2115 Broadway St, Galveston, TX 77550

Building Details

Year Renovated 2023 More

Listing Agency: homecoin.com i***@homecoin.com

Listed By: Jonathan Minerick · License #01523060 Show Phone

Source: Exprealty

Added: Jun 12 Changed: Nov 8 Last Checked: Nov 8 at 6:46AM

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Investment Insights

Based on property information with market context.

This mixed-use property at 2115 Broadway St includes 7 residential units and a longstanding gym within a 4915 SF building. Renovation work completed in 2023 introduced modern upgrades while retaining features such as refinished hardwood floors and exposed ceilings. The interior also includes high-quality finishes throughout.

The property is situated on Broadway in Galveston, just minutes from the Seawall, UTMB, downtown Galveston, and the island’s dining, retail, and entertainment destinations. Its combination of residential and gym space creates a defined mixed-use configuration in a central Galveston setting.

Key Highlights

• 7 residential units plus a longstanding gym
• 4915 SF mixed‑use building
• Renovated in 2023

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$48,659

Cap Rate

3.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$973,180 $973.2K

Cap Rate 7%

$695,129 $695.1K

Cap Rate 9%

$540,656 $540.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,915 SF

Gross rent

$88.5K $18.00/SF

− Vacancy

−$10.6K −$2.16/SF

EGI

$77.9K $15.84/SF

− OpEx

−$29.2K −$5.94/SF

NOI

$48.7K $9.90/SF

Area

Galveston County, TX

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$973,180

Cap Rate 7%

$695,129

Cap Rate 9%

$540,656

Alternative Uses

Best Use

Apartment 5plus

$47.79M

$41.82M – $55.76M (±1% cap)

NOI $3,345,638 @ 7.0% cap · market cap 267.87%

Second Best

Mixed Use

$695.1K

$608.2K – $811.0K (±1% cap)

NOI $48,659 @ 7.0% cap · market cap 3.90%

Theoretical Best

Multifamily LT 5

$55.10M

$48.22M – $64.29M (±1% cap)

NOI $3,857,310 @ 7.0% cap · market cap 308.83%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Fitness centers & gyms

Suggested Use

Top Pick Auto Parts Store Pharmacy Carpet & Flooring Store (Bike/Boat/Book/etc) Store Locksmith Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Residential units

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

2,255

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Renovated building combines residential units with a longstanding gym on Broadway St.

Where is this mixed-use property located?

The property is located at 2115 Broadway St Galveston, TX.

What is the asking price?

The asking price for this property is $1,249,000.

What are key features of this property?

This property features: 7 residential units plus a longstanding gym; 4915 SF mixed‑use building; Renovated in 2023