Two-Unit Duplex with
New
For Sale
$285,999
2602 Alma Dr, Killeen, TX 76549
Two separate residences offer three-bedroom layouts, two full baths, and individual one-car garages.
Property Size2,282 SF
Price / SF$125.33
Days on Market2
Property Features for 2602 Alma Dr
General Information
Standard status
Active
Size
2,282 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
2002
Buildings
1
Listing Agency:
Redbird Realty LLC
(210) 783-0100
Listed By:
Homecity Real Estate
(254) 939-3585
Source:
Homecity
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 13 at 8:59AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Redbird Realty LLC
Investment Insights
Based on property information with market context.
Built in 2002, this duplex at 2602 Alma Dr in Killeen, Texas, contains 2,282 square feet across two residences. Each side includes 3 bedrooms, 2 full baths, and a 1-car garage, creating a combined configuration of 6 bedrooms, 4 baths, and two garages.
The property is near shopping, dining, schools, Fort Cavazos, and major roads. Its two-unit layout supports an owner-occupant arrangement with one residence available for rent, or use as an income-producing addition to a portfolio.
The property is near shopping, dining, schools, Fort Cavazos, and major roads. Its two-unit layout supports an owner-occupant arrangement with one residence available for rent, or use as an income-producing addition to a portfolio.
Key Highlights
- Two‑unit duplex totaling 2,282 square feet
- Each side has 3 bedrooms and 2 full baths
- Combined total of 6 bedrooms and 4 baths
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
$19,724
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%
$394,480
$394.5K
Cap Rate 7%
$281,771
$281.8K
Cap Rate 9%
$219,156
$219.2K
Market Conditions
NOI Build-Up for 2,282 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
$30.1K $13.20/SF
− Vacancy
−$1.9K −$0.85/SF
EGI
$28.2K $12.35/SF
− OpEx
−$8.5K −$3.70/SF
NOI
$19.7K $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%
$394,480
Cap Rate 7%
$281,771
Cap Rate 9%
$219,156
Alternative Uses
Best Use
Multifamily LT 5
$281.8K
$246.6K – $328.7K
NOI $19,724 @ 7.0% cap · market cap 6.90%
Second Best
Apartment 5plus
$260.7K
$228.1K – $304.1K
NOI $18,248 @ 7.0% cap · market cap 6.38%
Theoretical Best
Office A
$548.1K
$479.6K – $639.5K
NOI $38,368 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
162
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences offer three-bedroom layouts, two full baths, and individual one-car garages.
Where is this duplex located?
The property is located at 2602 Alma Dr Killeen, TX.
What is the asking price?
The asking price for this property is $285,999.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,282 square feet; Each side has 3 bedrooms and 2 full baths; Combined total of 6 bedrooms and 4 baths
