Brick Duplex With Private
New
For Sale
$277,900
4604 Bowles Dr, Killeen, TX 76549
Fully occupied two-unit property with spacious residences, in-unit storage, and convenient access to schools, dining, and shopping.
Property Size2,450 SF
Price / SF$113.43
Days on Market7
Property Features for 4604 Bowles Dr
General Information
Standard status
Active
Size
2,450 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
1
Amenities
step-up ceiling
tile backsplash
indoor utility room
ceiling fans
walk-in closet
vaulted ceiling
garden tub
gutters
Building Details
Year Built
2000
Buildings
1
Construction
brick
Tenancy
Multi
Listing Agency:
Shaw Properties
Listed By:
Andrea Shaw (254) 690-8484 · License #0429881
(254) 690-8484
Source:
Allcentraltxhomesforsale
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 21 at 2:20PM
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 Shaw Properties
Investment Insights
Based on property information with market context.
Built in 2000, this 2,450-square-foot duplex at 4604 Bowles Dr in Killeen features two three-bedroom, two-bath residences. The four-sided brick exterior is complemented by private garages, gutters, and substantial storage within each unit. Both layouts include generous living rooms with step-up ceilings, tiled dining areas, kitchens with refrigerators and tile backsplashes, and indoor utility rooms.
Each residence also offers ceiling fans in the secondary bedrooms, with walk-in closets available in select bedrooms and the primary suite. The primary bedroom includes a vaulted ceiling, walk-in closet, ceiling fan, and garden tub. The property is fully occupied and located near Willow Springs Elementary, Fort Hood, restaurants, and shopping.
Each residence also offers ceiling fans in the secondary bedrooms, with walk-in closets available in select bedrooms and the primary suite. The primary bedroom includes a vaulted ceiling, walk-in closet, ceiling fan, and garden tub. The property is fully occupied and located near Willow Springs Elementary, Fort Hood, restaurants, and shopping.
Key Highlights
- 2,450‑square‑foot duplex built in 2000
- Two units, each with 3 bedrooms and 2 full baths
- Four‑sided brick construction with private garages and gutters
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
$21,176
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
7.62%
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%
$423,520
$423.5K
Cap Rate 7%
$302,514
$302.5K
Cap Rate 9%
$235,289
$235.3K
Market Conditions
NOI Build-Up for 2,450 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
$32.3K $13.20/SF
− Vacancy
−$2.1K −$0.85/SF
EGI
$30.3K $12.35/SF
− OpEx
−$9.1K −$3.70/SF
NOI
$21.2K $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%
$423,520
Cap Rate 7%
$302,514
Cap Rate 9%
$235,289
Alternative Uses
Best Use
Multifamily LT 5
$302.5K
$264.7K – $352.9K
NOI $21,176 @ 7.0% cap · market cap 7.62%
Second Best
Apartment 5plus
$279.9K
$244.9K – $326.5K
NOI $19,592 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$588.5K
$514.9K – $686.6K
NOI $41,193 @ 7.0% cap · market cap 14.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
415
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 - Fully occupied two-unit property with spacious residences, in-unit storage, and convenient access to schools, dining, and shopping.
Where is this duplex located?
The property is located at 4604 Bowles Dr Killeen, TX.
What is the asking price?
The asking price for this property is $277,900.
What are key features of this property?
This property features: 2,450‑square‑foot duplex built in 2000; Two units, each with 3 bedrooms and 2 full baths; Four‑sided brick construction with private garages and gutters
