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1701 College St, Killeen, TX 76541

  • 3-Property Package deal (95 total units), plus one-half acre of adjacent land for additional units or property amenities
  • $400,000 in capital improvements since 2015 ($86,000+ in 2021)
  • Current in-place rents lag competitors by $268/unit for one-bedroom units and $320/unit for two-bedroom units!
  • Average one- and two-bedroom units are $.42/SF and $.48/SF respectively below average market rental rates in the area
  • Very tight rental market with barriers to entry due to only a few new units being constructed in the area
  • Market is expanding with 230,000 population within a 10-mile radius
  • Metro population is expected to grow by 7.2% over next 5 years
  • Market average rental rates have increased by 7.4% in the last year
  • Properties are located next to Ft Hood military base, the largest employer in the metro area (50,000 civilian/military)
  • 100% of units are eligible for upgrades from current classic finished out.
  • Current average rent lags competitors by as much as $320/unit!
  • One-half acre of additional land allows more units (Density of 33 units/acre)—$13K-$16K/month additional income
  • Add needed property amenities such as a picnic/grilling area, expanded children’s playground, a dog park, or pool
  • Implement RUBBS to recapture 50% or more of utility expenses for an additional income of $28,000+
  • Bring rehabbed on-site laundry facilities on-line for additional income—As much as $5,000/month
  • Add low-flow fixtures to reduce water utility expense—Up to 20%
  • Add RUBBS for recapture of utilities

Key Property Information

Listing Status
Listing Type
Highest & best offer
Multifamily type
Garden Style
No. of Units
Year Built
Year Renovated
Building Size
66,296 Sq ft
Lot Size
146143 sq ft
No. of Stories
Opportunity Zone
Price per unit
$ 66,842