The Cartwright House - Heber Springs

Asking Price – $650,000


Boutique Inn & Restaurant Property
201 E. Main Street
Heber Springs AR

About the Cartwright House

Historic Investment Property located in the heart of Downtown Heber Springs.

The historic Cartwright House was built in 1882 and is one of the most iconic buildings in Heber Springs. The property has a strong return for investors currently as a monthly rental, or more as a potential nightly inn. Brings 8% Cap rate as is, with the potential for 20-25% Cap with adjusting to nightly rentals and leasing restaurant space.

The layout of the property is perfect for a 15 unit boutique inn. The main house is ready for a restaurant with grease trap and vent hood to be owner/operated or quickly leased out, plus space for events. The property also includes a liquor license that will convey with the property. 

Property Details

Price: $650,000

Year Built: 1882

Lot Size: .4 Acre

Building Size: 10,000sq ft(approx)

Current Cap: 8% (based on current owner report)

Business Types: Hotel, Inn, Resort, Restaurant, Event Venue

Rooms: 15 guest rooms, restaurant space, kitchen space, common rooms, maintenance building.

 

Investment Outlook

Current Strategy

Currently operates as monthly rental at avg $700/month. Owners occupy the previous restaurant space as personal, no fee, residence.

Income: $9,750/mo / $126,000/yr  (owner reported)
Expenses: ~$40,000/yr – includes utilities, tax (owner reported)

Estimated: $77,000 NOI (before debt service)

Potential Investment

Potential with minimum investment to operate as nightly rental and lease restaurant space.

Income: $315,000/yr  (owner reported)
Estimates used for income: $3,000/mo restaurant lease, $110/night for premium rooms in season, $90 off. $100 for standard room in season, $80 off.
Expenses: ~$93,000/yr
includes utilities, tax, housekeeping, and vacancy. Occupancy projected at 90% during summer, 50% off season, based on current area averages.

Estimated: $222,000 NOI (before debt service)

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Property presented by Keller Williams Realty.

501-907-5959 | 12814 Cantrell Rd, Little Rock, AR 72223