Mixed-Use Property with
For Sale
$1,249,000
2115 Broadway St, Galveston, TX 77550
Renovated building combines residential units with a longstanding gym on Broadway St.
Property Size4,915 SF
Price / SF$254.12
Days on Market61
Property Features for 2115 Broadway St
General Information
Standard status
Active
Size
4,915 SF
Property subtype
Residential Income
Additional Details
Business Included
Yes
Multifamily Units
7
Building Details
Year Renovated
2023
Listing Agency:
homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #0225248917
(888) 400-2513
Source:
Exprealty
Added: Jun 12
Changed: Aug 10
Last Checked: Aug 10 at 7:07AM
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 homecoin.com
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.
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 = 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
$48,659
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
3.90%
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%
$973,180
$973.2K
Cap Rate 7%
$695,129
$695.1K
Cap Rate 9%
$540,656
$540.7K
Market Conditions
NOI Build-Up for 4,915 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
$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 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%
$973,180
Cap Rate 7%
$695,129
Cap Rate 9%
$540,656
Alternative Uses
Best Use
Apartment 5plus
$47.79M
$41.82M – $55.76M
NOI $3,345,638 @ 7.0% cap · market cap 267.87%
Second Best
Mixed Use
$695.1K
$608.2K – $811.0K
NOI $48,659 @ 7.0% cap · market cap 3.90%
Theoretical Best
Multifamily LT 5
$55.10M
$48.22M – $64.29M
NOI $3,857,310 @ 7.0% cap · market cap 308.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
371
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 - 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
