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1701 College St, Killeen, TX 76541

  • HIGHLIGHTS:
  • 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)
  • VALUE-ADD:
  • 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
Unavailable
Listing Type
Highest & best offer
Multifamily type
Garden Style
No. of Units
95
Year Built
1977
Year Renovated
2021
Building Size
66,296 Sq ft
Lot Size
146143 sq ft
No. of Stories
2
Opportunity Zone
No
Price per unit
$ 66,842