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    Property profile & analytics

    620 Grand Ave Hot Springs, AR 71901-3922

    • Retail space
    • 2,409 SF
    • 0.07 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    8.3%
    Retail space
    Location Intelligence
    Property ID
    US05-0067372
    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

    • Southwest Arkansas Foot and Ankle Center / Medical Clinic / Alternative Medicine Practitioner
    • Carole Katchen Art Gallery / Art Gallery

    Property Details for 620 Grand Ave

    Year built
    1940
    Lot size
    0.07 lot acres
    Property size
    2,409 SF
    Property type
    Retail space
    APN
    400-02800-004-000C
    APU
    40002800004000C

    Description

    This exceptional mixed-use property, located at 620 W Grand Avenue in Hot Springs, Arkansas, presents a compelling investment opportunity. The 2,409 square foot building, constructed in 1940, sits on a 0.15-acre lot and is zoned for commercial use. Currently configured as a doctor's office, the space boasts a welcoming reception area, a comfortable waiting room, and multiple exam rooms, making it ideally suited for medical practices, legal offices, or accounting firms. The building's layout includes ample storage space, catering to the needs of various professional businesses. The property's Class D designation reflects its potential for renovation and modernization, offering a chance to enhance its value and appeal. Situated in a high-traffic area near the courthouse and numerous amenities, this location ensures excellent visibility and accessibility. The asking price is $349,000, translating to $144.87 per square foot. The property consists of one single-story building with two units, providing flexibility for potential expansion or multi-tenant occupancy. This is a rare chance to acquire a well-positioned commercial property in a thriving Arkansas city. The existing infrastructure, including the reception and exam rooms, provides a significant head start for any prospective business owner. Don't miss this opportunity to own a piece of Hot Springs' commercial landscape.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $230,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $315,000
      6.5%
      $295,000
      7%
      $270,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $269,000
      Market price range: $93.4k - $327k
      AI Estimate
      $181,000
      Market price range: $69.1k - $260k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $235,000
      Current use
      COMMERCIAL (GENERAL)
      $295,000
      Change: +25% Conversion: Easy
      OFFICE BUILDING
      $220,000
      Change: -7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Hot Springs
    County
    Garland
    State
    Arkansas
    Longitude
    -93.0636
    Latitude
    34.5023
    CBSA code
    26300
    CBSA name
    HOT SPRINGS, AR METROPOLITAN 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
    2024
    $1,666
    $3,590
    $33,270
    $36,860
    -
    $17,950
    $166,350
    $184,300

    Comparable in this City

    • Value Estimation
      $205,000
      1,595 SF

      518 Park Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,595 SF
      518 Park Ave, Hot Springs, AR 71901-3505
      View Details
    • Value Estimation
      $215,000
      1,552 SF

      1374 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,552 SF
      1374 Grand Ave, Hot Springs, AR 71901-3623
      View Details
    • Value Estimation
      $215,000
      3,600 SF

      800 Grand Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,600 SF
      800 Grand Ave, Hot Springs, AR 71901-3635
      View Details
    • Value Estimation
      $205,000
      413 SF

      1545 Malvern Ave

      RETAIL STORES (PERSONAL SERVICES) • 413 SF
      1545 Malvern Ave, Hot Springs, AR 71901-6507
      View Details
    • Value Estimation
      $195,000
      1,426 SF

      412 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 1,426 SF
      412 Broadway St, Hot Springs, AR 71901-5449
      View Details
    • Value Estimation
      $285,000
      2,577 SF

      719 Whittington Ave

      RETAIL STORES (PERSONAL SERVICES) • 2,577 SF
      719 Whittington Ave, Hot Springs, AR 71901-3320
      View Details

    Similar Nearby for Sale

    • $1,900,000
      22,083 SF

      Downtown Hot Springs Mixed-Use Building

      22,000+ sqft mixed-use building in the heart of Hot Springs.
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      View Details
    • $275,000
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      Hot Springs Commercial Location

      Retail or office space in a high-visibility location.
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      Central Avenue Building and Land

      Office, medical, or retail building with high traffic exposure.
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    • $274,000
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      Commercial Property Near Downtown Hot Springs

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      Retail property with high visibility and easy access.
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      Hot Springs Commercial Building For Sale

      Commercial building in high-traffic location near historic district.
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    Similar Nearby for Lease

    • $875 /Mo
      875 SF

      Retail Spaces Near Downtown

      Retail spaces available near downtown and Backwoods Trail system.
      879 Park Ave, Hot Springs, AR 71901
      View Details
    • $4,975 /Mo
      4,704 SF

      Retail Space in Hot Springs

      Retail space in growing area near downtown and convention center.
      249 Ouachita Ave, Hot Springs, AR 71901
      View Details
    • Contact for pricing
      24,156 SF

      Visible Corner Retail Space

      Retail space with high visibility near downtown historic district.
      350 Malvern Ave, Hot Springs National Park, AR 71901
      View Details
    • $16 SF/Yr
      7,828 SF

      Retail Space in Commercial Corridor

      Former Aaron’s space in a busy commercial area.
      3364 Central Ave, Hot Springs, AR 71901
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    • $1,200 /Mo
      1,350 SF

      Retail/Office Space in Hot Springs

      Retail or office space available for lease in Hot Springs.
      913 Malvern Ave, Hot Springs, AR 71901
      View Details
    • $7 SF/Yr
      4,912 SF

      Downtown Hot Springs Retail Space

      Retail space near downtown Hot Springs, close to amenities.
      630 Malvern Ave, Hot Springs National Park, AR 71901
      View Details
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    620 Grand Ave
    Hot Springs, AR 71901-3922
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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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