Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    217 23Rd St Galveston, TX 77550

    • Commercial real estate
    • 5,220 SF
    • 0.06 lot acres
    For Sale
    View listing
    $2,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-1643844
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • 1870 Rice, Baulard & Company Building / Tour Operator
    • Gallery Évasion / Art Gallery

    Property Details for 217 23Rd St

    Year built
    1973
    Lot size
    0.06 lot acres
    Property size
    5,220 SF
    Property type
    Commercial real estate
    APN
    3505-0623-0008-003
    APU
    350506230008003

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $860,000
      6.5%
      $795,000
      7%
      $740,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $592,000
      Market price range: $181k - $593k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $370,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Galveston
    County
    Galveston
    State
    Texas
    Longitude
    -94.7945
    Latitude
    29.3065
    CBSA code
    26420
    CBSA name
    HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2018
    $6,432
    $12,850
    $764,050
    $776,900
    -
    $12,850
    $764,050
    $776,900

    Comparable in this City

    • Value Estimation by Request
      7.31 Acres

      224 33rd St

      COMMERCIAL (GENERAL) • 7.31 Acres
      224 33rd St, Galveston, TX 77550
      View Details
    • Value Estimation by Request

      Pier 18

      COMMERCIAL (GENERAL)
      Pier 18, Galveston, TX 77550
      View Details
    • Value Estimation by Request
      4.06 Acres

      29th St Harborside Dr

      COMMERCIAL (GENERAL) • 4.06 Acres
      29th St Harborside Dr, Galveston, TX 77550
      View Details
    • Value Estimation by Request

      Galveston, TX 77550

      COMMERCIAL (GENERAL)
      Galveston, TX 77550
      View Details
    • Value Estimation by Request

      801 Bch Drr-tw

      COMMERCIAL (GENERAL)
      801 Bch Drr-tw, Galveston, TX 77550-3364
      View Details
    • Value Estimation
      $1,270,000
      25,744 SF

      601 Tremont St

      COMMERCIAL (GENERAL) • 25,744 SF
      601 Tremont St, Galveston, TX 77550-5490
      View Details

    Similar Nearby for Sale

    • $300,000

      Prime Bolivar Peninsula Retail Space

      High-traffic Texas City dry cleaner for sale.
      0 Dry Cleaners, Bolivar Peninsula, TX 77550
      View Details
    • $1,435,000
      4.10 Acres

      4.1-Acre Commercial Land, Galveston County

      Prime Galveston County land, ready for development.
      12719 Hwy 1764, Galveston, TX 77550
      View Details
    • $995,000
      9,696 SF

      Broadway Beauty: Galveston Gem

      Mixed-use building, prime location, high potential.
      2127 Broadway Ave, Galveston, TX 77550
      View Details
    • $499,900
      1,920 SF

      2511 Avenue L Galveston

      Multifamily properties • 1,920 SF
      2511 Avenue L, Galveston, TX 77550
      View Details
    • $249,500

      Galveston Lot Near Seawall

      Residential lot near Galveston Seawall, with available survey and plans.
      3616 Avenue S 1/2, Galveston, TX 77550
      View Details
    • $2,250,000
      13,932 SF

      Retail Property in Galveston, TX

      Retail property available for sale in Galveston, Texas.
      2309 Strand St, Galveston, TX 77550
      View Details

    Similar Nearby for Lease

    • $1,550 /Mo
      902 SF

      Partially Furnished Apartment Near UTMB

      Two-bedroom apartment with paid utilities, near UTMB, available for lease.
      7112 N Holiday Dr, Galveston, TX 77550
      View Details
    • Contact for pricing
      75,064 SF

      Galveston Church Street Office Space

      7,000+ sqft, versatile office/event space
      3316 Church St, Galveston, TX 77550
      View Details
    • $1,725 /Mo

      Galveston Apartment Near UTMB

      Two-bedroom apartment on The Strand, available immediately.
      2315 Strand St, Galveston, TX 77550
      View Details
    • $2,275 /Mo

      Spacious Apartment with Sunset Views

      Two-bedroom apartment featuring harbor views and architectural details.
      100 20Th St, Galveston, TX 77550
      View Details
    • $1,900 /Mo

      Renovated Three-Bedroom Unit Near UTMB

      Recently renovated 3-bedroom unit in central Galveston location.
      3515 Winnie St, Galveston, TX 77550
      View Details
    • $1,600 /Mo
      1,288 SF

      Galveston Retail Space For Lease

      Retail space available for lease in Galveston, Texas.
      1403 39Th St, Galveston, TX 77550
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    217 23Rd St
    Galveston, TX 77550
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.