Historic Office
306 22nd Street, Galveston, TX 77550
For Sale
Contact for pricing
A low-rise office property combines an 19th-century exterior character with a later office conversion and an adjoining parking lot.
Property Size18,027 SF
Price / SF$210.63
Days on Market32
Property Features for 306 22nd Street
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Additional Details
Tenant in Place
Property Use
Building Details
Year Built
Year Renovated
Buildings
Building Size
Tenancy
Listing Agency:
Latitude 29 Group
Listed By:
Clay Conrad · License #553888
(832) 247-1311
Source:
Crexi
Added: Oct 9
Changed: Nov 8
Last Checked: Nov 8 at 5:14PM
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 Latitude 29 Group
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The Hunter Building is a low-rise office property built in 1877 and converted to office use in 1986. It contains 18,027 square feet of gross building area, including 15,311 square feet of office space. The layout is described as open and flexible, with limited common areas, columns, and architectural projections. Extensive capital repairs have been completed under the current owner.
An adjoining 21-space parking lot is included in the sale. Merrill Lynch occupies the first floor, and tenants are reported throughout the building on a long-term basis.
An adjoining 21-space parking lot is included in the sale. Merrill Lynch occupies the first floor, and tenants are reported throughout the building on a long-term basis.
Key Highlights
- Built in 1877; converted to office space in 1986
- 18,027 square feet of gross building area and 15,311 square feet of office space
- Merrill Lynch occupies the first floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$196,007
Cap Rate
6.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,920,140
$3.9M
Cap Rate 7%
$2,800,100
$2.8M
Cap Rate 9%
$2,177,856
$2.2M
Market Conditions
NOI Build-Up for 15,311 SF
Gross rent
$354.6K $23.16/SF
− Vacancy
−$93.3K −$6.09/SF
EGI
$261.3K $17.07/SF
− OpEx
−$65.3K −$4.27/SF
NOI
$196.0K $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%
$3,920,140
Cap Rate 7%
$2,800,100
Cap Rate 9%
$2,177,856
Alternative Uses
Best Use
Office B
$2.80M
$2.45M – $3.27M
NOI $196,007 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.90M
$3.41M – $4.55M
NOI $273,182 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,060
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
Frequently Asked Questions
What type of property is this?
Office building - A low-rise office property combines an 19th-century exterior character with a later office conversion and an adjoining parking lot.
Where is this office building located?
The property is located at 306 22nd Street Galveston, TX.
What is the asking price?
The asking price for this property is $3,225,000.
What are key features of this property?
This property features: Built in 1877; converted to office space in 1986; 18,027 square feet of gross building area and 15,311 square feet of office space; Merrill Lynch occupies the first floor
