The Ravine Apartments represents a rare multifamily opportunity in the heart of Eureka Springs, Arkansas — a fully converted, capital-improved residential portfolio comprising 53 units across four buildings at 2025A, 2025B, 2025C, and 2027 East Van Buren Street. Originally operating as a motel, the property has undergone a complete conversion to long- term residential use under the current ownership, with all buildings receiving new roofs, full electrical upgrades, plumbing, and individual PTAC HVAC units. The portfolio delivers a diverse unit mix of studios, one-bedrooms, and two- bedrooms, each equipped with full kitchens including a stove and refrigerator — a meaningful upgrade relative to kitchenette-only product in the submarket. Individual electric meters per unit limit owner utility exposure to water, sewer, trash, and internet service. An on-site laundry facility serves Building 2025C. Building 2025A, a nine-unit two-bedroom addition, is currently under construction with an estimated completion date of June 1, 2026, providing an immediate lease-up opportunity and value creation event for an incoming buyer. At current operations, the property generates $27,550 per month in gross rental income across 37 occupied units, with 8 existing vacancies presenting near-term upside. Upon full stabilization of all 53 units at HREC's independently researched market rates, the property is projected to generate over $491,000 in annualized gross potential rent.