Building Details

Year Built 1940

Buildings 1

Listing Agency: Cottrell Realty LLC

Listed By: Jonathan Cottrell · License #TX 614288 Show Phone

Source: Crexi

Added: Jul 6 Changed: Oct 13 Last Checked: Oct 16 at 9:29AM

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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 Cottrell Realty LLC

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Investment Insights

Based on property information with market context.

Built in 1940, this approximately 5,940-square-foot mixed-use property combines commercial space with two upstairs residential apartments. Each apartment includes two bedrooms and two bathrooms, creating a multi-component layout within a single building. The property is zoned Mixed-use and supports a range of commercial configurations, including retail, office, restaurant, and hospitality uses as identified for the site.

The building is located at 515 22nd Street in Galveston's Historic District, within walking distance of The Strand Historic District, The Grand 1894 Opera House, MOD Coffeehouse, Rudy & Paco Restaurant, boutique shopping, galleries, entertainment venues, and additional dining options. Its downtown setting places commercial and residential components near established destinations and year-round tourism activity.

Key Highlights

• Approximately 5,940 square feet of mixed‑use commercial space
• Two upstairs apartments, each with 2 bedrooms and 2 bathrooms
• Mixed‑use zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$79,988

Cap Rate

9.14%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,599,760 $1.6M

Cap Rate 7%

$1,142,686 $1.1M

Cap Rate 9%

$888,756 $888.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,940 SF

Gross rent

$121.2K $20.40/SF

− Vacancy

−$6.9K −$1.16/SF

EGI

$114.3K $19.24/SF

− OpEx

−$34.3K −$5.77/SF

NOI

$80.0K $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 Rate 5%

$1,599,760

Cap Rate 7%

$1,142,686

Cap Rate 9%

$888,756

Alternative Uses

Best Use

Apartment 5plus

$57.76M

$50.54M – $67.39M (±1% cap)

NOI $4,043,355 @ 7.0% cap · market cap 462.10%

Second Best

Retail

$1.14M

$999.9K – $1.33M (±1% cap)

NOI $79,988 @ 7.0% cap · market cap 9.14%

Theoretical Best

Multifamily LT 5

$66.60M

$58.27M – $77.70M (±1% cap)

NOI $4,661,733 @ 7.0% cap · market cap 532.77%

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

Property Analytics

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Current Use

Christopher Brownlee Physician Texas State Optical Eye Care Center

Suggested Use

Top Pick Pharmacy Carpet & Flooring Store Locksmith Home Appliance Store Plumbing Service Auto Parts Store

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

Lease Details

2

Residential units

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 Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use zoning accommodates a commercial building with two upstairs residential apartments.

Where is this mixed-use property located?

The property is located at 515 22nd Street Galveston, TX.

What is the asking price?

The asking price for this property is $875,000.

What are key features of this property?

This property features: Approximately 5,940 square feet of mixed‑use commercial space; Two upstairs apartments, each with 2 bedrooms and 2 bathrooms; Mixed‑use zoning