605 Higdon Ferry Rd
Hot Springs, AR 71913
Higdon Ferry Apartments · Multifamily Property For Sale · 139 Units

Higdon Ferry Apartments is a 139-unit, cash-flowing workforce housing community offered at $11,000,000 — $79,100 per unit — on Hot Springs' primary multifamily corridor. The property sits directly adjacent to Oaklawn Racing Casino Resort, a 1,000-employee anchor that recently completed a $100 million-plus expansion, with more than 15,000 vehicles per day passing the site on Higdon Ferry Road.
The community is 97% occupied and has held above 90% occupancy for five consecutive years. A professional third-party manager is in place and willing to stay on, removing the operational lift for out-of-state buyers. Trailing-12 operations produce $1,573,307 in effective gross income and $833,447 in net operating income — a 7.58% going-in cap rate at the offering price.
Current ownership has substantially de-risked the asset since 2022. New roofs have been installed across all eight buildings, HVAC systems have been upgraded property-wide, a new boiler was added in January 2026, and a subsurface water leak has been repaired with utility billing now normalized. Incoming ownership inherits a stabilized, well-maintained property with minimal deferred maintenance.
The value-add is already proven. Seventy-nine of the 139 units have been renovated and are achieving documented rent premiums; the remaining 60 units are still in classic or original condition. Recent renovated turns are clearing $60 to $70 per month in additional rent, and an estimated $420,000 finishes the balance of the program.
Rents have room to grow. Higdon Ferry's in-place average of $875 per unit sits roughly $200 below the $1,073 average across six surveyed Hot Springs communities. No new multifamily supply is planned or under construction in the submarket, and the local employment base includes Oaklawn, National Park Medical Center, and CHI St. Vincent — each a 1,000-plus-employee anchor.
The offering memorandum, trailing-12 financials, and current rent roll are available through the secure data room. Contact Corey Allen at Colliers for additional detail.