119 Oak St Hot Springs, AR 71901

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.