| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 45th | Good |
| Amenities | 30th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1121 Old Fm 440 Rd, Killeen, TX, 76549, US |
| Region / Metro | Killeen |
| Year of Construction | 1974 |
| Units | 65 |
| Transaction Date | 2007-11-30 |
| Transaction Price | $6,093,800 |
| Buyer | DIARES AT ASHTON LLC |
| Seller | ASHTON PARK LLC |
1121 Old FM 440 Rd Killeen Multifamily Investment
Renter concentration and everyday retail access suggest a durable tenant base despite softer neighborhood occupancy, according to WDSuite’s CRE market data. Positioning as a value-add could capture demand while maintaining leasing stability.
This Inner Suburb location in Killeen offers daily convenience with strong restaurant and grocery density compared with both the metro and national landscape. Restaurants and grocers rank among the area’s relative strengths (top decile nationally for restaurants and near the top for grocery access), while parks, pharmacies, cafes, and childcare are limited nearby.
Neighborhood occupancy trends sit below the metro median (ranked 100 of 139 metro neighborhoods), so underwriting should assume competitive leasing conditions. Even so, the share of housing units that are renter-occupied is elevated (ranked 30 of 139; top decile nationally), indicating a deep tenant pool that supports multifamily demand and potential retention.
Within a 3-mile radius, households have grown in recent years and are projected to expand further, with average household size trending smaller. This combination points to a larger tenant base and more renters entering the market, which can support occupancy stability. Median contract rents in the neighborhood track near the national middle, offering room to compete on value without overreliance on premium positioning.
Home values in the neighborhood are lower relative to national norms, which can increase competition from accessible ownership options. For investors, this typically favors a strategy focused on practical improvements and service quality to reinforce retention, rather than pushing rapid rent premiums. Average school ratings are comparatively weak, which may temper appeal for some family renters, so targeting workforce and convenience-oriented segments may be prudent.
The property’s 1974 construction is older than the neighborhood’s average vintage (1986). That age profile often implies near- to medium-term capital planning—mechanicals, exteriors, and interior refresh—while also creating value-add potential to differentiate against older stock in this submarket.
Safety indicators for the neighborhood sit around the national middle (approximately 51st percentile) and near the metro median (ranked 66 of 139). Recent trends point to improvement, with both property and violent offense rates declining year over year by mid‑teens percentages. For investors, this trajectory supports steady leasing assumptions without requiring aggressive concessions tied to safety perceptions.
As always, safety varies by block and over time. Framing risk at the neighborhood level, the area appears competitive among Killeen‑Temple neighborhoods, and improvements over the last year add incremental support for tenant retention and marketing narratives grounded in trend data.
Regional employers help support renter demand through a broad Central Texas job base. Notable names within commuting range include Raymond James, Farmers Insurance, and Dell Technologies.
- Raymond James — financial services (32.7 miles)
- Farmers Insurance - Doug Gaul — insurance (40.8 miles)
- Dell Technologies — technology (43.0 miles) — HQ
1121 Old FM 440 Rd offers a value-forward positioning in a neighborhood with high renter concentration and strong everyday retail access, even as occupancy trends run below the metro median. Based on CRE market data from WDSuite, rent levels align near national midpoints and safety indicators have improved year over year, creating a backdrop where thoughtful renovations and service upgrades can drive leasing without overextending on price.
The 1974 vintage is older than the local average, suggesting targeted capital expenditures could unlock competitive differentiation—particularly kitchens, baths, exteriors, and energy systems. Investors should underwrite to steady absorption in a competitive field, mindful that relatively accessible ownership options and weaker school ratings may cap near-term pricing power, while 3-mile household growth and shrinking household size support a larger tenant base over time.
- High renter-occupied share supports depth of tenant demand and potential retention.
- Strong restaurant and grocery access enhances day-to-day livability for residents.
- 1974 vintage presents clear value-add pathways with targeted capex.
- Improving safety metrics and mid-market rents support leasing without premium pricing.
- Risks: below-median neighborhood occupancy, relatively accessible ownership alternatives, and weaker school ratings may limit pricing power.