Brick Triplex with Central
For Sale
$219,000
1203 Willow Springs Road, Killeen, TX 76549
Residential, Killeen, TX
Property Size2,109 SF
Lot Size0.22 Acres
Price / SF$103.84
Days on Market49
Property Features for 1203 Willow Springs Road
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 3, Bedroom 2, Bathroom 2, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 1
Interior features
TubShower, WalkInClosets
Appliances
Dishwasher, ElectricRange, Refrigerator, WaterHeater, SomeElectricAppliances, Range
Subdivision
Hood View Add Rep Lts
Lot features
City Lot, Less Than Quarter Acre
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
From W Central Texas Expy turn onto Willow Springs Rd. The property will be on the right hand side of the street.
Standard status
Active
APN
80897
Size
2,109 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
HOOD VIEW ADDITION REPLAT (LTS 2-3 BLK 8), BLOCK 008, LOT 0002
Tax Annual Amount
3724
Legal Description
HOOD VIEW ADDITION REPLAT (LTS 2-3 BLK 8), BLOCK 008, LOT 0002
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1976
Floors in Building
1
Number of units
3
Flooring type
Carpet, Tile
Building materials
Brick, LogSiding, Masonry
Roof type
Composition, Shingle
Architectural style
Ranch
Listing Agency:
Lone Star Realty & Property Ma
(254) 699-7003
Listed By:
Matthew Doerbaum · License #0787491
(254) 290-5259
Added: Jul 6
Changed: Aug 20
Last Checked: Aug 23 at 5:06PM
MLS# 618826
Copyright © 2026 Central Texas Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,109-square-foot triplex was built in 1976 with ranch-style architecture and brick, masonry, and log siding elements. The property includes carpet and tile flooring, walk-in closets, tub-and-shower bathrooms, dishwashers, electric ranges, refrigerators, and water heaters. Central heating and central air conditioning serve the building, while a composition shingle roof completes the improvements.
The property occupies 0.2156 acres and is connected to public water and public sewer. Room data includes four bedrooms and four bathrooms. The fully occupied configuration includes two long-term tenants, providing established occupancy across the multifamily asset.
The property occupies 0.2156 acres and is connected to public water and public sewer. Room data includes four bedrooms and four bathrooms. The fully occupied configuration includes two long-term tenants, providing established occupancy across the multifamily asset.
Key Highlights
- Triplex with 2,109 square feet of property area
- Fully occupied, including 2 long‑term tenants
- Built in 1976 with ranch‑style architecture
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$18,228
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$364,560
$364.6K
Cap Rate 7%
$260,400
$260.4K
Cap Rate 9%
$202,533
$202.5K
Market Conditions
NOI Build-Up for 2,109 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$27.8K $13.20/SF
− Vacancy
−$1.8K −$0.85/SF
EGI
$26.0K $12.35/SF
− OpEx
−$7.8K −$3.70/SF
NOI
$18.2K $8.64/SF
Area
Killeen, TX
Vacancy
6.46%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$364,560
Cap Rate 7%
$260,400
Cap Rate 9%
$202,533
Alternative Uses
Best Use
Multifamily LT 5
$260.4K
$227.9K – $303.8K
NOI $18,228 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$240.9K
$210.8K – $281.1K
NOI $16,865 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$506.6K
$443.3K – $591.0K
NOI $35,460 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
111
Businesses Nearby
Explore this area
Business Placement
Demographics for 76549, TX
56,199
Population
21,794
Households
2.6
Avg Household Size
29
Median Age
23%
College-Educated
95%
High-School Grad
94.1 sq mi
ZIP Area
597
Density / Sq Mi
$62,536
Median Household Income
$36,340
Median Earnings
$1,363
Median Rent
$202,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied multifamily property with public utilities, central heating, and central air conditioning.
Where is this triplex located?
The property is located at 1203 Willow Springs Road Killeen, TX.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: Triplex with 2,109 square feet of property area; Fully occupied, including 2 long‑term tenants; Built in 1976 with ranch‑style architecture
