15-Unit Mixed-Use Investment | Historic Downtown Heber Springs | Value-Add Opportunity

Highlights:

• Stabilized Mixed-Use Asset with Multiple Revenue Streams
• 15 Fully Occupied Studio Apartments
• 100% Residential Occupancy at Offering
• Established Restaurant Tenant with Existing Lease
• Immediate Cash Flow from Day One
• Prime Main Street Location in Downtown Heber Springs
• Tourism Demand Driven by Greers Ferry Lake & Little Red River
• Upside Through Rent Growth and Operational Improvements
• Potential Boutique Hospitality or Extended-Stay Repositioning
• Historic 1882 Building with Unique Architectural Character
• Diversified Income Reduces Single-Tenant Risk

Description:

Mixed-use investment opportunity in the heart of Heber Springs. Originally built in 1882, this historic landmark blends timeless character with modern functionality, offering over 7,000 square feet of income-producing space. The property features 15 studio apartments, a fully operational restaurant leased on an annual basis, lounge and common areas, office space, and on-site coin-operated laundry facilities.

With residential occupancy at 100% and established commercial tenancy already in place, this asset provides immediate cash flow while offering future potential. Situated on Main Street within walking distance of shopping, dining, entertainment, and local attractions, the property is ideally positioned to benefit from the area's growing tourism and vibrant downtown atmosphere. Continue operating as a mixed-use investment, expand hospitality, or explore the potential for a boutique hotel. A transferable liquor license is included, creating additional income opportunities.

This property offers residential, hospitality, and commercial income in one of Arkansas's premier lake destinations. An exceptional opportunity for investors seeking both immediate returns and long-term value.

The Cartwright's operating performance is on a much stronger trajectory in 2026 than it was in 2025. Based on year-to-date results through May, the property is on pace to generate approximately $45,000 in NOI this year, compared to a ($16,130) loss in 2025. The improvement is largely the result of stronger rental income, lower operating expenses, and fewer large repair and maintenance costs. In addition, several expenses reflected in the historical financials, including property management and other owner-specific costs, may not apply to a future owner. The current figures also do not include income from the vacant lounge space, which is estimated to generate approximately $2,000 per month when leased. With the lounge occupied and management streamlined, the property supports an estimated pro forma NOI of more than $80,000 annually, providing a clear path for additional cash flow and long-term value creation.