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$ 715,000
Est. payment /mo
New
401 E 3rd St Texarkana, AR 71854
3 Baths
11,200 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 11,200 sqft
Price per Sqft $63
Subdivision A04B
MLS Listing ID 205703
HOA Y/N No
Year Built 1925
Lot Size 0.310 Acres
Property Sub-Type Commercial
Property Description
Rare opportunity to own a historic, income-producing commercial property in the heart of the Texarkana Entertainment District, one of the city's premier destinations for dining, nightlife, retail, events, and downtown revitalization. Offered at $715,000, this value-add investment combines immediate cash flow with exceptional upside, currently generating approximately $60,000 in annual income while 62% occupied. Based on estimated market rents, the property offers a projected pro forma annual income of $91,056 and an attractive 11.8% estimated pro forma cap rate, compared to its current 6.75% cap rate, creating an outstanding opportunity for investors. Originally constructed between 1925 and 1930, this historic property offers approximately 13,981 square feet, including 11,200 heated square feet, on 0.31 acres with approximately 138 feet of frontage on E. 3rd Street and 100 feet on Hazel Street. The flexible floor plan currently accommodates a CrossFit gym, event venue, office space, and occasional photography studio rentals, with potential for retail, restaurant, brewery, entertainment, creative office, fitness, mixed-use, or additional income-producing tenants. The existing tenant is on a one-year lease and has expressed interest in renewing, while the remaining vacant space provides an excellent lease-up opportunity. Recent capital improvements include a new metal roof (2023), new drainage gutter systems, updated electrical, three new 5-ton HVAC units, three remodeled restrooms with all-new plumbing, and new doors. Approximately 5–10 dedicated parking spaces serve the building, with abundant public parking across the street and additional parking available adjacent to the property as permitted by Commercial National Bank. Strategically located just minutes from the Texas state line, this property sits in the center of the Texarkana Entertainment District, placing tenants and customers within walking distance of restaurants & the momentum of downtown redevelopment.
Location
State AR
County Miller
Area Miller
Zoning Commercial
Interior
Interior Features Ceiling Fan(s), Smart Thermostat
Heating Central
Cooling Central Air
Flooring Concrete
Exterior
Parking Features Other, See Remarks
View Y/N No
Water Access Desc Public
Roof Type Metal
Garage No
Building
Lot Description Corner Lot
Story 1
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories 1
Listed by Better Homes & Gardens Real Estate Infinity