Vacant Two-Unit
For Sale
$140,000
508 Rhode Island Street, Killeen, TX 76541
Residential, Killeen, TX
Property Size960 SF
Lot Size0.07 Acres
Price / SF$145.83
Days on Market150
Property Features for 508 Rhode Island Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2
Interior features
CeilingFans, MultipleClosets, TubShower, Vanity
Appliances
ExhaustFan, ElectricRange, GasWaterHeater, MultipleWaterHeaters, Refrigerator, SomeElectricAppliances
Lot features
City Lot, Less Than Quarter Acre
Elementary school district
Killeen ISD
Middle school district
Killeen ISD
High school district
Killeen ISD
Directions
US 190 W, take exit 283 toward TX-195/Fort Hood St, merge onto W Central Texas Expy, turn right onto S Fort Hood St, turn right onto Adams Ave, turn left onto Rhode Island St
Standard status
Active
APN
105126
Size
960 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CAMP ADDITION, BLOCK 007, LOT 0010
Legal Description
CAMP ADDITION, BLOCK 007, LOT 0010
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1985
Floors in Building
1
Number of units
1
Flooring type
Vinyl
Building materials
WoodSiding
Roof type
Metal
Architectural style
Other
Listing Agency:
Compass Re Texas, Llc
(214) 814-8100
Listed By:
Beker Garcia · License #0828786
(254) 534-9054
Added: Apr 1
Changed: Aug 27
Last Checked: Aug 28 at 11:06AM
MLS# 609275
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 1985 duplex contains 960 square feet arranged as two one-bedroom, one-bath residences. Both units are currently vacant, offering immediate occupancy or tenant placement flexibility. Interior features include ceiling fans, multiple closets, tub-and-shower combinations, vanities, and vinyl flooring. Appliances include electric ranges, refrigerators, exhaust fans, gas water heaters, and multiple water heaters.
The property sits on 0.0716 acres near Fort Hood in Killeen. Public water and public sewer serve the duplex. Exterior construction includes wood siding and a metal roof, while the address is within ZIP Code 76541. The property was rented consistently during the prior four years, according to the provided property information.
The property sits on 0.0716 acres near Fort Hood in Killeen. Public water and public sewer serve the duplex. Exterior construction includes wood siding and a metal roof, while the address is within ZIP Code 76541. The property was rented consistently during the prior four years, according to the provided property information.
Key Highlights
- Duplex with 2 vacant units, each featuring 1 bedroom and 1 bathroom
- 960 square feet on a 0.0716‑acre lot
- Built in 1985 with wood siding and a metal roof
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
$8,297
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
5.93%
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%
$165,940
$165.9K
Cap Rate 7%
$118,529
$118.5K
Cap Rate 9%
$92,189
$92.2K
Market Conditions
NOI Build-Up for 960 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
$12.7K $13.20/SF
− Vacancy
−$819 −$0.85/SF
EGI
$11.9K $12.35/SF
− OpEx
−$3.6K −$3.70/SF
NOI
$8.3K $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%
$165,940
Cap Rate 7%
$118,529
Cap Rate 9%
$92,189
Alternative Uses
Best Use
Multifamily LT 5
$118.5K
$103.7K – $138.3K
NOI $8,297 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$109.7K
$96.0K – $128.0K
NOI $7,677 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$230.6K
$201.8K – $269.0K
NOI $16,141 @ 7.0% cap · market cap 11.53%
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
762
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are vacant, with separate one-bedroom, one-bath layouts.
Where is this duplex located?
The property is located at 508 Rhode Island Street Killeen, TX.
What is the asking price?
The asking price for this property is $140,000.
What are key features of this property?
This property features: Duplex with 2 vacant units, each featuring 1 bedroom and 1 bathroom; 960 square feet on a 0.0716‑acre lot; Built in 1985 with wood siding and a metal roof
