| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 39th | Poor |
| Demographics | 35th | Fair |
| Amenities | 32nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 705 Santa Rosa Dr, Killeen, TX, 76541, US |
| Region / Metro | Killeen |
| Year of Construction | 1974 |
| Units | 28 |
| Transaction Date | 2022-01-19 |
| Transaction Price | $2,770,390 |
| Buyer | SR12 KILLEEN LLC |
| Seller | 705 SANTA ROSA DRIVE LLC |
705 Santa Rosa Dr Killeen Multifamily Value-Add
A high share of renter-occupied housing in the surrounding neighborhood points to a durable tenant base, according to WDSuite’s CRE market data.
Located in Killeen’s inner-suburban fabric, the immediate neighborhood carries a C+ rating and sits below the metro median (91 out of 139 neighborhoods in the Killeen-Temple, TX region), signaling a working-class renter market where value pricing and practical finishes typically resonate.
Daily living needs are well covered by nearby groceries and dining: grocery availability is competitive among Killeen-Temple neighborhoods (ranked 5 out of 139) and restaurants are among the densest in the metro (ranked 2 out of 139), while parks, cafes, childcare, and pharmacies are comparatively limited locally. For investors, this mix supports convenience-driven leasing even if lifestyle amenities are thinner than in top-quartile districts.
The property’s 1974 vintage is slightly older than the neighborhood average (1976), implying potential value-add through unit modernization and systems upgrades to strengthen competitive positioning versus newer stock. Neighborhood occupancy trends are below the metro median (ranked 118 out of 139), but a high concentration of renter-occupied units (approximately six in ten) indicates depth in the tenant pool. Median contract rents in the neighborhood trail national levels and have risen over the past five years, suggesting room for thoughtful repositioning while monitoring affordability pressure (rent-to-income in the area sits in the upper-20s percent range), based on commercial real estate analysis from WDSuite.
Demographic statistics aggregated within a 3-mile radius show households have increased even as population edged down modestly in recent years, reflecting smaller household sizes and a shift toward more rental households. Forward-looking projections point to population growth and a larger household count over the next five years, which would expand the local renter base and support occupancy stability and lease-up velocity if supply remains measured.
Safety indicators for the neighborhood are around the national median overall (near the 51st percentile nationwide), according to WDSuite. Within the metro context, the area sits near the middle of the pack (67 out of 139 neighborhoods), which suggests conditions broadly comparable to similar inner-suburban locations.
Recent trend data shows improvement: estimated violent and property offense rates have declined year over year, with violent incidents showing a pronounced drop. Investors typically interpret this trajectory as supportive of tenant retention and leasing, while still underwriting conservatively given that violent-offense safety ranks below national medians.
Regional employment access includes professional services and technology hubs within commutable range, which can support renter demand and retention for workforce housing tied to Raymond James, Farmers Insurance, and Dell Technologies.
- Raymond James — financial services (33.2 miles)
- Farmers Insurance - Doug Gaul — insurance (41.1 miles)
- Dell Technologies — technology (43.5 miles) — HQ
This 28-unit asset offers a pragmatic value-add story in a renter-heavy submarket. The 1974 construction suggests targeted renovations and system updates could enhance rentability and narrow the gap to competitive product, while neighborhood-level rents remain accessible in the metro context. A substantial share of renter-occupied housing units locally, combined with 3-mile projections for population growth and a larger household base, supports a deeper tenant pool and potential occupancy resilience. According to CRE market data from WDSuite, neighborhood occupancy runs below the metro median, so asset management and leasing execution will be key drivers of performance.
Ownership costs in the area remain relatively accessible, which can introduce some competition with entry-level ownership; however, rising incomes within a 3-mile radius and forecast rent growth point to sustained multifamily demand. Investors should underwrite to current neighborhood safety and amenity context while recognizing improving crime trends and strong proximity to everyday retail and restaurants.
- Renter-heavy area with expanding 3-mile household base supports demand depth and lease-up stability.
- 1974 vintage offers value-add potential through unit/interior upgrades and systems modernization.
- Convenient access to groceries and abundant dining underpins day-to-day livability and retention.
- Monitor affordability and underwriting for below-metro occupancy and mid-pack safety; focus on leasing execution and expense control.