Waldorf 2018 25th St 23 Unit Apartment Building $2,275,000 ($98,913/Unit) 9.23% Cap Rate Galveston, TX 77550

Below market property in single best location for this type/size property on the island, $70/sq. ft, cheaper than last 2 sales on the 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 $139/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. 13 of units have front and back doors, 4 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. 7 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 parking plus protected street parking. Two larger buildings are on raised foundation with crawl space. Large recently landscaped yard area. Large decks off the back of 2 large buildings for tenants to enjoy. In process of converting 2 of the studios to 1 br units for more rent which new buyer could do another 5 of the studios. Large lot may leave room for expansion with city approval.