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Gilmer Street Apartments 306 Gilmer St 33 Unit Apartment Building For Sale Killeen, TX 76541
INVESTMENT HIGHLIGHTS
- High Rental Occupancy
- Value Add - RUBS to offset Water Expense
- Unit Mix - 91% 2 & 3 Bedroom Floorplans
- Value Add - Unit Upgrades for Rent Premium
- Metal Roofs & PVC Plumbing
EXECUTIVE SUMMARY
Property Description
The Gilmer Street Apartments are a 33-unit community consisting of 14 three-bedroom units, 16 two-bedroom units, 3 one-bedroom units, and a newly installed laundry room. Altogether, the property offers 77 bedrooms - a notably high count relative to its unit total, driven by the rare concentration of three-bedroom layouts in the market area. There is an opportunity to increase the existing cash flow through both upgrading units to achieve rental premiums and implementing RUBS to offset the property's water utility expenses. Additional positive attributes include consistent high occupancy, regular maintenance, metal roofs and PVC plumbing.
To view the financials follow this link: https://buildout.com/website/1443847-sale
Location Description
The Gilmer Street Apartments are conveniently located within a 5-minute drive of the top fast food options of McDonalds, Subway, Taco Bell, Burger King, and Raising Canes. Other major points of interest include Fort Cavazos military base and Downtown Killeen which is seeing current investment from the city. The City of Killeen is located on Interstate-35 in the "Texas Triangle" which connects the major Texas metros of Dallas, Austin, Houston, and San Antonio. Killeen has seen the median income grow 9.64% from 2021-22' and population grow 5.12% since the 2020 census.
Highlights
High Rental Occupancy
77 Total Bedrooms across 33 Units
Value Add - Unit Upgrades & RUBS
The Gilmer Street Apartments are a 33-unit community consisting of 14 three-bedroom units, 16 two-bedroom units, 3 one-bedroom units, and a newly installed laundry room. Altogether, the property offers 77 bedrooms - a notably high count relative to its unit total, driven by the rare concentration of three-bedroom layouts in the market area. There is an opportunity to increase the existing cash flow through both upgrading units to achieve rental premiums and implementing RUBS to offset the property's water utility expenses. Additional positive attributes include consistent high occupancy, regular maintenance, metal roofs and PVC plumbing.
To view the financials follow this link: https://buildout.com/website/1443847-sale
Location Description
The Gilmer Street Apartments are conveniently located within a 5-minute drive of the top fast food options of McDonalds, Subway, Taco Bell, Burger King, and Raising Canes. Other major points of interest include Fort Cavazos military base and Downtown Killeen which is seeing current investment from the city. The City of Killeen is located on Interstate-35 in the "Texas Triangle" which connects the major Texas metros of Dallas, Austin, Houston, and San Antonio. Killeen has seen the median income grow 9.64% from 2021-22' and population grow 5.12% since the 2020 census.
Highlights
High Rental Occupancy
77 Total Bedrooms across 33 Units
Value Add - Unit Upgrades & RUBS
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 0.92 AC |
| No. Units | 33 | Building Size | 27,560 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1970 |
| Apartment Style | Low-Rise | Parking Ratio | 2.03/1,000 SF |
| Building Class | C | ||
| Zoning | R-3 - Residential | ||
| Sale Type | Investment |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.92 AC |
| Building Size | 27,560 SF |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 2.03/1,000 SF |
| Zoning | R-3 - Residential |
AMENITIES
UNIT AMENITIES
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Range
- Carpet
SITE AMENITIES
- Property Manager on Site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $725.00 | 479 |
| 2+1 | 16 | $841.00 | 638 |
| 3+2 | 14 | $1,005 | 958 |
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PROPERTY TAXES
| Parcel Number | 101260 | Improvements Assessment | $1,681,421 |
| Land Assessment | $132,392 | Total Assessment | $1,813,813 |
PROPERTY TAXES
Parcel Number
101260
Land Assessment
$132,392
Improvements Assessment
$1,681,421
Total Assessment
$1,813,813
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Gilmer Street Apartments | 306 Gilmer St
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