Single-Story Flex
For Sale
$1,500,000
420 E Avenue C, Killeen, TX 76541
CommercialSale, Killeen, TX
Property Size21,850 SF
Lot Size0.79 Acres
Price / SF$68.65
Days on Market81
Property Features for 420 E Avenue C
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B5
Parking features
Special Needs
Accessibility
Accessible Approach with Ramp
Subdivision
Killeen Original
Lot features
Alley, Corner Lot, City Lot, Quarter To Half Acre Lot
Directions
From Veterans Memorial Blvd. and 10th Street, head north on 10th Street, crossing the railroad tracks. The property is located at the corner of 10th Street and Avenue C.
Standard status
Active
APN
7202
Size
21,850 SF
Lot size
0.79 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
KILLEEN ORIGINAL, BLOCK 012, LOT 12, PT 11, (E 50' OF 11)
Tax Annual Amount
15082
Legal Description
KILLEEN ORIGINAL, BLOCK 012, LOT 12, PT 11, (E 50' OF 11)
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Electric, Central Air
Water source
Public
Amenities
commercial kitchen
Building Details
Year built
1957
Floors in Building
1
Flooring type
Tile, Carpet, Concrete
Building materials
Block, Masonry, Concrete
Listing Agency:
Linnemann Realty
(254) 628-9272
Listed By:
Scott Thomison · License #0667138
(254) 760-0957
Added: Jun 16
Changed: Aug 20
Last Checked: Sep 4 at 3:06PM
MLS# 617067
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 single-story flex property provides approximately 21,850 square feet across a two-parcel, 0.79-acre offering. Built in 1957, the building features broad open areas, tile, carpet, and concrete flooring, along with a fully equipped commercial kitchen. A code-compliant fire sprinkler system, Certificate of Occupancy, and completed inspection support the existing commercial configuration.
The property includes 49 on-site parking spaces and accessible approach with ramp access. Public water and sewer serve the site, while central electric heating and cooling are installed. Located minutes from Business Highway 190 and Interstate 14, the property is within walking distance of government offices, restaurants, retail, and downtown amenities. B5 zoning is identified for the offering.
The property includes 49 on-site parking spaces and accessible approach with ramp access. Public water and sewer serve the site, while central electric heating and cooling are installed. Located minutes from Business Highway 190 and Interstate 14, the property is within walking distance of government offices, restaurants, retail, and downtown amenities. B5 zoning is identified for the offering.
Key Highlights
- Approximately 21,850 SF of commercial space on 0.79 acres
- Two‑parcel offering with 49 on‑site parking spaces
- Built in 1957 with single‑story 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
$138,022
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
9.20%
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%
$2,760,440
$2.8M
Cap Rate 7%
$1,971,743
$2.0M
Cap Rate 9%
$1,533,578
$1.5M
Market Conditions
NOI Build-Up for 21,850 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
$209.8K $9.60/SF
− Vacancy
−$12.6K −$0.58/SF
EGI
$197.2K $9.02/SF
− OpEx
−$59.2K −$2.71/SF
NOI
$138.0K $6.32/SF
Area
Killeen, TX
Vacancy
6.00%
Lease Rate
$9.60 /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%
$2,760,440
Cap Rate 7%
$1,971,743
Cap Rate 9%
$1,533,578
Alternative Uses
Best Use
Flex RnD
$2.05M
$1.79M – $2.39M
NOI $143,417 @ 7.0% cap · market cap 9.56%
Second Best
Industrial
$1.97M
$1.73M – $2.30M
NOI $138,022 @ 7.0% cap · market cap 9.20%
Theoretical Best
Office A
$5.25M
$4.59M – $6.12M
NOI $367,374 @ 7.0% cap · market cap 24.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,693
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Open-plan commercial building with a commercial kitchen, fire sprinklers, and accessible ramp entry.
Where is this flex space located?
The property is located at 420 E Avenue C Killeen, TX.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately 21,850 SF of commercial space on 0.79 acres; Two‑parcel offering with 49 on‑site parking spaces; Built in 1957 with single‑story construction
