5201 Spradling Ave
- 62 units — 24 × 1 BR / 1 BA (600 SF) and 38 × 2 BR / 1 BA (820 SF) — 45,560 SF, built 1991
- Three brick-veneer two-story buildings on 1.80 acres plus an adjacent parcel acquired by ownership
- New roofs on all four buildings (2025, $104,500) — roughly $174,000 of roof, exterior paint, deck, plumbing and soffit capital since acquisition
- Eight units renovated to a full-scope spec (new kitchen and bath cabinets and countertops, flooring, tub surrounds, fixtures, paint) leasing at $780 — an $80–$195 premium over legacy 2 BR leases; 54 classic units remain
- 91.9% occupied at 9/24 with three units in make-ready and three applications pending (95.2% at August month-end); August 2026 was the highest collection month under current ownership; Sept–Oct renewals signing at +$50–$55
- Trailing-three-month income run-rate up 15% over the start of the trailing twelve
- Owner-paid water, sewer and trash with no RUBS program in place — approximately $32,000 per year recoverable
- Professionally managed with on-site leasing office, on-site laundry, playground and resident storage
- Two miles to UAFS; Fort Smith Public Schools; ten minutes to downtown and the river trails
- Stabilized pro forma NOI ≈ $307,000 — 7.9% cap rate at list; offered individually or as part of an 80-unit package
Property Description
Harmon Real Estate Company is pleased to present The Hendrix, a 62-unit brick garden community on Fort Smith’s Northside. Built in 1991 across four two-story buildings on 1.80 acres, plus an adjacent parcel acquired by current ownership, the property offers a mix of 24 one-bedroom (600 SF) and 38 two-bedroom (820 SF) units with an on-site leasing office, on-site laundry, playground and resident storage. Current ownership acquired The Hendrix in June 2025 and executed the first phase of a value-add plan: new roofs on all three buildings ($104,500), replacement of rotted decks, a plumbing camera inspection and clean-out program on Building D, exterior painting and rehab, and cleaning and painting of the soffits and rafters — roughly $174,000 of roof, exterior and systems capital — plus eight units renovated to a full-scope specification (new kitchen and bath cabinets and countertops, flooring, tub surrounds, light and sink fixtures, full paint, appliances as needed), the acquisition of the adjacent parcel, and a grounds program that lifted the property’s Google rating from 3.7 to 4.0. Operations followed. August 2026 collections of $39,904 were the highest month under current ownership, and trailing-three-month income annualizes 15% above the first three months of the trailing twelve. The next owner steps into a proven playbook with the runway intact. Fifty-four classic units remain to be brought to the renovated specification, where two-bedroom units lease at $780 against $585–$765 on legacy leases, and water, sewer and trash are owner-paid with no utility bill-back in place — a RUBS opportunity worth approximately $32,000 per year. Stabilized pro forma NOI of approximately $307,000 represents a 7.9% cap rate at the list price.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,575,000 |
| No. of Units: | 62 |
| Year Built: | 1991 |
| Lot Size: | 1.80 Acres |
| Opportunity Zone: | No |
| Price per unit: | $57,661 |
| Property Website | Click Here |
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