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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    7002 Jones Dr Galveston, TX 77551

    • Residential income homes
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3962089
    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

    • Residential income homes

    Property Details for 7002 Jones Dr

    Property type
    Residential income homes

    Description

    This exceptional investment opportunity presents a four-bedroom, two-bathroom single-family home situated on a spacious corner lot in the desirable Wimcrest subdivision of Galveston, Texas, zip code 77551. Priced at $320,000, this property offers significant potential for rental income. The home boasts a large den, perfect for family gatherings, complemented by a charming mock fireplace with a mantle. A cement patio and expansive backyard provide ample space for outdoor entertaining and family living. Conveniently located within walking distance of Parker Elementary and Weis Middle School, this property also enjoys proximity to churches, shopping centers, and the popular Moody Gardens. The home's layout offers approximate room sizes, allowing for customization and creating a comfortable living space for tenants. This is a fantastic cash flow opportunity for investors seeking to capitalize on the growing Galveston County market. The property's strategic location and potential for transformation make it an attractive investment. Don't miss this chance to acquire a well-positioned rental property in a thriving community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Galveston
    County
    Galveston
    State
    Texas
    Longitude
    -94.840023406169
    Latitude
    29.271826698935

    Comparable in this City

    • $1,500,000
      26,000 SF

      Galveston Redevelopment Opportunity

      Prime Mixed-Use Property, High Traffic
      5302 Broadway Ave, Galveston, TX 77551
      View Details
    • $400,000

      Galveston Multifamily Investment Property

      Centrally located, renovated fourplex suitable for short or long-term tenants.
      2308 53Rd St, Galveston, TX 77551
      View Details
    • $399,900

      Gulf View Renovated Condo

      Renovated 2-bedroom condo with Gulf views and beach access.
      7600 Seawall Blvd, Galveston, TX 77551
      View Details
    • $175,000

      Galveston Duplex: Investment Opportunity

      Well-maintained Galveston duplex near beach, dining, and attractions.
      1619 Bayou Homes Dr, Galveston, TX 77551
      View Details
    • $1,900,000
      2.41 Acres

      Galveston Residential Land with Buildings

      2.406 acres with four buildings totaling 15,808 SF.
      1424 45Th St, Galveston, TX 77551
      View Details
    • $365,000

      Galveston Duplex: Investor Opportunity

      Two units in Galveston, one vacant, one occupied.
      4828 Avenue Q 1/2, Galveston, TX 77551
      View Details

    Similar Nearby for Sale

    • $1,500,000
      26,000 SF

      Galveston Redevelopment Opportunity

      Prime Mixed-Use Property, High Traffic
      5302 Broadway Ave, Galveston, TX 77551
      View Details
    • $400,000

      Galveston Multifamily Investment Property

      Centrally located, renovated fourplex suitable for short or long-term tenants.
      2308 53Rd St, Galveston, TX 77551
      View Details
    • $399,900

      Gulf View Renovated Condo

      Renovated 2-bedroom condo with Gulf views and beach access.
      7600 Seawall Blvd, Galveston, TX 77551
      View Details
    • $175,000

      Galveston Duplex: Investment Opportunity

      Well-maintained Galveston duplex near beach, dining, and attractions.
      1619 Bayou Homes Dr, Galveston, TX 77551
      View Details
    • $1,900,000
      2.41 Acres

      Galveston Residential Land with Buildings

      2.406 acres with four buildings totaling 15,808 SF.
      1424 45Th St, Galveston, TX 77551
      View Details
    • $365,000

      Galveston Duplex: Investor Opportunity

      Two units in Galveston, one vacant, one occupied.
      4828 Avenue Q 1/2, Galveston, TX 77551
      View Details

    Similar Nearby for Lease

    • $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
    • 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
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    7002 Jones Dr
    Galveston, TX 77551
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    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
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