Killeen 6-Plex Investment
For Sale
$445,000
2314 Andover Dr Dr, Killeen, TX 76542
Fully leased 6-plex in Killeen, near Fort Cavazos.
Property Size4,012 SF
Lot Size0.09 Acres
Days on Market272
Property Features for 2314 Andover Dr Dr
General Information
Standard status
Active
Size
4,012 SF
Lot size
0.09 Acres
Property subtype
Commercial
Building Details
Building Size
4,012 SF
Year Built
1972
Listing Agency:
KW Commercial
(956) 459-4298
Listed By:
Sandra Silva · License #0681288
(956) 459-4298
Source:
Elliman
Added: Dec 3, 2025
Changed: Aug 22
Last Checked: Aug 31 at 5:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW Commercial
Investment Insights
Based on property information with market context.
This fully leased 6-plex is located in Killeen. The property features a unit mix of four two-bedroom, one-bath units and two one-bedroom, one-bath units, all within a single structure situated on a residential lot. The property is located minutes from Fort Cavazos and major commercial corridors, in a high-demand rental market characterized by strong occupancy and steady turnover. This property is intended for investors seeking consistent returns with low operating complexity.
Key Highlights
- Fully leased 6‑plex providing immediate cash flow.
- Favorable unit mix: (4) 2‑bedroom/1‑bath and (2) 1‑bedroom/1‑bath units.
- Value‑add opportunity through renovations or lease increases.
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
$32,082
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
7.21%
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%
$641,640
$641.6K
Cap Rate 7%
$458,314
$458.3K
Cap Rate 9%
$356,467
$356.5K
Market Conditions
NOI Build-Up for 4,012 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
$62.6K $15.60/SF
− Vacancy
−$4.3K −$1.06/SF
EGI
$58.3K $14.54/SF
− OpEx
−$26.2K −$6.54/SF
NOI
$32.1K $8.00/SF
Area
Killeen, TX
Vacancy
6.80%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
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%
$641,640
Cap Rate 7%
$458,314
Cap Rate 9%
$356,467
Alternative Uses
Best Use
Apartment 5plus
$458.3K
$401.0K – $534.7K
NOI $32,082 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$963.7K
$843.2K – $1.12M
NOI $67,456 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
Explore this area
Business Placement
Demographics for 76542, TX
53,312
Population
21,027
Households
2.5
Avg Household Size
32
Median Age
29%
College-Educated
94%
High-School Grad
63.0 sq mi
ZIP Area
846
Density / Sq Mi
$72,891
Median Household Income
$42,506
Median Earnings
$1,237
Median Rent
$228,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased 6-plex in Killeen, near Fort Cavazos.
Where is this apartment building located?
The property is located at 2314 Andover Dr Dr Killeen, TX.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Fully leased 6‑plex providing immediate cash flow.; Favorable unit mix: **(4) 2‑bedroom/1‑bath and (2) 1‑bedroom/1‑bath units.**; Value‑add opportunity through renovations or lease increases.
