Historic Corner Live-Work
For Sale
$589,000
1201 Postoffice Street, Galveston, TX 77550
Preserved 1893 corner store with an art studio main level and spacious upstairs living quarters, generator, and private courtyard.
Property Size2,161 SF
Price / SF$272.56
Days on Market137
Property Features for 1201 Postoffice Street
General Information
Standard status
Active
Size
2,161 SF
Property subtype
Mixed Use
Amenities
pocket doors
hardwood floors
large windows
sunroom
balcony
tankless water heaters
Generac whole-house generator
off-street parking with automatic gate
private courtyard
Central Air
3
Parking. Corner Lot.
Street Parking.
43x60
In City, Corner, Downtown, Other.
Building Details
Year Built
1893
Stories
2
Listing Agency:
Sand `N Sea Properties
(832) 889-2133
Listed By:
Stacey Weber-Rubio · License #0695657
(832) 889-2133
Source:
Xome
Added: Apr 10
Changed: Aug 23
Last Checked: Aug 23 at 5:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sand `N Sea Properties
Investment Insights
Based on property information with market context.
Located at 1201 Post Office St, this preserved 1893 corner store is configured for live-work or flexible residential and commercial use. The main level is currently an art studio and includes a full bath, a large workroom with gas, water, and cabinetry, high ceilings, pocket doors, and a bedroom/office.
Upstairs, the home offers hardwood floors, natural light, large windows, a huge primary suite, a large sunroom, and an additional 1.5 baths. A balcony is also accessible off the kitchen.
Additional comfort features include two tankless water heaters and a Generac whole-house generator. The property includes off-street parking with an automatic gate and a private courtyard. It is described as being minutes from UTMB and downtown.
Upstairs, the home offers hardwood floors, natural light, large windows, a huge primary suite, a large sunroom, and an additional 1.5 baths. A balcony is also accessible off the kitchen.
Additional comfort features include two tankless water heaters and a Generac whole-house generator. The property includes off-street parking with an automatic gate and a private courtyard. It is described as being minutes from UTMB and downtown.
Key Highlights
- Preserved 1893 corner store in Galveston's East End Historic District, offering residential, commercial, or live/work use.
- Main level functions as an art studio with a full bath, large workroom with gas, water, and cabinetry, plus pocket doors and high ceilings.
- Upstairs living quarters include hardwood floors, large windows for natural light, a huge primary suite, and a large sunroom.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$27,664
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.70%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$553,280
$553.3K
Cap Rate 7%
$395,200
$395.2K
Cap Rate 9%
$307,378
$307.4K
Market Conditions
NOI Build-Up for 2,161 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$50.0K $23.16/SF
− Vacancy
−$13.2K −$6.09/SF
EGI
$36.9K $17.07/SF
− OpEx
−$9.2K −$4.27/SF
NOI
$27.7K $12.80/SF
Area
Galveston County, TX
Vacancy
26.30%
Lease Rate
$23.16 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$553,280
Cap Rate 7%
$395,200
Cap Rate 9%
$307,378
Alternative Uses
Best Use
Office B
$395.2K
$345.8K – $461.1K
NOI $27,664 @ 7.0% cap · market cap 4.70%
Second Best
Mixed Use
$305.6K
$267.4K – $356.6K
NOI $21,394 @ 7.0% cap · market cap 3.63%
Theoretical Best
Multifamily LT 5
$24.23M
$21.20M – $28.27M
NOI $1,695,961 @ 7.0% cap · market cap 287.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,438
Businesses Nearby
Explore this area
Business Placement
Demographics for 77550, TX
24,247
Population
15,811
Households
1.5
Avg Household Size
41
Median Age
33%
College-Educated
87%
High-School Grad
7.6 sq mi
ZIP Area
3,190
Density / Sq Mi
$46,262
Median Household Income
$35,800
Median Earnings
$1,182
Median Rent
$283,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Preserved 1893 corner store with an art studio main level and spacious upstairs living quarters, generator, and private courtyard.
Where is this live-work space located?
The property is located at 1201 Postoffice Street Galveston, TX.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: Preserved 1893 corner store in Galveston's East End Historic District, offering residential, commercial, or live/work use.; Main level functions as an art studio with a full bath, large workroom with gas, water, and cabinetry, plus pocket doors and high ceilings.; Upstairs living quarters include hardwood floors, large windows for natural light, a huge primary suite, and a large sunroom.
