Restored Historic Mixed-Use
For Sale
$995,000
2127 Broadway St, Galveston, TX 77550
Restored historic building with retail space and residential potential.
Property Size9,696 SF
Price / SF$205.24
Days on Market141
Property Features for 2127 Broadway St
General Information
Standard status
Active
Size
9,696 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,698
Building Details
Building Size
9,696 SF
Year Built
1920
Stories
2
Listing Agency:
(409) 354-6456
Listed By:
Brian Kuhn · License #0615150
(409) 354-6456
Source:
Elliman
Added: Apr 12
Changed: Aug 27
Last Checked: Aug 29 at 2:42PM
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 Brian Kuhn
Investment Insights
Based on property information with market context.
Located at 2127 Broadway, this restored historic building offers a prime opportunity in a high-visibility location. The property features original arched windows and preserved architectural details. The ground floor provides 4,848 square feet of open, flexible space suitable for a showroom, retail business, or creative commercial use, and includes two private offices and a bathroom. The upper level is framed for six one-bedroom units, presenting an opportunity for residential income, condo conversion, or alternative uses. Original wood floors and shiplap walls are in excellent condition. The upper level could be transformed into climate-controlled storage with the addition of a freight elevator. A condo conversion could be attractive, with the potential of 3–4 off-street parking spaces on the ground level. The property has a bike score of 74, indicating it is very bikeable, and a walk score of 80, indicating it is very walkable.
Key Highlights
- Prime, high‑visibility location on Broadway.
- 4,848 sq ft of flexible ground‑floor space suitable for commercial use.
- Framed for six one‑bedroom units upstairs, offering residential income potential.
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
$47,995
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
4.82%
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%
$959,900
$959.9K
Cap Rate 7%
$685,643
$685.6K
Cap Rate 9%
$533,278
$533.3K
Market Conditions
NOI Build-Up for 4,848 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
$87.3K $18.00/SF
− Vacancy
−$10.5K −$2.16/SF
EGI
$76.8K $15.84/SF
− OpEx
−$28.8K −$5.94/SF
NOI
$48.0K $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%
$959,900
Cap Rate 7%
$685,643
Cap Rate 9%
$533,278
Alternative Uses
Best Use
Mixed Use
$685.6K
$599.9K – $799.9K
NOI $47,995 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$54.35M
$47.56M – $63.41M
NOI $3,804,728 @ 7.0% cap · market cap 382.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restored historic building with retail space and residential potential.
Where is this mixed-use property located?
The property is located at 2127 Broadway St Galveston, TX.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Prime, high‑visibility location on Broadway.; 4,848 sq ft of flexible ground‑floor space suitable for commercial use.; Framed for six one‑bedroom units upstairs, offering residential income potential.
