Updated Quadplex with Central
For Sale
$329,900
1502 Windward Drive, Killeen, TX 76543
Residential, Killeen, TX
Property Size3,180 SF
Lot Size0.20 Acres
Price / SF$103.74
Days on Market103
Property Features for 1502 Windward Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 6, Bedroom 3, Bathroom 4, Bedroom 8
Interior features
CeilingFans
Appliances
Dishwasher, ElectricRange, MultipleWaterHeaters, Refrigerator, SomeElectricAppliances
Subdivision
Evening Hollow 2nd Ext
Lot features
City Lot, Less Than Quarter Acre
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
East Rancier, turn left on Benttree , left on Windward the property is on your right.
Standard status
Active
APN
7477
Size
3,180 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EVENING HOLLOW 2ND EXTENSION, BLOCK 004, LOT 0001
Tax Annual Amount
6189
Legal Description
EVENING HOLLOW 2ND EXTENSION, BLOCK 004, LOT 0001
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1997
Floors in Building
2
Number of units
4
Flooring type
Laminate, Linoleum, Carpet
Building materials
Brick
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
Ctexas Realty
(254) 634-5383
Listed By:
Jeanette Dempsey · License #0611759
(254) 289-7691
Added: May 18
Changed: Aug 26
Last Checked: Aug 28 at 11:06AM
MLS# 614045
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 1997-built quadplex contains 3,180 square feet on a 0.2017-acre lot. The property includes eight bedrooms and four bathrooms, with brick construction, composition shingle roofing, central air, electric heat, ceiling fans, and a mix of laminate, linoleum, and carpet flooring. Appliances include dishwashers, electric ranges, refrigerators, and multiple water heaters.
Property updates include a roof replacement completed around 2019, a remodeled bathroom in Unit D, a new water heater in Unit A, and a new AC unit in Unit A. Public water service supports the property, while nearby parks, shopping, and schools contribute to its residential setting in Killeen.
Property updates include a roof replacement completed around 2019, a remodeled bathroom in Unit D, a new water heater in Unit A, and a new AC unit in Unit A. Public water service supports the property, while nearby parks, shopping, and schools contribute to its residential setting in Killeen.
Key Highlights
- Quadplex with 3,180 square feet on a 0.2017‑acre lot
- Eight bedrooms and four bathrooms
- Roof replaced around 2019
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
$27,485
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
8.33%
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%
$549,700
$549.7K
Cap Rate 7%
$392,643
$392.6K
Cap Rate 9%
$305,389
$305.4K
Market Conditions
NOI Build-Up for 3,180 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
$42.0K $13.20/SF
− Vacancy
−$2.7K −$0.85/SF
EGI
$39.3K $12.35/SF
− OpEx
−$11.8K −$3.70/SF
NOI
$27.5K $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%
$549,700
Cap Rate 7%
$392,643
Cap Rate 9%
$305,389
Alternative Uses
Best Use
Multifamily LT 5
$392.6K
$343.6K – $458.1K
NOI $27,485 @ 7.0% cap · market cap 8.33%
Second Best
Apartment 5plus
$363.3K
$317.9K – $423.8K
NOI $25,429 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$763.8K
$668.3K – $891.1K
NOI $53,467 @ 7.0% cap · market cap 16.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
165
Businesses Nearby
Explore this area
Business Placement
Demographics for 76543, TX
30,545
Population
15,300
Households
2
Avg Household Size
30
Median Age
15%
College-Educated
91%
High-School Grad
35.6 sq mi
ZIP Area
858
Density / Sq Mi
$51,239
Median Household Income
$31,712
Median Earnings
$1,099
Median Rent
$140,700
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?
Quadplex - Four-unit residential property with brick construction, public water, and recent improvements to select unit systems and finishes.
Where is this quadplex located?
The property is located at 1502 Windward Drive Killeen, TX.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Quadplex with 3,180 square feet on a 0.2017‑acre lot; Eight bedrooms and four bathrooms; Roof replaced around 2019
