4515 kinkead Avenue, Fort Smith, AR 72903

Property 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.