308 N 22nd St
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308 N 22nd St
36 Unit Apartment Building $1,563,200 ($43,422/Unit) Killeen, TX 76541
Investment Highlights
- Major Price Reduction!
- Pro forma IRR 16.02% Cap 12.83% C/C 12.89%
- New roof July 2024
- Strong value-add opportunity
- Electricity individually metered New tenants and renewals now pay electricity
- Over $220,000 in recent CapEx
Executive Summary
The offering is a Thirty-six (36) unit apartment located in Killeen, Texas. The property is located near Fort Hood Army Base, which is the largest active-duty armored post in the U.S. Armed Forces.
Per the Bell County Appraisal District (BCAD) the total building square footage is approximately 16,640 and the lot size is 0.743 acres. The apartment complex was completed in 1971.
Each unit is a 1-bedroom/1-bath with approximately 460 square feet of space.
The building has a slab foundation and a flat roof that will be replaced prior to closing. The complex has individual electric meters but has been run as an “All Bill Paid” property. Currently, all new tenants and renewals are responsible for obtaining and paying their electricity bill. Water is master-metered. Each unit has individual HVAC and hot water heaters.
While the apartment complex will cash flow day one, it offers a strong value-add component. This should provide higher rents as well as a reduction in maintenance and repair and water expenses. The owner reports he has spent approximately $150,000 in CapEx and has fully renovated, or partial renovated 15 units. As of this writing, there are:
•14 occupied units
•8 rent-ready units
•14 units with partial repairs/upgrades completed
•W/D connections have been added to several units
The target rent after renovations are complete are $695-$725/month plus electricity.
According to the Realtors Property Resource Trade Area report for Killeen, TX 76541:
•The Average Household Income is $44,618
•The Median Household Income is $32,192
•The Per Capita Income is $19,915
•The median age is 31.4 years
•The average household size is 2.23
•The ZIP code has a Median Estimated Home Value of $153,960 which has increased 6.0% over the last twelve months
Per the Bell County Appraisal District (BCAD) the total building square footage is approximately 16,640 and the lot size is 0.743 acres. The apartment complex was completed in 1971.
Each unit is a 1-bedroom/1-bath with approximately 460 square feet of space.
The building has a slab foundation and a flat roof that will be replaced prior to closing. The complex has individual electric meters but has been run as an “All Bill Paid” property. Currently, all new tenants and renewals are responsible for obtaining and paying their electricity bill. Water is master-metered. Each unit has individual HVAC and hot water heaters.
While the apartment complex will cash flow day one, it offers a strong value-add component. This should provide higher rents as well as a reduction in maintenance and repair and water expenses. The owner reports he has spent approximately $150,000 in CapEx and has fully renovated, or partial renovated 15 units. As of this writing, there are:
•14 occupied units
•8 rent-ready units
•14 units with partial repairs/upgrades completed
•W/D connections have been added to several units
The target rent after renovations are complete are $695-$725/month plus electricity.
According to the Realtors Property Resource Trade Area report for Killeen, TX 76541:
•The Average Household Income is $44,618
•The Median Household Income is $32,192
•The Per Capita Income is $19,915
•The median age is 31.4 years
•The average household size is 2.23
•The ZIP code has a Median Estimated Home Value of $153,960 which has increased 6.0% over the last twelve months
Property Facts Under Contract
| Price | $1,563,200 | Building Class | C |
| Price Per Unit | $43,422 | Lot Size | 0.72 AC |
| Sale Type | Investment | Building Size | 16,640 SF |
| No. Units | 36 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1971 |
| Apartment Style | Low Rise | Parking Ratio | 2.4/1,000 SF |
| Price | $1,563,200 |
| Price Per Unit | $43,422 |
| Sale Type | Investment |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.72 AC |
| Building Size | 16,640 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1971 |
| Parking Ratio | 2.4/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 36 | - | 400 |
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PROPERTY TAXES
| Parcel Number | 99293 | Improvements Assessment | $964,905 |
| Land Assessment | $97,095 | Total Assessment | $1,062,000 |
PROPERTY TAXES
Parcel Number
99293
Land Assessment
$97,095
Improvements Assessment
$964,905
Total Assessment
$1,062,000
zoning
| Zoning Code | - |
| - |
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308 N 22nd St
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