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

    2501 61st St Galveston, TX 77551-1849

    • Commercial real estate
    • 14,748 SF
    • 0.77 lot acres
    OFF-MARKET
    Value Estimations
    $2,110,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-2137420
    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

    • Walgreens Photo / (Bike/Boat/Book/etc) Store
    • Walgreens / Pharmacy
    • Walgreens Pharmacy / Pharmacy
    • Muhammad Bhatti, RPH / Pharmacy
    • Shah Sheikh, PharmD / Pharmacy

    Property Details for 2501 61st St

    Year built
    2004
    Lot size
    0.77 lot acres
    Property size
    14,748 SF
    Property type
    Commercial real estate
    APN
    7205-0000-0043-001
    APU
    720500000043001

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,435,000
      6.5%
      $2,245,000
      7%
      $2,085,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,970,000
      Market price range: $634k - $1.97M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,120,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Galveston
    County
    Galveston
    State
    Texas
    Longitude
    -94.8313
    Latitude
    29.275
    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
    $20,684
    $167,340
    $3,612,660
    $3,780,000
    -
    $167,340
    $3,612,660
    $3,780,000

    Comparable in this City

    • Value Estimation by Request

      27th 29th Seawall Blvd

      COMMERCIAL (GENERAL)
      27th 29th Seawall Blvd, Galveston, TX 77551
      View Details
    • Value Estimation by Request
      0.07 Acres

      2509 52nd St

      COMMERCIAL (GENERAL) • 0.07 Acres
      2509 52nd St, Galveston, TX 77551
      View Details
    • Value Estimation
      $10,560,000
      120,252 SF

      2803 53rd St

      COMMERCIAL (GENERAL) • 120,252 SF
      2803 53rd St, Galveston, TX 77551-5914
      View Details
    • Value Estimation
      $2,020,000
      20,199 SF

      1014 61st St

      COMMERCIAL (GENERAL) • 20,199 SF
      1014 61st St, Galveston, TX 77551-1008
      View Details
    • Value Estimation by Request
      1,350 SF

      2203 61st St

      COMMERCIAL (GENERAL) • 1,350 SF
      2203 61st St, Galveston, TX 77551-1404
      View Details
    • Value Estimation
      $1,880,000
      41,232 SF

      808 61st St

      COMMERCIAL (GENERAL) • 41,232 SF
      808 61st St, Galveston, TX 77551-1099
      View Details

    Similar Nearby for Sale

    • $2,500,000
      3,636 SF

      5717 Stewart Rd

      Restaurants • 3,636 SF
      5717 Stewart Rd, Galveston, TX 77551
      View Details
    • $549,000

      Waterfront Lot on Lake Madeline

      Rare double lot on Lake Madeline with Galveston Bay access.
      22 Lakeview Dr, Galveston, TX 77551
      View Details
    • $1,000,000

      Income-Producing Multifamily Property in Galveston

      Fully renovated 8-unit property with income potential in Galveston, TX.
      5103 Avenue O, Galveston, TX 77551
      View Details
    • $267,000

      Coastal Condo with Ocean Views

      Charming condo with ocean views, perfect for vacation rental.
      7310 Seawall Blvd, Galveston, TX 77551
      View Details
    • $3,000,000

      Galveston Island Land Opportunity

      Approximately 28 acres of residential land on Galveston Island.
      Stewart Rd, Galveston, TX 77551
      View Details
    • $175,000

      Centrally Located Galveston Lot

      Spacious lot with commercial potential near the Seawall.
      6006 Avenue T, Galveston, TX 77551
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      209,152 SF

      Galveston Island Retail Opportunity

      Prime Retail Space, Galveston Island
      61st St. & Central City Blvd, Galveston, TX 77551
      View Details
    • $18 SF/Yr
      5,500 SF

      Galveston Office Building For Lease

      Two-story office building with excellent access and visibility.
      6501 Stewart Rd, Galveston, TX 77551
      View Details
    • $12 SF/Yr
      76,986 SF

      Broadway Shopping Center: Galveston Retail

      Prime Galveston retail space, high traffic area.
      5900-5940 Broadway Ave, Galveston, TX 77551
      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.
    2501 61st St
    Galveston, TX 77551-1849
    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.