Updated Two-Unit Duplex with Covered
For Sale
$315,000
2709 Alma Drive, Killeen, TX 76549
MULTI_FAMILY - Other - Killeen, TX
Property Size2,282 SF
Lot Size0.20 Acres
Price / SF$138.04
Days on Market50
Property Features for 2709 Alma Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 6
Parking features
Garage
Patio and Porch features
Patio
Interior features
CeilingFans, Chandelier, TubShower, WalkInClosets, GraniteCounters
Exterior features
CoveredPatio
Appliances
Dishwasher, ElectricRange, ElectricWaterHeater, Disposal, Microwave, Refrigerator, WaterHeater, SomeElectricAppliances, Range
Subdivision
Roberts Add Sec Two
Lot features
City Lot, Less Than Quarter Acre
Elementary school
Maxdale Elementary School
Middle school
Palo Alto Middle School
High school
Shoemaker High School
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
Turn onto Clear Creek Road. Turn onto Elms Road. Turn onto Alma Drive. Continue down Alma Drive until you reach 2709 Alma Dr, which will be on your left.
Standard status
Active
APN
238234
Size
2,282 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
ROBERTS ADDITION SECTION TWO, BLOCK 002, LOT 0025
Tax Annual Amount
5511
Legal Description
ROBERTS ADDITION SECTION TWO, BLOCK 002, LOT 0025
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Building Details
Year built
2002
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Masonry
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
Two Lakes Real Estate
(254) 415-4040
Listed By:
Katie Strange · License #0743427
(254) 316-9606
Added: Jun 26
Changed: Aug 14
Last Checked: Aug 14 at 8:06PM
MLS# 618071
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 updated two-unit duplex includes two 3-bedroom, 2-bath units, each with a 1-car garage, covered patio, and fenced backyard space. The property was built in 2002 and features masonry construction with a composition shingle roof. Interior amenities include central electric heating and central air conditioning, tile flooring, granite counters, and walk-in closets, along with ceiling fans and a tub/shower setup.
Unit A is currently leased through August 31, 2026 and then transitions to a month-to-month lease. Unit B is vacant and recently updated with new ceramic tile flooring throughout, granite countertops, stainless steel appliances, and fresh interior and exterior paint.
With public water and public sewer service and covered parking in the garage, this duplex is set up for straightforward occupancy—either as a house-hack arrangement or as a rental with one unit available.
Unit A is currently leased through August 31, 2026 and then transitions to a month-to-month lease. Unit B is vacant and recently updated with new ceramic tile flooring throughout, granite countertops, stainless steel appliances, and fresh interior and exterior paint.
With public water and public sewer service and covered parking in the garage, this duplex is set up for straightforward occupancy—either as a house-hack arrangement or as a rental with one unit available.
Key Highlights
- Two‑unit duplex with both units offering 3 bedrooms, 2 bathrooms, and 1‑car garages
- Vacant Unit B updated with new ceramic tile flooring, granite countertops, stainless steel appliances, and fresh interior and exterior paint
- Unit A leased through August 31, 2026, then transitions to a month‑to‑month lease
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
6.26%
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 6.26%
Second Best
Apartment 5plus
$260.7K
$228.1K – $304.1K
NOI $18,248 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$548.1K
$479.6K – $639.5K
NOI $38,368 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
181
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 - Two-unit duplex with covered patios, fenced yards, and one freshly updated vacant unit for an owner-occupant or new tenant.
Where is this duplex located?
The property is located at 2709 Alma Drive Killeen, TX.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑unit duplex with both units offering 3 bedrooms, 2 bathrooms, and 1‑car garages; Vacant Unit B updated with new ceramic tile flooring, granite countertops, stainless steel appliances, and fresh interior and exterior paint; Unit A leased through August 31, 2026, then transitions to a month‑to‑month lease
