Building Details

Building Size 2,500 SF

Year Built 1958

Stories 2

Listing Agency: Lions Gate Realty Show Phone

Listed By: Kimberly Saward · License #0645430 Show Phone

Source: Garygreene

Added: May 2 Changed: Oct 21 Last Checked: Oct 20 at 7:06PM

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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 Lions Gate Realty

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Investment Insights

Based on property information with market context.

This mixed-use property includes updated residential areas and a ground-level commercial space currently delivered in shell condition, allowing flexibility for future build-out. The configuration supports an owner-user concept with the ability to operate a business on-site alongside the residential space, or to pursue rental income from the residential component.

The property is located on Broadway and is described as offering strong visibility and access. It also provides front and rear access for additional convenience. The seller notes the property is not legally subdivided.

Buyers are advised to verify all measurements, zoning, permitted uses, and any short-term rental or commercial restrictions. Information is deemed reliable but not guaranteed.

Key Highlights

• 1958‑built mixed‑use property on Broadway with updated residential areas plus ground‑floor commercial space in shell condition.
• Combination of residential and commercial space allows living on‑site or generating rental income.
• Front and rear access for added convenience.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,004

Cap Rate

6.40%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$640,080 $640.1K

Cap Rate 7%

$457,200 $457.2K

Cap Rate 9%

$355,600 $355.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,500 SF

Gross rent

$57.9K $23.16/SF

− Vacancy

−$15.2K −$6.09/SF

EGI

$42.7K $17.07/SF

− OpEx

−$10.7K −$4.27/SF

NOI

$32.0K $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%

$640,080

Cap Rate 7%

$457,200

Cap Rate 9%

$355,600

Alternative Uses

Best Use

Office B

$457.2K

$400.1K – $533.4K (±1% cap)

NOI $32,004 @ 7.0% cap · market cap 6.40%

Second Best

Mixed Use

$353.6K

$309.4K – $412.5K (±1% cap)

NOI $24,750 @ 7.0% cap · market cap 4.95%

Theoretical Best

Multifamily LT 5

$28.03M

$24.53M – $32.70M (±1% cap)

NOI $1,962,009 @ 7.0% cap · market cap 392.40%

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

Property Analytics

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Current Use

Live-work space

Suggested Use

Top Pick Real Estate Agency Dental Office Pharmacy Big Box & Wholesale Store Spa & Massage Center Skin Care Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

595

Businesses Nearby

Explore this area Business Placement

Demographics for 77551, TX

22,677

Population

11,184

Households

2

Avg Household Size

42

Median Age

29%

College-Educated

86%

High-School Grad

4.0 sq mi

ZIP Area

5,669

Density / Sq Mi

$59,792

Median Household Income

$33,721

Median Earnings

$1,342

Median Rent

$278,100

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

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Frequently Asked Questions

What type of property is this?

Live-work space - Mixed-use property combining updated residential space with ground-floor commercial area in shell condition.

Where is this live-work space located?

The property is located at 4609 Broadway Street 3 Galveston, TX.

What is the asking price?

The asking price for this property is $500,000.

What are key features of this property?

This property features: 1958‑built mixed‑use property on Broadway with updated residential areas plus ground‑floor commercial space in shell condition.; Combination of residential and commercial space allows living on‑site or generating rental income.; Front and rear access for added convenience.