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    Killeen Office Space For Rent Title is generated by Realmo AI

    804 N Gray Street, Killeen, TX 76541

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    For Lease
    $2,576/Mo $3 SF/Yr (calc)

    COMMERCIAL - Killeen, TX

    Property size:
    9,496 SF
    Lot size:
    0.43 Acres
    Added:
    Sep 18, 2024
    Days on Market:
    624
    Last Refresh:
    Jun 3 at 2:06 am

    Property Features for 804 N Gray Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    B5
    Parking
    30
    Standard status
    Active
    APN
    36383
    Size
    9,496 SF
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Description
    KILLEEN ORIGINAL, BLOCK 037, LOT 0003

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air, Electric
    Water source
    Public

    Building Details

    Year built
    1962
    Floors in Building
    1
    Flooring type
    Tile, Carpet, Vinyl
    Building materials
    Block, Masonry
    Roof type
    Flat

    We can help!

    Listing Contact
    Michael E. Linnemann
    Michael E. Linnemann

    Listing agent Michael E. Linnemann License #0428608

    Listing office Linnemann Realty 3402 S W.S. Young Drive #A, TX

    Listing date Sep 18, 2024

    MLS# 557278

    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.

    HighLights

    • Large suite available: Approximately 3460 ft2 (suite 802) or 2576 ft2 (suite 804).
    • Suite 804 is in excellent condition and move‑in ready.
    • Priced at a bargain: $9/ft2.
    • Prime location: Situated between Rancier (undergoing a $68MM upgrade) and the Historic District in Killeen (experiencing rapid growth).
    • Suite 804 features 4‑5 private offices, a break room, ADA bathroom, entry hall, and a large central room.
    • Central heating and air conditioning.

    Overview

    Two suites are available in this commercial building, identified as 802 and 806. Suite 804, comprising 2576 square feet, is in excellent condition and was recently vacated. The layout includes approximately 4 to 5 private offices, a break room, an ADA-compliant bathroom, an entry hall, and a large central room suitable for meetings, training, or events. Suite 802 offers approximately 3460 square feet of space. The property is located between Rancier, which is slated for a $68 million upgrade, and the Historic District in Killeen, an area experiencing new growth. The location is suitable for various business types. The property is zoned B5 and sits on a lot of 0.4304 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    High Hopes Gymnastics ... Gym & Fitness Center

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Killeen
    County
    Bell
    State
    Texas
    Longitude
    -97.7260251
    Latitude
    31.1246741

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    FAQs

    What type of property is this?
    Office units - Spacious office suites available in Killeen, Texas.
    Where is this office units located?
    The property is located at 804 N Gray Street Killeen, TX.
    What is the lease rate?
    The lease rate is $2,576 /Mo.
    What are key features of this property?
    This property features: Large suite available: Approximately 3460 ft2 (suite 802) or 2576 ft2 (suite 804).; Suite 804 is in excellent condition and move‑in ready.; Priced at a bargain: $9/ft2.
    (254) 535-6186
    We can help!
    Listing Contact
    Michael E. Linnemann
    Michael E. Linnemann
    Real Estate License ID: 0428608
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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