Occupied Duplex with Brick
For Sale
$295,000
2203 Agate Drive, Killeen, TX 76549
Residential, Killeen, TX
Property Size2,356 SF
Lot Size0.20 Acres
Price / SF$125.21
Days on Market17
Property Features for 2203 Agate Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 4, Bathroom 4, Bedroom 2, Bathroom 3, Bathroom 1, Bedroom 3
Interior features
TubShower
Appliances
ElectricWaterHeater, SomeElectricAppliances
Subdivision
Willow Ridge Add Ph Fo
Lot features
City Lot, Less Than Quarter Acre
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
Stan Schlueter Loop to Littlerock Dr, right on Agate Dr.
Standard status
Active
APN
169910
Size
2,356 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
WILLOW RIDGE ADDITION PHASE FOUR, BLOCK 001, LOT 0002
Tax Annual Amount
6796
Legal Description
WILLOW RIDGE ADDITION PHASE FOUR, BLOCK 001, LOT 0002
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
1999
Floors in Building
1
Number of units
2
Building materials
BrickVeneer
Roof type
Composition, Shingle
Architectural style
Ranch
Listing Agency:
Step by Step Realty
(254) 319-1316
Listed By:
Jeanette Amthor-Rodriguez · License #0582875
(254) 319-1316
Added: Aug 12
Changed: Aug 26
Last Checked: Aug 28 at 11:06AM
MLS# 622528
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 1999, this two-unit duplex contains 2,356 square feet on a 0.2003-acre lot. The ranch-style property features brick veneer construction, composition shingle roofing, central electric heating, central air conditioning, and public water and sewer service. Interior features include tub-and-shower baths, while appliances include electric water heating and select electric appliances.
Both units are occupied under active leases. The property is located in Killeen near the Fort Hood army installation, local schools, and major commuter routes. The duplex may be acquired individually or alongside a larger multi-duplex portfolio in ZIP code 76549.
Both units are occupied under active leases. The property is located in Killeen near the Fort Hood army installation, local schools, and major commuter routes. The duplex may be acquired individually or alongside a larger multi-duplex portfolio in ZIP code 76549.
Key Highlights
- Two‑unit duplex with 2,356 square feet of building area
- Both units are fully occupied under active leases
- Built in 1999 with brick veneer construction
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
$20,363
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
6.90%
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%
$407,260
$407.3K
Cap Rate 7%
$290,900
$290.9K
Cap Rate 9%
$226,256
$226.3K
Market Conditions
NOI Build-Up for 2,356 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
$31.1K $13.20/SF
− Vacancy
−$2.0K −$0.85/SF
EGI
$29.1K $12.35/SF
− OpEx
−$8.7K −$3.70/SF
NOI
$20.4K $8.64/SF
Area
Killeen, TX
Vacancy
6.46%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$407,260
Cap Rate 7%
$290,900
Cap Rate 9%
$226,256
Alternative Uses
Best Use
Multifamily LT 5
$290.9K
$254.5K – $339.4K
NOI $20,363 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$269.1K
$235.5K – $314.0K
NOI $18,840 @ 7.0% cap · market cap 6.39%
Theoretical Best
Office A
$565.9K
$495.2K – $660.2K
NOI $39,612 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
331
Businesses Nearby
Explore this area
Business Placement
Demographics for 76549, TX
56,199
Population
21,794
Households
2.6
Avg Household Size
29
Median Age
23%
College-Educated
95%
High-School Grad
94.1 sq mi
ZIP Area
597
Density / Sq Mi
$62,536
Median Household Income
$36,340
Median Earnings
$1,363
Median Rent
$202,100
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?
Duplex - Both units are leased and feature central heating and air conditioning.
Where is this duplex located?
The property is located at 2203 Agate Drive Killeen, TX.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,356 square feet of building area; Both units are fully occupied under active leases; Built in 1999 with brick veneer construction
