119 Oak St Hot Springs, AR 71901
Property profile & analytics
119 Oak St Hot Springs, AR 71901
- Commercial real estate
- 50,438 SF
- 1.15 lot acres
Property ID
US05-2233792
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Cultural Campus Loft Apt / Apartment Building / Apartments
- Arc of Arkansas / Real Estate Agency
- The Web Consulting Solution / Marketing & Advertising / (Bike/Boat/Book/etc) Store
Property Details for 119 Oak St
- Year built
- 1925
- Lot size
- 1.15 lot acres
- Property size
- 50,438 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 38-unit apartment building in Hot Springs, Arkansas, situated on a 1.15-acre lot. Built in 1925, this historically significant building, once an annex of Hot Springs High School (attended by former President Bill Clinton), has been thoughtfully converted into a mix of charming loft-style apartments. Currently boasting 97% occupancy (37 of 38 units occupied as of July 29, 2024), the property generates immediate rental income. The unit mix includes four 2-bedroom/1-bathroom units, four 1-bedroom/1-bathroom units, and thirty loft-style units. One unit is currently undergoing repairs. A significant portion of the original gymnasium offers expansion potential, allowing for the addition of up to eight smaller or four larger apartments, or repurposing as a tenant amenity. The property includes a shared laundry facility and a fire suppression system. Its C-1 commercial zoning allows for flexibility, including the potential conversion to short-term rentals, capitalizing on the prime downtown location. On-site parking is supplemented by an additional lot across the street, included in the sale. The building's historic nature and location within an Opportunity Zone may qualify it for historic tax credits, presenting further investment advantages. This property offers a unique blend of history, income generation, and significant upside potential, making it an attractive investment for both seasoned investors and those seeking a distinctive property. The asking price is $2,475,000, with a price per unit of $65,131.58 and a price per square foot of $49.07. The total square footage is 50,438 across one three-story building.
Value Estimations
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Hot Springs
- County
- Garland
- State
- Arkansas
- Longitude
- -93.0533478
- Latitude
- 34.5060588
