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    Property profile & analytics

    1600 Elm St Hope, AR 71801

    • Retail space
    • 2,603 SF
    • 0.57 lot acres
    For Sale
    View listing
    $225,800
    Last Sale
    May 04, 2022
    $185,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US05-1618939
    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.

    Current Use by Public Records

    • Delta Medical Supply / Medical Supply Store

    Property Details for 1600 Elm St

    Year built
    1992
    Lot size
    0.57 lot acres
    Property size
    2,603 SF
    Property type
    Retail space
    APN
    700-02742-000-C
    APU
    70002742000C

    Description

    This exceptional mixed-use investment property, located at 1600 S. Elm St, Hope, AR 71801, presents a compelling opportunity. The 3,050 square foot, Class A building, constructed in 1992, features a duplex configuration ideal for generating immediate income. Currently, one 1,525 sq ft unit is occupied by a medical supply company, providing a steady stream of rental revenue. The second, equally sized unit is vacant, offering significant upside potential in this growing market. The property boasts a desirable location in a high-traffic area, further enhancing its investment appeal. The 0.574-acre lot includes 10 parking spaces and offers additional development possibilities. Recent improvements include a new roof and exterior paint. Furthermore, the property presents the potential for additional revenue streams, including a possible cell tower lease. The asking price is $225,800, translating to $74.03 per square foot. The property is zoned for commercial retail use and is a single-owner property. This two-story building is a value-add opportunity with existing commercial tenants. The property is currently 50% occupied.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $200,000
      ML approach
      $175,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $304,000
      Market price range: $104k - $304k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hope
    County
    Hempstead
    State
    Arkansas
    Longitude
    -93.5886
    Latitude
    33.6534
    CBSA code
    26260
    CBSA name
    HOPE, AR MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,043
    $2,810
    $38,290
    $41,100
    -
    $14,050
    $191,450
    $205,500

    Comparable in this City

    • Value Estimation
      $280,000
      2,400 SF

      214 2nd St

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      214 2nd St, Hope, AR 71801-4403
      View Details
    • Value Estimation
      $275,000
      6,240 SF

      304 3rd St

      RETAIL STORES (PERSONAL SERVICES) • 6,240 SF
      304 3rd St, Hope, AR 71801-5308
      View Details
    • Value Estimation
      $255,000
      3,910 SF

      307 Edgewood St

      RETAIL STORES (PERSONAL SERVICES) • 3,910 SF
      307 Edgewood St, Hope, AR 71801-5511
      View Details
    • Value Estimation
      $270,000
      3,300 SF

      215 Main St

      RETAIL STORES (PERSONAL SERVICES) • 3,300 SF
      215 Main St, Hope, AR 71801-4319
      View Details
    • Value Estimation by Request
      6,500 SF

      1205 Hervey St

      RETAIL STORES (PERSONAL SERVICES) • 6,500 SF
      1205 Hervey St, Hope, AR 71801-6416
      View Details
    • Value Estimation
      $260,000
      2,888 SF

      1001 3rd St

      RETAIL STORES (PERSONAL SERVICES) • 2,888 SF
      1001 3rd St, Hope, AR 71801-4106
      View Details

    Similar Nearby for Sale

    • $159,000
      1,590 SF

      Commercial Building on Corner Lot

      Commercial building with offices, kitchen, and fenced backyard.
      1404 S Main St, Hope, AR 71801
      View Details
    • $150,000
      2,474 SF

      Hope, AR Retail Investment Opportunity

      Prime location, vacant retail space. High-return potential.
      1321 Main St, Hope, AR 71801
      View Details
    • $2,200,000
      2,905 SF

      Shell Convenience Store For Sale

      2,905 SF Shell station in high-traffic Hope, Arkansas.
      2112 N Hazel St, Hope, AR 71801
      View Details
    • New
      $400,000
      5,815 SF

      Hope, AR Flower Shop Opportunity

      Established flower shop, building, and land for sale in Hope.
      501 S Main St, Hope, AR 71801
      View Details
    • $225,800
      3,050 SF

      Hope, AR Mixed-Use Investment

      High-cash-flow duplex, prime location.
      1600 Elm St, Hope, AR 71801
      View Details
    • $128,000
      2,160 SF

      Hope, AR Income Property

      Income-producing building and land for sale in Hope, AR.
      506 S Walnut St, Hope, AR 71801
      View Details
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    Hope, AR 71801
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    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
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