Six-Unit Apartment
For Sale
$475,000
213 E Harrison Avenue, Killeen, TX 76541
CommercialSale, Killeen, TX
Property Size3,600 SF
Lot Size0.30 Acres
Price / SF$131.94
Days on Market22
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
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Flooring type
Tile, Linoleum
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 20
Last Checked: Sep 3 at 5:06AM
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.
Built in 1970, this six-unit apartment property contains 3,600 square feet on 0.2982 acres. The masonry building has tile and linoleum flooring, central electric heating and cooling, public water, public sewer, and a shingle and composition roof. Four units are occupied, and two are vacant and being offered for lease.
One apartment has been updated with ceramic tile flooring, granite countertops, stainless steel appliances, and fresh interior paint. Most HVAC systems are less than approximately six years old, while the roof is approximately nine years old. Lease expirations are staggered through 2027, supporting varied occupancy timing.
The property is located at 213 E Harrison Avenue in Killeen, with access to major roadways, shopping, dining, employment centers, and Fort Cavazos.
One apartment has been updated with ceramic tile flooring, granite countertops, stainless steel appliances, and fresh interior paint. Most HVAC systems are less than approximately six years old, while the roof is approximately nine years old. Lease expirations are staggered through 2027, supporting varied occupancy timing.
The property is located at 213 E Harrison Avenue in Killeen, with access to major roadways, shopping, dining, employment centers, and Fort Cavazos.
Key Highlights
- Six‑unit apartment property with four occupied units and two vacancies
- 3,600 square feet on 0.2982 acres
- One remodeled unit with ceramic tile, granite countertops, stainless steel appliances, and fresh 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 - Four units are occupied, while two are currently available for lease.
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: Six‑unit apartment property with four occupied units and two vacancies; 3,600 square feet on 0.2982 acres; One remodeled unit with ceramic tile, granite countertops, stainless steel appliances, and fresh paint
