Mixed-Use Property with Live-Work
For Sale
$500,000
4609 Broadway St Unit 3, Galveston, TX 77551
Combines updated residential areas with ground-level commercial space awaiting build-out and separate front and rear access.
Property Size2,500 SF
Price / SF$200
Days on Market26
Property Features for 4609 Broadway St Unit 3
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Building Details
Year Built
1958
Listing Agency:
LPT Realty, LLC
(713) 806-9491
Listed By:
Jose Salinas · License #0769069
Source:
Vincesoldit
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 25 at 5:48AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
This 2,500-square-foot mixed-use property, built in 1958, combines residential space with a ground-level commercial area. The residential portions have been updated with modern finishes, while the commercial area remains in shell condition for future build-out. The configuration supports business operations alongside on-site living or separate rental use, subject to applicable requirements.
Located at 4609 Broadway St Unit 3 in Galveston, the property offers visibility and access along Broadway, with both front and rear entrances. The property is not legally subdivided. Buyers should independently confirm measurements, zoning, permitted uses, and any applicable short-term rental or commercial restrictions.
Located at 4609 Broadway St Unit 3 in Galveston, the property offers visibility and access along Broadway, with both front and rear entrances. The property is not legally subdivided. Buyers should independently confirm measurements, zoning, permitted uses, and any applicable short-term rental or commercial restrictions.
Key Highlights
- 2,500‑square‑foot mixed‑use property at 4609 Broadway St Unit 3 in Galveston, TX
- Updated residential areas with modern finishes
- Ground‑level commercial space in shell condition for future build‑out
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
$33,665
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
6.73%
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%
$673,300
$673.3K
Cap Rate 7%
$480,929
$480.9K
Cap Rate 9%
$374,056
$374.1K
Market Conditions
NOI Build-Up for 2,500 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
$51.0K $20.40/SF
− Vacancy
−$2.9K −$1.16/SF
EGI
$48.1K $19.24/SF
− OpEx
−$14.4K −$5.77/SF
NOI
$33.7K $13.47/SF
Area
Galveston County, TX
Vacancy
5.70%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
30.00%
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%
$673,300
Cap Rate 7%
$480,929
Cap Rate 9%
$374,056
Alternative Uses
Best Use
Apartment 5plus
$24.31M
$21.27M – $28.36M
NOI $1,701,749 @ 7.0% cap · market cap 340.35%
Second Best
Retail
$480.9K
$420.8K – $561.1K
NOI $33,665 @ 7.0% cap · market cap 6.73%
Theoretical Best
Multifamily LT 5
$28.03M
$24.53M – $32.70M
NOI $1,962,009 @ 7.0% cap · market cap 392.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
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
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 - Combines updated residential areas with ground-level commercial space awaiting build-out and separate front and rear access.
Where is this mixed-use property located?
The property is located at 4609 Broadway St Unit 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: 2,500‑square‑foot mixed‑use property at 4609 Broadway St Unit 3 in Galveston, TX; Updated residential areas with modern finishes; Ground‑level commercial space in shell condition for future build‑out
