1808 8Th St, Killeen, TX 76541

Property Details for 1808 8Th St

Year built

1970

Property type

Commercial real estate

APN

72080

Description

Exceptional investment opportunity in Killeen, Texas, presents a 16-unit apartment complex ideally situated along the I-35 Highway corridor, approximately one hour north of Austin. This Core+ Class C multifamily property boasts a total of 6,656 square feet on a 9,460 square foot lot (APN 72080), built in 1970, and zoned R-3. The two-story building comprises sixteen one-bedroom, one-bathroom units, each averaging 416 square feet and featuring individual air conditioning and heating. Currently generating a Net Operating Income (NOI) of $69,829, resulting in a 7.76% capitalization rate (cap rate) based on the $900,000 asking price. The property's strong cash flow is further enhanced by a 2023 gross rental income of $95,054. A pro forma analysis projects an effective rental income of $126,060 and a 9.1% cap rate, indicating significant upside potential through further rent increases. Some units have recently undergone renovations, leading to higher rental rates. The property offers uncovered parking. The proximity to Fort Hood military base and the new Samsung semiconductor plant, expected to create 3,000 jobs, positions this investment for substantial long-term growth in a rapidly expanding and affordable Texas city. First-year property management fees are waived for buyers who choose to continue with the current management company. This property presents a compelling opportunity for investors seeking strong returns in a high-growth market.

Location Insight

City

Killeen

County

Bell

State

Texas

Longitude

-97.722703

Latitude

31.1315367