The Cartwright House Heber Springs, AR

Description:

Welcome to The Cartwright Inn! This is a prime 15-unit residential studio apartment complex and commercial space. A local award-winning Mexican restaurant occupies the commercial space, providing steady rental income. The property holds its own liquor license, generating an additional $84,000 in alcohol sales revenue in 2024. With the inclusion of alcohol sales, there is an opportunity to significantly boost overall income. All 15 units, commercial space, and lounge completely renovated in 2023. All units have been outfitted with Schlage locks (controlled by app). All units are 1 bed 1 bath. There are 7 upstairs smaller units, 8 exterior first floor units, and a large lounge area.  Amenities include on-site laundry, parking, rooms are furnished and upstairs units have a shared kitchenette. Part of the Heber Springs Commercial Historic District, this area encompasses the early commercial heart of Heber Springs, featuring a diversity of commercial architecture from the late19th and 20th centuries. The Cartwright Inn is located in the heart of Downtown Heber Springs. AR at 201 E Main St. Directly across street from Spring Park and three blocks East of County Court House. 


 

History

 

Heber Springs was founded as a health resort and first called Sugar Loaf in the mid-19th century. The name was changed in 1882 to Heber to honor Dr. Heber Jones, an advocate of the healing powers of the seven springs, which you can find in Spring Park.  In 1910 the name was changed to Heber Springs  because of the attraction and power of the healing springs. Visitors came from around the country to test the healing effects of the drinking water from these springs. Timber cutting and logging were the main industries during the early 1900’s which resulted in the building of a railroad to Heber Springs. The bed of this railroad now serves as the foundation of our trail system.

The real growth of Heber Springs and surrounding areas was set in motion March 1, 1959, when work on the large federal dam on the Little Red River began. After completion, the lake was dedicated on October 3, 1963 by President John F. Kennedy. After the lake filled, tourism boomed, many businesses opened and reopened, and Greers Ferry Lake became one of Arkansas’ leading destinations. Fifty years later, on October 3, 2013, former President Bill Clinton addressed thousands of Arkansans from the same podium used by President Kennedy to commemorate the dedication of the dam and to celebrate the impact the lake has had on the community.

Today Heber Springs serves as a gateway to Greers Ferry Lake and the Little Red River where visitors can stop and explore the historic county courthouse with its traditional square surrounded by gift galleries, boutiques, antique stores, and eateries. Spring Park, with its seven natural mineral springs that attracted the original settlers to the area, still serves faithful patrons who ardently attest the medicinal properties of the water. This perfect balance of weather, scenery and outdoor recreation continues to attract thousands of visitors and newcomers every year.



2024 Net Operating Income (NOI) $62,000 (excluding alcohol revenue)
On-Site Commercial Tenant: A local award-winning Mexican restaurant occupies the commercial space, providing steady rental income
Liquor License Ownership: The property holds its own liquor license, generating an additional $84,000 in alcohol sales revenue in 2024
Potential for Growth: With the inclusion of alcohol sales, there is an opportunity to significantly boost overall income
Full Renovation: All 15 units, commercial space and lounge completely renovated in 2023. All units have been outfitted with Schlage locks (controlled by app)
Occupancy Rate: Despite listing units via Facebook Marketplace, we average an 80%+ occupancy rate. All rent is collected physically or via Rent Redi

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