Building Details

Building Size 6,798 SF

Year Built 1966

Buildings 1

Stories 3

Tenancy Multi

Listing Agency: Leopold & Strahan Show Phone

Listed By: Elizabeth Lane · License #0771892 Show Phone

Source: Garygreene

Added: Jul 28 Changed: Oct 10 Last Checked: Oct 12 at 6:06PM

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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 Leopold & Strahan

Investment Insights

Based on property information with market context.

This three-story mixed-use building combines income-producing commercial space with residential rentals. The first floor includes approximately 2,750 square feet of fully leased office space occupied by multiple tenants. The commercial level is designed for a professional business environment, with soaring ceilings, three private offices, and multiple conference and meeting rooms.

Above the office space are three residential units. The second floor has two one-bedroom, one-bathroom apartments, and the third floor features a spacious two-bedroom, two-bathroom unit. The residential units were recently turned over and are ready for lease, and the property also includes a valuable two-car garage.

The building was constructed in 1966 and is located in downtown Galveston. WalkScore is 80 (very walkable) and bikeScore is 74 (very bikeable).

Key Highlights

• Approximately 2,750 SF fully leased office space on the first floor
• Three residential units above: two 1 bed/1 bath plus one 2 bed/2 bath
• Residential units recently turned over and ready for lease

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$87,026

Cap Rate

6.45%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,740,520 $1.7M

Cap Rate 7%

$1,243,229 $1.2M

Cap Rate 9%

$966,956 $967.0K

Market Conditions

NOI Build-Up for 6,798 SF

Gross rent

$157.4K $23.16/SF

− Vacancy

−$41.4K −$6.09/SF

EGI

$116.0K $17.07/SF

− OpEx

−$29.0K −$4.27/SF

NOI

$87.0K $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 Rate 5%

$1,740,520

Cap Rate 7%

$1,243,229

Cap Rate 9%

$966,956

Alternative Uses

Best Use

Apartment 5plus

$66.11M

$57.84M – $77.12M (±1% cap)

NOI $4,627,395 @ 7.0% cap · market cap 342.77%

Second Best

Office B

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,026 @ 7.0% cap · market cap 6.45%

Theoretical Best

Multifamily LT 5

$76.22M

$66.69M – $88.92M (±1% cap)

NOI $5,335,095 @ 7.0% cap · market cap 395.19%

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

Property Analytics

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Open Analytics

Current Use

Hardcastle Group Financial Advisor Doyle LLP Trial ... Law Firm

Suggested Use

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

3

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

1,993

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

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Fully leased first-floor office space with three residential units above, plus a two-car garage.

Where is this mixed-use property located?

The property is located at 2415 Market Street Galveston, TX.

What is the asking price?

The asking price for this property is $1,350,000.

What are key features of this property?

This property features: Approximately 2,750 SF fully leased office space on the first floor; Three residential units above: two 1 bed/1 bath plus one 2 bed/2 bath; Residential units recently turned over and ready for lease