Tenant-Occupied
For Sale
$199,900
4802 Rainbow Circle, Killeen, TX 76543
Residential, Killeen, TX
Property Size1,550 SF
Lot Size0.23 Acres
Price / SF$128.97
Days on Market207
Property Features for 4802 Rainbow Circle
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3
Interior features
CeilingFans, EatInKitchen
Appliances
Dishwasher, Oven, Refrigerator, Range
Subdivision
Evening Hollow 3rd Ext
Lot features
Cul De Sac, City Lot, Less Than Quarter Acre
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
Westcliff, R on Cedarhill, R on Rainbow. Property is at the end of the cul-de-sac.
Standard status
Active
APN
72892
Size
1,550 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
EVENING HOLLOW 3RD EXTENSION, BLOCK 012, LOT 0008
Tax Annual Amount
3079
Legal Description
EVENING HOLLOW 3RD EXTENSION, BLOCK 012, LOT 0008
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Electric
Water source
Public
Amenities
washer/dryer connections
separate fenced-in yard
dedicated storage room
Building Details
Year built
1985
Floors in Building
1
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Brick, WoodSiding
Roof type
Composition, Shingle
Architectural style
Ranch
Listing Agency:
McG Homestead Rentals & Sales
(254) 415-7480
Listed By:
Lisa-Marie McGaughey · License #0661030
(330) 414-0959
Added: Feb 2
Changed: Aug 27
Last Checked: Aug 28 at 11:06AM
MLS# 603298
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 1,550-square-foot duplex contains two residential units, each configured with 2 bedrooms and 1 bathroom. Both units include washer/dryer connections, a dedicated storage room, and access to a separate fenced yard. Interior features include eat-in kitchens, ceiling fans, central air, electric heating, and a mix of vinyl and carpet flooring. The building was constructed in 1985 with brick and wood siding, and appliances include a dishwasher, oven, refrigerator, and range.
The property occupies 0.231 acres on a cul-de-sac and is currently tenant-occupied, providing rental income. A new composition shingle roof was installed in 2025. Public water and public sewer serve the property.
The property occupies 0.231 acres on a cul-de-sac and is currently tenant-occupied, providing rental income. A new composition shingle roof was installed in 2025. Public water and public sewer serve the property.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 bathroom per unit
- 1,550 square feet on a 0.231‑acre lot
- New composition shingle roof installed in 2025
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
$13,397
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
6.70%
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%
$267,940
$267.9K
Cap Rate 7%
$191,386
$191.4K
Cap Rate 9%
$148,856
$148.9K
Market Conditions
NOI Build-Up for 1,550 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
$20.5K $13.20/SF
− Vacancy
−$1.3K −$0.85/SF
EGI
$19.1K $12.35/SF
− OpEx
−$5.7K −$3.70/SF
NOI
$13.4K $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%
$267,940
Cap Rate 7%
$191,386
Cap Rate 9%
$148,856
Alternative Uses
Best Use
Multifamily LT 5
$191.4K
$167.5K – $223.3K
NOI $13,397 @ 7.0% cap · market cap 6.70%
Second Best
Apartment 5plus
$177.1K
$154.9K – $206.6K
NOI $12,395 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$372.3K
$325.8K – $434.4K
NOI $26,061 @ 7.0% cap · market cap 13.04%
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
150
Businesses Nearby
Explore this area
Business Placement
Demographics for 76543, TX
30,545
Population
15,300
Households
2
Avg Household Size
30
Median Age
15%
College-Educated
91%
High-School Grad
35.6 sq mi
ZIP Area
858
Density / Sq Mi
$51,239
Median Household Income
$31,712
Median Earnings
$1,099
Median Rent
$140,700
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 residential units offer separate fenced yards, storage rooms, and washer/dryer connections.
Where is this duplex located?
The property is located at 4802 Rainbow Circle Killeen, TX.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 bathroom per unit; 1,550 square feet on a 0.231‑acre lot; New composition shingle roof installed in 2025
