Historic Mixed-Use Property with
For Sale
$14,988,950
2021 Strand, Galveston, TX 77550
Three furnished buildings combine dining, retail, event, and short-term rental uses on Galveston’s historic Strand.
Property Size44,104 SF
Price / SF$339.85
Days on Market399
Property Features for 2021 Strand
General Information
Standard status
Active
Size
44,104 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$5,919
Amenities
balconies
Concrete,Tile,Wood,Carpet,Hardwood
Yes
1
Furnished
Window Coverings
Common Area
Appraiser
Balcony,Elevator,Furnished,Quartz Counters,Tile Counters,Window Treatments,Ceiling Fan(s)
Corner Lot,Views
20640
44104
Building Details
Building Size
44,104 SF
Year Built
1857
Buildings
3
Stories
3
Listing Agency:
Coldwell Banker Realty - Lake Conroe/Willis
(512) 413-1392
Listed By:
Dennis Clark
(512) 413-1392
Source:
Garygreene
Added: Jul 28, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:23PM
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 Coldwell Banker Realty - Lake Conroe/Willis
Investment Insights
Based on property information with market context.
This mixed-use offering comprises the J.W. Jockusch, E. B. Nichols, and J.D. Rogers Buildings, with a combined 44,104 square feet. The buildings date to 1857 and include dining establishments, retail storefronts, banquet halls, and furnished short-term rental accommodations. Interior features include concrete, tile, wood, carpet, and hardwood finishes, along with quartz and tile counters, window treatments, ceiling fans, an elevator, and balconies.
The property is associated with 210 Moody, 2021 Strand, and 2015 Strand in Galveston, with balcony views overlooking The Strand. Its configuration includes space for corporate events and combines several established commercial use categories within the assembled property.
The property is associated with 210 Moody, 2021 Strand, and 2015 Strand in Galveston, with balcony views overlooking The Strand. Its configuration includes space for corporate events and combines several established commercial use categories within the assembled property.
Key Highlights
- Three‑building mixed‑use property totaling 44,104 square feet
- Buildings date to 1857
- Dining establishments, retail storefronts, banquet halls, and short‑term rentals
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
$640,071
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
4.27%
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%
$12,801,420
$12.8M
Cap Rate 7%
$9,143,871
$9.1M
Cap Rate 9%
$7,111,900
$7.1M
Market Conditions
NOI Build-Up for 44,104 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
$905.0K $20.52/SF
− Vacancy
−$51.6K −$1.17/SF
EGI
$853.4K $19.35/SF
− OpEx
−$213.4K −$4.84/SF
NOI
$640.1K $14.51/SF
Area
Galveston County, TX
Vacancy
5.70%
Lease Rate
$20.52 /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%
$12,801,420
Cap Rate 7%
$9,143,871
Cap Rate 9%
$7,111,900
Alternative Uses
Best Use
Apartment 5plus
$428.88M
$375.27M – $500.36M
NOI $30,021,568 @ 7.0% cap · market cap 200.29%
Second Best
Specialty Retail
$9.14M
$8.00M – $10.67M
NOI $640,071 @ 7.0% cap · market cap 4.27%
Theoretical Best
Multifamily LT 5
$494.47M
$432.66M – $576.88M
NOI $34,612,978 @ 7.0% cap · market cap 230.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,825
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three furnished buildings combine dining, retail, event, and short-term rental uses on Galveston’s historic Strand.
Where is this mixed-use property located?
The property is located at 2021 Strand Galveston, TX.
What is the asking price?
The asking price for this property is $14,988,950.
What are key features of this property?
This property features: Three‑building mixed‑use property totaling 44,104 square feet; Buildings date to 1857; Dining establishments, retail storefronts, banquet halls, and short‑term rentals
