Duplex with Rear
New
For Sale
$120,000
1308 Terrace Drive, Killeen, TX 76541
Residential, Killeen, TX
Property Size1,341 SF
Lot Size0.21 Acres
Price / SF$89.49
Days on Market7
Property Features for 1308 Terrace Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-2
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 1
Parking features
Garage
Interior features
CeilingFans, LaminateCounters, TubShower, EatInKitchen, KitchenDiningCombo
Fencing
Privacy
Appliances
Disposal, GasRange, GasWaterHeater, MultipleWaterHeaters, Refrigerator, RangeHood, SomeElectricAppliances, Range
Subdivision
Killeen Heights South Unit 1st
Lot features
City Lot, Level, Mature Trees, Less Than Quarter Acre
Elementary school
Clifton Park Elementary School
Middle school
Manor Middle School
High school
Killeen High School
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
From Ft Hood: East On I-14; Exit Trimmier Road, North On Trimmier Road, Right onto Terrace Drive, The Property is Ahead On The Right.
Standard status
Active
APN
112304
Size
1,341 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
KILLEEN HEIGHTS SOUTH UNIT 1ST SECTION, BLOCK 009, LOT 0004, TERRACE APTS
Tax Annual Amount
2154
Legal Description
KILLEEN HEIGHTS SOUTH UNIT 1ST SECTION, BLOCK 009, LOT 0004, TERRACE APTS
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Frame, LapSiding
Roof type
Shingle, Composition
Architectural style
Ranch
Listing Agency:
Coldwell Banker Realty
(254) 200-3800
Listed By:
Vernon MacHardy · License #0433118
(254) 289-5905
Added: Oct 22
Last Checked: Oct 28 at 12:06AM
MLS# 628360
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.
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Investment Insights
Based on property information with market context.
Built in 1958, this 1,341-square-foot duplex contains two matching apartments, each with one bedroom, one bathroom, a living room, dining area, and kitchen. Tile flooring runs throughout. Each side has a rear one-car garage with washer and dryer hookups. Both apartments have central heat and air, and the kitchens include gas ranges and refrigerators.
The property occupies 0.2096 acres. Improvements include a new roof and exterior paint in 2025, replacement sewer and water lines, and new windows. Both water heaters are two years old. The left apartment has a new shower and tub, along with a privacy-fenced patio area; the rear garage has also been rebuilt. The right apartment is vacant.
The property occupies 0.2096 acres. Improvements include a new roof and exterior paint in 2025, replacement sewer and water lines, and new windows. Both water heaters are two years old. The left apartment has a new shower and tub, along with a privacy-fenced patio area; the rear garage has also been rebuilt. The right apartment is vacant.
Key Highlights
- Two apartments, each with one bedroom and one bathroom
- 1,341 square feet on a 0.2096‑acre lot
- Rear one‑car garage for each apartment, with washer and dryer hookups
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$10,723
Cap Rate
8.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$214,460
$214.5K
Cap Rate 7%
$153,186
$153.2K
Cap Rate 9%
$119,144
$119.1K
Market Conditions
NOI Build-Up for 1,341 SF
Gross rent
$20.9K $15.60/SF
− Vacancy
−$1.4K −$1.06/SF
EGI
$19.5K $14.54/SF
− OpEx
−$8.8K −$6.54/SF
NOI
$10.7K $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 Rate 5%
$214,460
Cap Rate 7%
$153,186
Cap Rate 9%
$119,144
Alternative Uses
Best Use
Multifamily LT 5
$165.6K
$144.9K – $193.2K
NOI $11,590 @ 7.0% cap · market cap 9.66%
Second Best
Apartment 5plus
$153.2K
$134.0K – $178.7K
NOI $10,723 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$322.1K
$281.8K – $375.8K
NOI $22,547 @ 7.0% cap · market cap 18.79%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two one-bedroom apartments each include a living room, dining area, kitchen, and central heating and air conditioning.
Where is this duplex located?
The property is located at 1308 Terrace Drive Killeen, TX.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Two apartments, each with one bedroom and one bathroom; 1,341 square feet on a 0.2096‑acre lot; Rear one‑car garage for each apartment, with washer and dryer hookups
