Investment Overview

Marcus & Millichap is pleased to announce the exclusive listing of Downtown Manor Apartments, a 16-unit apartment community in Killeen, Texas. Built in 1976. The property consists of one building and off-street parking. This multifamily asset contains brick siding, and a unit mix of one-bedrooms plans and offers an attractive opportunity from an income growth potential. There is upside potential for the new investor by increasing current rents at to market rates for the one-bedroom units. Based on the current rent survey, the one-bedroom units are averaging $550/month at $1 rent per square foot at the property. The apartment complex could demand an increase to $650/month at $1.18 rent per square foot as current leases expire. As interest rates continue to climb many households will be priced out of home purchases which will turn them to rental units. An increase in rental demand will put more upward pressure on rental rates, thus giving a new owner the benefit of rental increases for the property.