308 N 22nd St

Major Price Reduction!

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:

• 16 occupied units

• 6 rent-ready units

• 14 down units

• 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