Masonry Duplex
For Sale
$299,000
4604 Pennington Avenue, Killeen, TX 76549
Residential, Killeen, TX
Property Size2,258 SF
Lot Size0.18 Acres
Price / SF$132.42
Days on Market218
Property Features for 4604 Pennington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 3, Bathroom 4
Interior features
CeilingFans, DoubleVanity, PullDownAtticStairs, WalkInClosets
Appliances
Dishwasher, ElectricRange, Disposal, WaterHeater, SomeElectricAppliances
Subdivision
Clear Creek Estates Ph Four
Lot features
City Lot, Less Than Quarter Acre
Elementary school
Iduma Elementary School
Middle school
Live Oak Ridge Middle School
High school
Shoemaker High School
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
I14 to Clear Creek head south left on Stan Schlueter left on Pennington
Standard status
Active
APN
317175
Size
2,258 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CLEAR CREEK ESTATES PHASE FOUR, BLOCK 019, LOT 6
Tax Annual Amount
5787
Legal Description
CLEAR CREEK ESTATES PHASE FOUR, BLOCK 019, LOT 6
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
2003
Floors in Building
1
Number of units
2
Flooring type
Tile, Carpet
Building materials
Masonry
Roof type
Composition, Shingle
Architectural style
Other
Listing Agency:
Rancier Realty
(254) 526-4093
Listed By:
B Latham · License #0532409
(254) 449-2110
Added: Jan 23
Changed: Aug 26
Last Checked: Aug 29 at 8:06PM
MLS# 602709
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 duplex property contains 2,258 square feet on a 0.18-acre lot and was built in 2003. Masonry construction, composition shingle roofing, tile and carpet flooring, and central electric heating and cooling are among the established improvements. The interior includes four bedrooms and four bathrooms, with walk-in closets, ceiling fans, double vanities, and pull-down attic stairs. Kitchen appliances include a dishwasher, electric range, disposal, and water heater.
The property is located in Killeen near Fort Hood and shopping. Public water and public sewer serve the site. The combination of a duplex layout, four-bedroom/four-bathroom interior configuration, and established residential improvements provides a defined multifamily asset profile.
The property is located in Killeen near Fort Hood and shopping. Public water and public sewer serve the site. The combination of a duplex layout, four-bedroom/four-bathroom interior configuration, and established residential improvements provides a defined multifamily asset profile.
Key Highlights
- 2,258 square feet on a 0.18‑acre lot
- Four bedrooms and four bathrooms
- Built in 2003 with masonry 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
$19,516
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
6.53%
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%
$390,320
$390.3K
Cap Rate 7%
$278,800
$278.8K
Cap Rate 9%
$216,844
$216.8K
Market Conditions
NOI Build-Up for 2,258 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
$29.8K $13.20/SF
− Vacancy
−$1.9K −$0.85/SF
EGI
$27.9K $12.35/SF
− OpEx
−$8.4K −$3.70/SF
NOI
$19.5K $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%
$390,320
Cap Rate 7%
$278,800
Cap Rate 9%
$216,844
Alternative Uses
Best Use
Multifamily LT 5
$278.8K
$244.0K – $325.3K
NOI $19,516 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$257.9K
$225.7K – $300.9K
NOI $18,056 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$542.4K
$474.6K – $632.8K
NOI $37,965 @ 7.0% cap · market cap 12.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
396
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 - Masonry duplex with central heating, central air, public water, and public sewer service.
Where is this duplex located?
The property is located at 4604 Pennington Avenue Killeen, TX.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 2,258 square feet on a 0.18‑acre lot; Four bedrooms and four bathrooms; Built in 2003 with masonry construction
