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Kinkead Court

$1,325,000

4515 Kinkead Ave, Fort Smith, AR 72903

Active
Last Updated: 09/29/2026

12,580 sqft

Building Size

0.491 acres

Lot Area

Details:
Building Size:    12,580 sqft
Lot Area:    0.491 acres
Occupancy:    100%
Class:    B
Units:    18
Year Built:    1976
Floors:    2
Highlights:
  • 18 units — 4 studios (600 SF), 8 × 1 BR / 1 BA (750 SF), 6 × 2 BR / 1 BA (933 SF) — 14,000 SF, built 1971
  • Two brick-veneer two-story buildings on 0.49 acres, RM-3 zoning
  • 100% occupied (Aug 2026)
  • Renewals moved roughly 32% under current ownership; in-place rents still $870/mo below the rent roll market rents — upside with no capital required
  • Utility bill-back already in place ($7,600 in the trailing twelve)
  • 2025–26 capital: unit turns, flooring, plumbing, exterior paint, gutters, tree trimming, landscaping, appliances and water heaters
  • One mile to UAFS
Description:

Kinkead Court is an 18-unit, two-building brick community on the Kinkead Avenue corridor in central Fort Smith, one mile from the University of Arkansas–Fort Smith and four-tenths of a mile from Kinkead Corner, which traded in December 2025. The unit mix is four studios (600 SF), eight one-bedrooms (750 SF) and six two-bedrooms (933 SF) — 14,000 rentable square feet on 0.49 acres, zoned RM-3.

Current ownership acquired the property in December 2024 and has completed a full operating reset: new A/C units in 17 of the 18 apartments, a complete exterior repaint of siding, trim, soffits, stairways and railings, new privacy fencing on the 45th Street side and the street frontage, locking mailboxes, upgraded exterior lighting, enclosed under-stair areas, two full unit renovations with targeted kitchen and bath upgrades in two more, plumbing repairs, tree work and landscaping — and a renewal program that has moved rents roughly 32%. The property was 100% occupied at August month-end with a utility bill-back already in place; two units turned in September and are rent-ready.

What remains is loss-to-lease, not construction. In-place rents on the occupied units sit $800 per month below their market rents, so the buyer’s upside is captured on renewal with no capital required. Stabilized pro forma NOI of approximately $79,000 is a 6.0% cap rate at the list price.


Kinkead Court is located between Grand Avenue and Rogers Avenue in central Fort Smith, one mile from the University of Arkansas–Fort Smith campus and minutes from the Rogers Avenue retail corridor, Mercy Fort Smith and Baptist Health–Fort Smith. Kinkead Avenue is an established multifamily corridor — Kinkead Corner, Lofts on Park, Oakbrook and The Flats @ 5900 all sit within two miles — with regional and institutional ownership that has been actively trading.
Fort Smith is the second-largest city in Arkansas and the center of a two-state metro of roughly 250,000 people, anchored by healthcare, logistics (ArcBest), manufacturing, UAFS and the Ebbing Air National Guard Base, selected in 2023 for the Foreign Military Sales F-35 pilot training center. Workforce demand in the $550–$900 range is the deepest pool in the market, and Kinkead Court’s studio-to-two-bedroom mix sits squarely inside it.

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