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The Hendrix

$3,900,000

5201 Spradling Ave, Fort Smith, AR 72904

Active
Last Updated: 09/29/2026

42,284 sqft

Building Size

1.802 acres

Lot Area

Details:
Building Size:    42,284 sqft
Lot Area:    1.802 acres
Occupancy:    91.9%
Class:    B
Units:    62
Year Built:    1991
Floors:    2
Highlights:
  • 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
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.

The Hendrix sits at Spradling Avenue and North 52nd Street on Fort Smith’s Northside, two miles from the University of Arkansas–Fort Smith and roughly ten minutes from downtown and the Arkansas River trails. The location is inside Fort Smith Public Schools and serves the workforce renter base that anchors the market: healthcare at Baptist Health–Fort Smith and Mercy Fort Smith, logistics at ArcBest’s headquarters, manufacturing along the river corridor, and the Ebbing Air National Guard Base, selected in 2023 as the long-term home of the Foreign Military Sales F-35 pilot training center.

Fort Smith is the second-largest city in Arkansas and the center of a two-state metro of roughly 250,000 people. Rental demand is workforce-driven and deepest in the $600–$900 range, exactly where The Hendrix’s classic and renovated units sit. Recent new supply has concentrated at the top of the market on the east side and at Chaffee Crossing, widening the gap between Class A rents and well-kept 1990s brick product on the Northside.

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