Three-Story Mixed-Use
For Sale
$1,350,000
2415 Market Street, Galveston, TX 77550
Fully leased first-floor office space with three residential units above, plus a two-car garage.
Property Size6,798 SF
Price / SF$198.59
Days on Market27
Property Features for 2415 Market Street
General Information
Standard status
Active
Size
6,798 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/2BA
Multifamily Units
3
Additional Details
Floor
First Floor
Taxes and HOA fees
Annual Taxes
$13,161
Amenities
conference and meeting rooms
Tile,Wood
Yes
2
Appraiser
Quartz Counters,Ceiling Fan(s)
2760
Less than One
Garage,Garage Door Opener
6798
Building Details
Building Size
6,798 SF
Year Built
1966
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
Christopher Bartley
(832) 398-6091
Listed By:
Elizabeth Lane · License #0736835
(832) 398-6091
Source:
Garygreene
Added: Jul 28
Changed: Aug 23
Last Checked: Aug 22 at 9:06AM
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 Christopher Bartley
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).
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 = 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
$87,026
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
6.45%
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%
$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
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
$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 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%
$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
NOI $4,627,395 @ 7.0% cap · market cap 342.77%
Second Best
Office B
$1.24M
$1.09M – $1.45M
NOI $87,026 @ 7.0% cap · market cap 6.45%
Theoretical Best
Multifamily LT 5
$76.22M
$66.69M – $88.92M
NOI $5,335,095 @ 7.0% cap · market cap 395.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
