1601 Broadway St 6,500 SF Health Care Building Offered at $2,999,000 in Galveston, TX 77550

An exceptional opportunity to acquire a renovated, purpose-built Type-B assisted living facility on Galveston Island. The 9,204 SF building is arranged in an efficient horseshoe layout — two 3,208 SF resident wings anchored by a 2,788 SF fully renovated central commons housing kitchen, dining, and shared living space. The configuration delivers 14 private resident rooms and supports a 16-bed licensed care capacity.
The asset trades as a value-add senior housing play. The physical plant is in turnkey condition, while the Type-B operating license is obtained by the incoming buyer through the HHSC application process. For experienced Texas assisted living operators, this structure represents the core of the opportunity: an established, recently renovated care facility available below stabilized value, with an expedited licensing pathway typically running 3–6 months for qualified applicants.
The facility generated $332,116 in revenue in 2025, with pro forma stabilized net operating income projected at approximately $320,918 — a ~32.5% margin that implies a roughly 10.7% capitalization rate at the asking price. An independent MAI appraisal supports valuations of $2.71M as-is, $3.01M upon completion, and $3.05M stabilized, underwriting the $2,999,000 ask. Galveston's coastal location and aging population provide durable, long-horizon demand for licensed senior care.
Offered by Robert Johnson, Realtor® — Century 21 Olympian. Call 281-250-0188 to schedule a tour.