2018 25th St - Apartments FOR SALE


Galveston, TX 77550- San Jacinto
$2,495,000 USD
949-463-2100
2018 25th St, Galveston, TX for Sale
$2,495,000 USD
Apartments - FOR SALE
1/8
null | 8.42% Cap Rate

2018 25th St
Galveston, TX 77550
San Jacinto


HIGHLIGHTS

  • Steps to the beach
  • Lots of windows per unit
  • Large courtyard area

OVERVIEW

Below market property in prime location, best location on island for this type of property. 2 sales on the island last year of comparable size were at $206 and #219/sq. ft. both on smaller lots and not as good a location as this at $152/sq. ft.. Steps to beach and Texas famous pleasure Pier amusement park, walk to restaurants, bars, Mardi Gras parade goes right by building, on bus route and trolley car route, walk to strand and cruise terminal(Galveston is 3rd largest cruise terminal in the country). Quality old school construction, many of windows replaced with hurricane windows, most units have wood floors, tile in kitchen and baths. A lot of units have front and back doors, some units have windows on all 4 sides. 3 buildings, 12 units in one, 9 units in 2nd building, 2 units plus garage, work shop, laundry facilities, 2 storage units in 3rd building. On 3 1/2 lots, 18,155 sq.ft. An unusually large number of windows for older building, 8 windows in 4 of the studios, 11 windows in 4 of the 1br units so units are very light inside. This really is a great location and great opportunity to own in a growing tourist area. Broker/owner. 3 of the studios could easily and cheaply be converted to a 1 br units for more rent already did one. Could possibly convert garage and storage to another unit. Alley plus protected street parking. Two larger buildings are on raised foundation with crawl space.

FOR SALE DETAILS

PRICE

$2,495,000 USD

PRICE/SF

$152 USD /SF

# OF UNITS

23

PRICE/UNIT

$108,478

CAP RATE

8.42%

% LEASED

80%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Waldorf

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1935

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.41 AC

LAND SF

17,860 SF

ZONING

MF1

APN/PARCEL ID

3510-0092-2012-000

ASK ABOUT THIS PROPERTY

Randy WatermanWaterman Real Estate IncMore Info
949-463-2100

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Randy WatermanWaterman Real Estate IncMore Info
949-463-2100

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.