Corner Convenience Store
For Sale
Contact for pricing
7201 Avenue P 1/2, Galveston, TX 77551
Commercially zoned property supports an established neighborhood market and is fully leased.
Property Size3,500 SF
Price / SF$285.71
Days on Market133
Property Features for 7201 Avenue P 1/2
General Information
Standard status
Active
Size
3,500 SF
Class
C
Property subtype
Retail
Zoning
Commercial
Occupancy
100%
Lease Type
NNN
Additional Details
Corner Location
Yes
Building Details
Year Built
1990
Stories
1
Tenancy
Single
Listing Agency:
Leopold & Strahan Realty Group LLC
Listed By:
Janet Bass · License #9010305
Source:
Crexi
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 7:07AM
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 Leopold & Strahan Realty Group LLC
Investment Insights
Based on property information with market context.
This 3,500-square-foot convenience store property in Galveston was built in 1990 and is designated Commercial zoning. The building accommodates an established neighborhood market and is currently fully leased, providing an existing retail operating setup for a new owner.
Positioned on a corner along Heards Lane, the property serves a surrounding residential area and has visibility from a heavily traveled corridor. Its neighborhood-market format and established retail use provide a straightforward profile for buyers seeking an occupied commercial property.
Positioned on a corner along Heards Lane, the property serves a surrounding residential area and has visibility from a heavily traveled corridor. Its neighborhood-market format and established retail use provide a straightforward profile for buyers seeking an occupied commercial property.
Key Highlights
- 3,500‑square‑foot convenience store property in Galveston
- Fully leased to an established neighborhood market
- Commercial zoning designation
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
$50,795
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
5.08%
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%
$1,015,900
$1.0M
Cap Rate 7%
$725,643
$725.6K
Cap Rate 9%
$564,389
$564.4K
Market Conditions
NOI Build-Up for 3,500 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
$71.8K $20.52/SF
− Vacancy
−$4.1K −$1.17/SF
EGI
$67.7K $19.35/SF
− OpEx
−$16.9K −$4.84/SF
NOI
$50.8K $14.51/SF
Area
Galveston County, TX
Vacancy
5.70%
Lease Rate
$20.52 /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%
$1,015,900
Cap Rate 7%
$725,643
Cap Rate 9%
$564,389
Alternative Uses
Best Use
Specialty Retail
$725.6K
$634.9K – $846.6K
NOI $50,795 @ 7.0% cap · market cap 5.08%
Second Best
Retail
$673.3K
$589.1K – $785.5K
NOI $47,131 @ 7.0% cap · market cap 4.71%
Theoretical Best
Multifamily LT 5
$39.24M
$34.34M – $45.78M
NOI $2,746,813 @ 7.0% cap · market cap 274.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
11k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 93%
Home Improvements & Furnishings 7%
Dollar General
Shops & Services
9,862 visits/mo
0.4 miles
Village Hardware
Home Improvements & Furnishings
708 visits/mo
0.5 miles
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 Retail 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?
Grocery and convenience store - Commercially zoned property supports an established neighborhood market and is fully leased.
Where is this grocery and convenience store located?
The property is located at 7201 Avenue P 1/2 Galveston, TX.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: 3,500‑square‑foot convenience store property in Galveston; Fully leased to an established neighborhood market; Commercial zoning designation
