Six-Unit Apartment
New
For Sale
$475,000
213 E Harrison Avenue, Killeen, TX 76541
COMMERCIAL - Killeen, TX
Property Size3,600 SF
Lot Size0.30 Acres
Price / SF$131.94
Days on Market2
Property Features for 213 E Harrison Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
North Side Add
Lot features
City Lot, Quarter To Half Acre Lot
Elementary school
Cavazos Elementary School
High school
Shoemaker High School
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
From N 10th Street, turn west onto E Harrison Avenue. Continue on E Harrison Avenue to 213 E Harrison Ave, Killeen, TX 76541.
Standard status
Active
APN
114476
Size
3,600 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
NORTH SIDE ADDITION, BLOCK 007, LOT 0002
Tax Annual Amount
4990
Legal Description
NORTH SIDE ADDITION, BLOCK 007, LOT 0002
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Flooring type
Linoleum, Tile
Building materials
Masonry
Roof type
Shingle, Composition
Listing Agency:
Two Lakes Real Estate
(254) 415-4040
Listed By:
Katie Strange · License #0743427
(254) 316-9606
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 12:06PM
MLS# 622662
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 6-unit apartment property in Killeen contains 3,600 square feet on 0.2982 acres. Built in 1970 with masonry construction, the building has four occupied units and two vacant units that are currently being marketed for lease. One residence has been updated with ceramic tile flooring, granite countertops, stainless steel appliances, and new interior paint.
Lease expirations are distributed from January through May 2027, providing staggered tenancy terms. Most HVAC systems are approximately six years old or newer, while the composition shingle roof is approximately nine years old. The property is served by public water and public sewer, with central electric heating and cooling. Its setting provides access to major roadways, shopping, dining, employment centers, and Fort Cavazos.
Lease expirations are distributed from January through May 2027, providing staggered tenancy terms. Most HVAC systems are approximately six years old or newer, while the composition shingle roof is approximately nine years old. The property is served by public water and public sewer, with central electric heating and cooling. Its setting provides access to major roadways, shopping, dining, employment centers, and Fort Cavazos.
Key Highlights
- 6‑unit apartment property with 3,600 square feet on 0.2982 acres
- Four occupied units and two vacant units currently marketed for lease
- One updated unit with ceramic tile, granite countertops, stainless steel appliances, and fresh interior paint
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
$28,788
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
6.06%
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%
$575,760
$575.8K
Cap Rate 7%
$411,257
$411.3K
Cap Rate 9%
$319,867
$319.9K
Market Conditions
NOI Build-Up for 3,600 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
$56.2K $15.60/SF
− Vacancy
−$3.8K −$1.06/SF
EGI
$52.3K $14.54/SF
− OpEx
−$23.6K −$6.54/SF
NOI
$28.8K $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%
$575,760
Cap Rate 7%
$411,257
Cap Rate 9%
$319,867
Alternative Uses
Best Use
Apartment 5plus
$411.3K
$359.9K – $479.8K
NOI $28,788 @ 7.0% cap · market cap 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$864.7K
$756.6K – $1.01M
NOI $60,528 @ 7.0% cap · market cap 12.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
486
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Masonry construction with four occupied units, two vacancies, and one renovated residence.
Where is this apartment building located?
The property is located at 213 E Harrison Avenue Killeen, TX.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 6‑unit apartment property with 3,600 square feet on 0.2982 acres; Four occupied units and two vacant units currently marketed for lease; One updated unit with ceramic tile, granite countertops, stainless steel appliances, and fresh interior paint
