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    Downtown Redevelopment Retail-Office Building Title is generated by Realmo AI

    403 N Gray Street, Killeen, TX 76541

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    For Sale
    $500,000

    COMMERCIAL - Killeen, TX

    Lot size:
    0.18 Acres
    Added:
    May 14, 2026
    Days on Market:
    20
    Last Refresh:
    Jun 2 at 11:06 pm

    Property Features for 403 N Gray Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    25641
    Lot size
    0.18 Acres

    Taxes and HOA fees

    Tax Description
    KILLEEN ORIGINAL, BLOCK 006, LOT PT 4, (SE PT
    Tax Annual Amount
    7480

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1966
    Floors in Building
    1
    Number of units
    1
    Flooring type
    Concrete
    Building materials
    Brick
    Roof type
    Metal

    We can help!

    Listing Contact
    Anthony Rodriguez

    Listing agent Anthony Rodriguez License #0501389

    Listing office Empyral Group, Llc Killeen, TX

    Listing date May 14, 2026

    MLS# 21178745

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 403 N. Gray St. in Downtown Killeen’s Historic Overlay District
    • Building fully demoed to the studs and ready for redevelopment
    • B‑5 (Central Business District) zoning with flexible use potential for retail, restaurant, office, entertainment, mixed‑use, and service
    • Metal roof; brick construction with concrete flooring
    • Central heating and central air
    • Utilities: public water and public sewer; parking lot on site; accessible ramp approach

    Overview

    403 N. Gray Street is a redevelopment opportunity in Downtown Killeen, presented as a clean structural shell after interior demolition has been completed to the studs. The property’s current condition allows a buyer or developer to plan and execute a customized build-out strategy without legacy interior constraints. Its flexible use potential supports a range of concepts, including retail, restaurant, office, entertainment, mixed-use, and service.

    The building is positioned within Killeen’s Historic Overlay District and located in the city’s active downtown revitalization corridor. With strong visibility and B-5 (Central Business District) zoning, the site is aligned with a central business location where redevelopment can be tailored to market needs. The Historic Overlay District designation may also create opportunities to explore public incentives and historic tax credits that could support project feasibility and long-term returns.

    This property is best suited for investors and developers looking for a ground-up build-out in an established downtown setting. The combination of a cleared, adaptable shell and central business zoning provides flexibility for multiple commercial uses, making it a practical fit for teams pursuing a retail, dining, office, or mixed-use redevelopment plan within a historic downtown environment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bellco Park Park

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Killeen
    County
    Bell
    State
    Texas
    Longitude
    -97.727866
    Latitude
    31.12122

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    FAQs

    What type of property is this?
    Retail space - Fully demoed structural shell with flexible use potential in a historic downtown overlay district.
    Where is this retail space located?
    The property is located at 403 N Gray Street Killeen, TX.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: 403 N. Gray St. in Downtown Killeen’s Historic Overlay District; Building fully demoed to the studs and ready for redevelopment; B‑5 (Central Business District) zoning with flexible use potential for retail, restaurant, office, entertainment, mixed‑use, and service
    (254) 526-0399
    We can help!
    Listing Contact
    Anthony Rodriguez
    Real Estate License ID: 0501389
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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