Creative Space with Chapel
For Sale
$1,100,000
4720 Avenue O 1/2, Galveston, TX 77551
Two adaptable structures surround a central courtyard with workshop and studio-style interiors.
Property Size7,664 SF
Price / SF$143.53
Days on Market215
Property Features for 4720 Avenue O 1/2
General Information
Standard status
Active
Size
7,664 SF
Property subtype
Income
Taxes and HOA fees
Annual Taxes
$5,262
Amenities
Concrete
Yes
Appraiser
Corner Lot
12001
7664
Building Details
Building Size
7,664 SF
Year Built
1970
Buildings
2
Stories
2
Listing Agency:
RE/MAX Leading Edge
(409) 256-3724
Listed By:
Olena Leija · License #0726584
(409) 256-3724
Source:
Garygreene
Added: Jan 27
Changed: Aug 29
Last Checked: Aug 29 at 7:57PM
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 RE/MAX Leading Edge
Investment Insights
Based on property information with market context.
This creative-space property includes a former chapel and a separate workshop building totaling approximately 7,664 SF. The primary structure dates to 1970 and features vaulted wood ceilings, exposed beams, stained-glass clerestory windows, and a prominent stained-glass entry installation. Its open studio arrangement incorporates living areas, a glass-enclosed workspace, kitchen, bathroom, mezzanine space, and additional flexible zones.
The secondary building provides a spacious first-floor workshop, upper-level areas prepared for future build-out, and a connection to the main structure through a central courtyard. The property is situated on a private, landscaped site in central Galveston. Architectural materials identify Tibor Beerman as the designer; his work also includes the Galveston County Courthouse. Historical documents and blueprints are included.
The secondary building provides a spacious first-floor workshop, upper-level areas prepared for future build-out, and a connection to the main structure through a central courtyard. The property is situated on a private, landscaped site in central Galveston. Architectural materials identify Tibor Beerman as the designer; his work also includes the Galveston County Courthouse. Historical documents and blueprints are included.
Key Highlights
- Approximately 7,664 SF across 2 structures
- 1970 primary structure with vaulted wood ceilings and exposed beams
- Preserved stained‑glass clerestory windows and entry installation
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
$98,112
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
8.92%
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%
$1,962,240
$2.0M
Cap Rate 7%
$1,401,600
$1.4M
Cap Rate 9%
$1,090,133
$1.1M
Market Conditions
NOI Build-Up for 7,664 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
$177.5K $23.16/SF
− Vacancy
−$46.7K −$6.09/SF
EGI
$130.8K $17.07/SF
− OpEx
−$32.7K −$4.27/SF
NOI
$98.1K $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%
$1,962,240
Cap Rate 7%
$1,401,600
Cap Rate 9%
$1,090,133
Alternative Uses
Best Use
Office B
$1.40M
$1.23M – $1.64M
NOI $98,112 @ 7.0% cap · market cap 8.92%
Second Best
Mixed Use
$1.08M
$948.4K – $1.26M
NOI $75,874 @ 7.0% cap · market cap 6.90%
Theoretical Best
Multifamily LT 5
$85.92M
$75.18M – $100.25M
NOI $6,014,735 @ 7.0% cap · market cap 546.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
667
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
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Frequently Asked Questions
What type of property is this?
Creative space - Two adaptable structures surround a central courtyard with workshop and studio-style interiors.
Where is this creative space located?
The property is located at 4720 Avenue O 1/2 Galveston, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Approximately 7,664 SF across 2 structures; 1970 primary structure with vaulted wood ceilings and exposed beams; Preserved stained‑glass clerestory windows and entry installation
