4202 Lake Rd Killeen, TX 76543

Property Details for 4202 Lake Rd

Property size

13,416 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a fully occupied, 12-unit apartment building located at 4202 Lake Rd, Killeen, Texas, 76543. The property boasts a total of 13,416 square feet, comprised of three, two-story buildings, each housing four units. Each unit is a spacious 1,118 square feet, featuring two bedrooms and 1.5 bathrooms. The units are identically designed, simplifying leasing and management. All units underwent renovations between 2022 and 2024, including new plumbing and sewer lines in some buildings, stainless steel appliances, and most units have new water heaters. The property benefits from a 100% occupancy rate, generating a substantial net operating income (NOI) of $136,500, with current stabilized rent at $12,800 per month. The average monthly rent is $1,066, ranging from $1,000 to $1,150. Most leases are fresh 12-month agreements, expiring in 2025. Security deposits are held for all tenants, ranging from $1,000 to $2,000 per unit. Significant capital expenditures have already been completed, including new HVAC systems and a renovated parking lot. The property's high occupancy, strong cash flow, and recent renovations make it an attractive investment opportunity with a 9.10% cap rate and an asking price of $1,500,000 ($125,000 per unit). The property features granite and quartz countertops in all units. Separate electric meters are installed for each unit. Building insurance is included in operating expenses. This turnkey rental portfolio offers immediate cash flow and significant potential for future growth.

Location Insight

City

Killeen

County

Bell

State

Texas

Longitude

-97.683758595937

Latitude

31.119985344944