The Waller Group Properties is proud to present the 100% occupied, 13 building, 46 unit Killeen Townhome portfolio in Killeen, TX. The 13 buildings were built from 1997 – 2003, 78% of the units are within a 0.5 mile radius, and roughly 45% of the units are currently furnished. The owner replaced all carpets with vinyl wood flooring. New ownership can have the furnished units converted to unfurnished units and leased up at rents currently achieved on unfurnished units within portfolio. The portfolio is currently achieving $376,011 in annual NOI.
New ownership, based on area rent comps, can raise rents on the unfurnished units by $222 / unit, which is a $0.21 / sqft bump. Additionally, there is the opportunity to raise additional income fees through implementing application fees, month-to-month fees, parking fees, and pet fees. Current ownership is willing to stay on to manage the portfolio until all furnished units are leased up as market rate units. Current ownership would like to keep the furniture in the furnished units. Proforma financials were underwritten with a 5.0% management fee and all units at market rate.