Major Price Reduction | Now listed at $1,563,200 Strong Value-add Opportunity | 36 Unit MF Complex

308 N 22nd St North 22nd Street Killeen, TX 76541

308 N 22nd St North 22nd Street , Killeen, TX, 76541
Main
308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541 308 N 22nd St North 22nd Street , Killeen, TX, 76541
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$1,563,200
Cap Rate:
0.00%
Last Verified:
Aug 23, 2024

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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: •14 occupied units •8 rent-ready units •14 units with partial repairs/upgrades completed •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

Additional URLs

Map of 308 N 22nd St North 22nd Street , Killeen, TX, 76541

What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.