Flex Space with
For Sale
$265,000
49 Happy Street, Killeen, TX 76541
CommercialSale, Killeen, TX
Property Size3,000 SF
Lot Size0.20 Acres
Price / SF$88.33
Days on Market690
Property Features for 49 Happy Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Normans Add Rep Lt 1
Lot features
Cul De Sac
Directions
W Central Texas Expy. Take S Fort Hood St to W Avenue G Turn right onto S Fort Hood St Turn right onto W Veterans Memorial Blvd Left on Happy Street
Standard status
Active
APN
395958
Size
3,000 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
NORMAN'S ADDITION REPLAT (LT 1-4 BLK 1, LT 1,3-4,PT 2 BLK 6), BLOCK 001, LOT PT 1, (NE PT OF 1 (54.46' X 100' X 87.96' X 60.2' X 74.27' X 156.18'), ACRES .199
Tax Annual Amount
816
Legal Description
NORMAN'S ADDITION REPLAT (LT 1-4 BLK 1, LT 1,3-4,PT 2 BLK 6), BLOCK 001, LOT PT 1, (NE PT OF 1 (54.46' X 100' X 87.96' X 60.2' X 74.27' X 156.18'), ACRES .199
Utilities
Water source
Public
Building Details
Year built
1970
Floors in Building
2
Flooring type
Concrete
Building materials
MetalFrame
Listing Agency:
Native Real Estate
(254) 228-6674
Listed By:
Ann Vandergriff · License #0757821
(254) 317-7146
Added: Oct 18, 2024
Changed: Aug 20
Last Checked: Sep 7 at 9:06AM
MLS# 559788
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 3,000-square-foot flex property is a metal-frame building with concrete flooring and a layout suited to several operational formats. Interior features include a loft, two potential office areas, and a bathroom. Electric service is in place, and public water is available. The property is identified for auto detailing, auto paint, body shop operations, warehouse storage, and distribution use.
The building sits at 49 Happy Street in Killeen, on a cul-de-sac off Veterans Memorial Drive. Georgetown is less than an hour away, while Temple is approximately 35 minutes from the property. The site encompasses 0.199 acres, and the building was constructed in 1970.
The building sits at 49 Happy Street in Killeen, on a cul-de-sac off Veterans Memorial Drive. Georgetown is less than an hour away, while Temple is approximately 35 minutes from the property. The site encompasses 0.199 acres, and the building was constructed in 1970.
Key Highlights
- 3,000 Sq. Ft. warehouse building on a 0.199‑acre site
- Loft area plus two potential office spaces
- Concrete flooring and metal‑frame construction
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
$21,573
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
8.14%
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%
$431,460
$431.5K
Cap Rate 7%
$308,186
$308.2K
Cap Rate 9%
$239,700
$239.7K
Market Conditions
NOI Build-Up for 3,000 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
$27.0K $9.00/SF
− Vacancy
−$1.6K −$0.54/SF
EGI
$25.4K $8.46/SF
− OpEx
−$3.8K −$1.27/SF
NOI
$21.6K $7.19/SF
Area
Killeen, TX
Vacancy
6.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$431,460
Cap Rate 7%
$308,186
Cap Rate 9%
$239,700
Alternative Uses
Best Use
Warehouse
$308.2K
$269.7K – $359.6K
NOI $21,573 @ 7.0% cap · market cap 8.14%
Second Best
Flex RnD
$281.3K
$246.1K – $328.2K
NOI $19,691 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$720.6K
$630.5K – $840.7K
NOI $50,440 @ 7.0% cap · market cap 19.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
937
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 76541, TX
19,641
Population
10,207
Households
1.9
Avg Household Size
32
Median Age
12%
College-Educated
83%
High-School Grad
4.9 sq mi
ZIP Area
4,008
Density / Sq Mi
$36,739
Median Household Income
$27,869
Median Earnings
$858
Median Rent
$97,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Metal-frame facility with concrete floors, office areas, a bathroom, electric service, and public water.
Where is this flex space located?
The property is located at 49 Happy Street Killeen, TX.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: 3,000 Sq. Ft. warehouse building on a 0.199‑acre site; Loft area plus two potential office spaces; Concrete flooring and metal‑frame construction
