602 Adams AveKilleen, TX 76541

Property Details for 602 Adams Ave

Property size (Sq ft)

4,244 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional multifamily investment opportunity comprises a seven-unit portfolio in Killeen, Texas, encompassing four buildings: two houses, a triplex, and a duplex. Built between 1945 and 1980, with renovations completed in 2023, the property boasts a total of 4,244 square feet of net rentable space across the seven units. Currently operating at 86% occupancy, the property generates a current NOI of $55,000, representing a 12.94% cap rate. A pro-forma analysis projects a significant increase to an 18.92% cap rate and $80,400 NOI. The asking price is $425,000, translating to $100.14 per square foot and $60,714.29 per unit. The land value is estimated at $1.50 per square foot. The property sits on lots ranging from 0.12 to 0.35 acres and features fenced private yards. Zoning permits include MSF02, R3, and R2. The property is currently owner-managed and is being sold by the religious organization that owns it. Note that no financials are available for review. This is a value-add opportunity with significant upside potential. The property's location in Killeen, Texas, offers strong potential for rental income growth. No creative financing is available.

Location Insight

City

Killeen

County

Bell

State

Texas

Latitude

31.1241

Longitude

-97.7351

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