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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
Highest & best offer
No. of Units
66,296 Sq ft
146143 sq ft
No. of Stories
Price per unit