Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Killeen Multifamily Investment Opportunity Title is generated by Realmo AI

    1502 Windward Drive, Killeen, TX 76543

    View on Map
    Claim this Listing
    New
    For Sale
    $340,000

    MULTI_FAMILY - Other - Killeen, TX

    Property size:
    3,180 SF
    Lot size:
    0.20 Acres
    Price / SF:
    $106/SF
    Added:
    May 18, 2026
    Days on Market:
    5
    Last Refresh:
    May 22 at 3:06 pm

    Property Features for 1502 Windward Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    8
    Rooms
    Bedroom 4, Bathroom 1, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 5, Bedroom 6, Bedroom 7, Bedroom 1, Bathroom 4, Bedroom 8
    Interior features
    CeilingFans
    Appliances
    Dishwasher, ElectricRange, MultipleWaterHeaters, Refrigerator, SomeElectricAppliances
    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

    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
    Linoleum, Laminate, Carpet
    Building materials
    Brick
    Roof type
    Shingle, Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Jeanette Dempsey

    Listing agent Jeanette Dempsey License #0611759

    Listing office Ctexas Realty 3800 Stan Schlueter Loop #106, TX

    Listing date May 18, 2026

    MLS# 614045 Listing URL

    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

    • Immediate income potential as an investment property.
    • Key mechanical upgrades: new water heater and AC unit in Unit A.
    • Remodeled bathroom in Unit D.
    • Roof replaced around 2019.
    • Located close to parks, shopping, and schools.
    • Low‑maintenance ownership.

    Overview

    This multifamily property in Killeen, Texas, presents an investment opportunity with immediate income potential. The property is located close to parks, shopping, and schools, enhancing its rental appeal. Key mechanical upgrades have been made, including a new water heater in Unit A and a new AC unit in Unit A. Additionally, the roof was replaced around 2019, and Unit D features a remodeled bathroom. The property, situated on a 0.2017-acre lot, encompasses a total area of 3180 square feet. This property offers low-maintenance ownership.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $305.4K
    NOI $27,485 @ 9.00% cap · cautious / downside scenario
    Moderate
    $392.6K
    NOI $27,485 @ 7.00% cap · market / base-case scenario
    Aggressive
    $549.7K
    NOI $27,485 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $42.0k $13.20
    − Vacancy −$2.7k −$0.85
    EGI $39.3k $12.35
    − OpEx −$11.8k −$3.70
    NOI $27.5k $8.64
    3,180 SF · lease $13.20/SF/yr · vacancy 6.46% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $392.6K
    $343.6K – $458.1K (±1% cap)
    NOI $27,485 @ 7.0% cap · market cap 8.08%
    Second Best
    Apartment 5plus
    $363.3K
    $317.9K – $423.8K (±1% cap)
    NOI $25,429 @ 7.0% cap · market cap 7.48%
    Theoretical Best
    Office A
    $763.8K
    $668.3K – $891.1K (±1% cap)
    NOI $53,467 @ 7.0% cap · market cap 15.73%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Killeen
    County
    Bell
    State
    Texas
    Longitude
    -97.675145
    Latitude
    31.116612

    Nearby Similar for Sale

    • $585,000
      8,400 SF

      Two-Story Office Building in Killeen

      Professional office building near Historic Downtown Killeen.
      603 N 8th Street, Killeen, TX 76541
      View Details
    • $750,000
      6,700 SF

      Turn-Key Auto Body Facility

      Fully operational collision repair shop in Killeen, Texas.
      621 S 2nd Street, Killeen, TX 76541
      View Details
    • $500,000
      7,420 SF

      Downtown Killeen Redevelopment Opportunity

      Value-add redevelopment opportunity in Killeen's Historic Overlay District.
      403 N Gray Street, Killeen, TX 76541
      View Details
    • $799,000

      High-Exposure Office Building on I-14

      Professional office building with high visibility and accessibility.
      701 W Central Texas Expressway, Killeen, TX 76541
      View Details
    • $799,000
      3,474 SF

      High-Exposure Office Building on I-14

      Professional office building with high visibility and accessibility.
      701 W Central Texas Expressway, Killeen, TX 76541
      View Details
    • $1,700,000
      51,060 SF

      Killeen Commercial Property For Sale

      Remodeled commercial property featuring multiple buildings and extensive amenities.
      2200 Trimmier Road, Killeen, TX 76541
      View Details
    • $420,000
      2,400 SF

      Killeen Commercial Flex Space

      New 2,400 sq ft flex space near Ft. Hood.
      10378 Oakalla Road, Killeen, TX 76549
      View Details
    • $350,000
      2,400 SF

      Killeen Warehouse with Expansion Potential

      Versatile warehouse on one acre with high traffic visibility.
      802 W S Young Drive, Killeen, TX 76543
      View Details
    • $450,000
      4,000 SF

      Killeen Church with Arched Ceilings

      Church property featuring wooden arched ceilings and stained glass windows.
      1207 Metropolitan Drive, Killeen, TX 76541
      View Details
    • $399,000
      42,820 SF

      Killeen Commercial Property For Sale

      High-traffic location suitable for redevelopment or expansion.
      3701 Lake Road, Killeen, TX 76543
      View Details
    • $250,000
      10,541 SF

      High-Exposure Corner Lot in Killeen

      Commercial building on a high-exposure corner lot in downtown Killeen.
      623 S 2nd Street, Killeen, TX 76541
      View Details
    • $700,000
      9,600 SF

      Killeen Commercial Investment Opportunity

      Multi-tenant commercial building on E. Elm Rd with cash-flow potential.
      502 E Elms Road, Killeen, TX 76542
      View Details

    FAQs

    What type of property is this?
    Quadplex - Multifamily property with income potential near parks, shopping, and schools.
    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 $340,000.
    What are key features of this property?
    This property features: Immediate income potential as an investment property.; Key mechanical upgrades: **new water heater and AC unit in Unit A.**; Remodeled bathroom in Unit D.
    (254) 289-7691
    We can help!
    Listing Contact
    Jeanette Dempsey
    Real Estate License ID: 0611759
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1502 Windward Drive, Killeen, TX 76543
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!