306 Gilmer St Killeen, TX 76541
- Commercial real estate
Current Use by Public Records
- Whispering Hills / Furnished Apartment Building
Property Details for 306 Gilmer St
- Year built
- 1970
- Property type
- Commercial real estate
Description
This exceptional 33-unit apartment community in Killeen, Texas, presents a compelling investment opportunity. The property comprises two, two-story buildings totaling 25,057 net rentable square feet, built in 1970. The unit mix includes three one-bedroom, sixteen two-bedroom, and fourteen three-bedroom apartments. A newly installed laundry facility, featuring four washers and four dryers, adds significant tenant convenience. The property boasts durable metal roofs and PVC plumbing, enhancing longevity and reducing maintenance costs. Recent upgrades include renovated catwalks and staircases. Significant value-add potential exists through the implementation of RUBS (Rent Utility Billing System) to offset water expenses and by completing additional unit upgrades to command higher rental income. The property enjoys a prime location within a five-minute drive of popular fast-food restaurants like McDonald's, Subway, Taco Bell, Burger King, and Raising Cane's. Its proximity to Fort Cavazos military base and a revitalizing downtown Killeen, situated on Interstate-35 within the Texas Triangle, offers strong potential for future growth. Killeen's robust economic climate is evidenced by a 9.64% median income increase from 2021 to 2022 and a 5.12% population growth since the 2020 census. This strategic location, coupled with the property's inherent value-add potential, makes this a highly attractive investment prospect.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Killeen
- County
- Bell
- State
- Texas
- Longitude
- -97.737492604059
- Latitude
- 31.123133544087
