2520 Central AveHot Springs, AR 71901

Property Details for 2520 Central Ave

Year built

1960

Lot size

1.94 AC

Property size (Sq ft)

23,734 SF

Property type

Hospitality properties

Property subtype

Motels

APN

400-04730-002-000C

APU

40004730002000C

Description

This exceptional 120-key Best Western hotel in Hot Springs, Arkansas, presents a compelling investment opportunity. Boasting a prime location across from Oaklawn Racing Casino Resort and just two miles from Hot Springs National Park and Convention Center, this property benefits from the city's robust tourism economy, attracting over 5 million visitors annually. The hotel, situated on a 3-acre lot, comprises five buildings with two stories each, and underwent renovations in 2022. Currently operating at 50.49% occupancy (as of December 31, 2023), the property generates a strong NOI of $1,070,915, with a pro-forma NOI projected at $1,200,000, representing a 10% current cap rate and an 11% pro-forma cap rate. The asking price is $10,300,000. Amenities include a free-standing building offering a made-to-order breakfast, a business center, a fitness center, an outdoor pool, and a picnic area with BBQ grills. Guest rooms feature flat-screen TVs, hair dryers, coffee makers, microwaves, refrigerators, and premium mattresses with down comforters. The hotel is zoned for commercial use and operates under an LLP ownership structure. This property's strong performance, desirable location, and recent renovations make it an attractive investment in a thriving tourism market. The Best Western has received a Certificate of Excellence from TripAdvisor and is recognized by Best Western for exceptional guest experience scores.

• CAP approach

  CAP return

  Valuation

  6%

  $2,349,967

  6.5%

  $2,169,200

  7%

  $2,014,257

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,989,578

  Geo Method

  $3,989,578

• Alternative Use

  Use

  Valuation

  Residential

  $2,368,136

  Hospitality

  $2,169,200

  Educational

  $1,804,749

  Medical

  $1,866,817

  Retail

  $2,807,388

Location Insight

City

Hot Springs

County

Garland

State

Arkansas

Latitude

34.4852

Longitude

-93.0604

CBSA code

26300

CBSA name

HOT SPRINGS, AR METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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