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Buy&Hold (Multifamily): (60 units) Paloma Gardens, Killeen, TX 76543 + $5,600,000

Updated: Mar 28

Multifamily Investment Opportunity














Price

$5,600,000


🔥 OFF-MARKET OPPORTUNITY —

Paloma Gardens Apartments

| Killeen, TX 🔥📍 60 Units

| 5.22 Acres |

Now Offered at Just $5.6M!


💰 Purchase Price: $5,600,000

🏘️ Property Type: Class C | Garden-Style | Built 1964 + 2002

📈 Stabilized Pro Forma Value: $7M+

📍 Address: 2842 Cedar Circle, Killeen, Texas 76543

📩 Submit Offers/LOIs to: sarter@promiselandrealtyllc.com

🔒 NDA + Proof of Funds Required for Full Package


✨ HIGHLIGHTS

✅ 60 Units Total —

40 one-bedroom units (built 1966) + 20 two-bedroom townhomes (built 2002)

✅ $1.5M+ Capital Expenditures Already Completed 🛠️

✅ 46 Fully Renovated Units — Only 14 units remain to upgrade (~$15K/unit) 🔨

✅ All-New Roofs, A/Cs, Plumbing, Electrical, Parking Lot, Paint, Appliances & More 💡

✅ Stackable Washer/Dryers in ALL Units 🧺

✅ Dog Park 🐾, Picnic Areas 🌳, and Room for Amenities (Fitness Center, Storage, Gated Entry) 💪🏽

✅ Separate Electric Meters & Individual HVACs — Tenants control utilities! ⚡

✅ Current Occupancy ~75% — 15 Vacant Units including 2 nearly-finished reno units

✅ Average Rents ~$1,000/unit 💸

✅ Fully stabilized NOI: $485,545+ | CAP: 7.14% 💼

✅ Appraised 'AS-IS' Value: $6.6M+ | Stabilized: $7M+ 📊


💡 WHY INVEST NOW?

🚨 Urgent Sale Needed — Bank Foreclosure Imminent in May!📉 Seller Will Consider ALL Serious Offers — Now Asking Just $5.6M!📆 Close ASAP — April & May are Peak Leasing Months!

📊 Expenses now settling:

  • Taxes: ~$50K

  • Insurance: ✅ Accurate

  • Utilities: ✅ Accurate

  • Management: Only 6% (~$3,200), not $4K🔧 Significant repairs and make-readies completed — clean and ready for lease-up!


📈 INCOME POTENTIAL

💥 Pro Forma NOI (Year 4): $485,545+🏷️ Current Gross Income: ~$519,204 | NOI: $290,750💸 Add’l Potential Income Opportunities Include:

  • 💧 RUBS implementation ($20K+/year)

  • 🐶 Lease fenced yards on 20 upgraded units — add more ($10,800+)

  • 🍳 Charge rent premiums on granite/stainless finishes ($4,200+)

  • 🏋🏽‍♀️ Lease 1,300 SF leasing office as commercial space ($20,400+/year)

  • 🚗 Premium parking fees ($18,000/year)

  • 📦 Add storage units on excess land ($24,000+/year)


🏙️ STRONG LOCATION ADVANTAGE

🛣️ One Hour North of Austin via I-35🎖️ Adjacent to Fort Cavazos (formerly Fort Hood) — 50,000+ military & civilian employees📊 MSA Population: 499,422+ and growing📈 14% projected rental growth in 2024🌆 9% area growth forecast by 2029

🛠️ RECENT EXTERIOR/INTERIOR UPGRADES INCLUDE:

  • ✅ Roofs, Parking Lot Resurfacing, Exterior Paint

  • ✅ All New HVAC Split Systems & Water Heaters

  • ✅ New Exterior Trim, Doors, Lighting, and Landscaping

  • ✅ Interiors: All New Kitchens, Appliances, Flooring, Fixtures, Electrical, Plumbing

  • ✅ Fresh Paint, Granite Counters, Modern Bath Upgrades

  • ✅ Stackable Washer/Dryer in Every Unit

  • ✅ Pet-Friendly Yards & Modern Leasing Office


🚀 VALUE-ADD PLAY

  • Renovate final 14 units (~$150K total)

  • Lease up remaining units (currently 75% occupied)

  • Push rents to market ($975/month+)

  • Add more premium fenced yards & amenities

  • Optimize expense load & management efficiency

This is your shot at major upside for a rare price in the mid-$5Ms—turnkey bones, fully repositioned, and ready to be stabilized. Let’s get it closed before the bank does 💼💸

📞 Reach out today and let’s get this deal wrapped up fast!








"Your #1 Source for Off Market Investment Properties, NATIONWIDE"




PROMISE LAND REALTY, LLC

Work: 864-762-2509


All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*

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