPE, AR 71801
      View Details
    • $149,000
      3,800 SF

      Warehouse with Retail Potential

      3,800 sq ft warehouse with retail space in Hope, AR.
      322 E Avenue A, Hope, AR 71801
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - 1,920 SF retail/commercial space near university and Highway 29.
    Where is this mixed-use property located?
    The property is located at 317 W 23rd St Hope, AR.
    What is the asking price?
    The asking price for this property is $180,000.
    What are key features of this property?
    This property features: 1,920 sq ft Flex Retail/Commercial Space; Highway 29 Traffic Exposure; Overhead Door Shop/Office Layout
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Shep Campbell
    Real Estate License ID: AR SA00075762
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    317 W 23rd St, Hope, AR 71801
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!