Mixed-Use Live-Work
For Sale
$500,000
4609 Broadway Street 3, Galveston, TX 77551
Mixed-use property combining updated residential space with ground-floor commercial area in shell condition.
Property Size2,500 SF
Price / SF$200
Days on Market126
Property Features for 4609 Broadway Street 3
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Income
Taxes and HOA fees
Annual Taxes
$4,848
Amenities
Laminate,Plank,Vinyl
Yes
1
2
Washer Hookup,Dryer Hookup
Appraiser
Quartz Counters,Ceiling Fan(s)
Partial
Other
3000
25x120
Electric Gate
Private Entrance
2500
Building Details
Building Size
2,500 SF
Year Built
1958
Stories
2
Listing Agency:
eXp Realty LLC
(409) 737-5200
Listed By:
Kimberly Saward
(972) 489-6694
Source:
Garygreene
Added: May 2
Changed: Sep 3
Last Checked: Sep 2 at 2:58PM
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 eXp Realty LLC
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.
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 = 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
$32,004
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
6.40%
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%
$640,080
$640.1K
Cap Rate 7%
$457,200
$457.2K
Cap Rate 9%
$355,600
$355.6K
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
$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 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%
$640,080
Cap Rate 7%
$457,200
Cap Rate 9%
$355,600
Alternative Uses
Best Use
Office B
$457.2K
$400.1K – $533.4K
NOI $32,004 @ 7.0% cap · market cap 6.40%
Second Best
Mixed Use
$353.6K
$309.4K – $412.5K
NOI $24,750 @ 7.0% cap · market cap 4.95%
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
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?
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.
