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2201 Market St 64 Unit Apartment Building For Sale Galveston, TX 77550
INVESTMENT HIGHLIGHTS
- 35% city tax reduction and frozen valuation enhance investor yield
- Mixed-use income from luxury apartments and retail tenants stabilizes cash flow
- 3.83% assumable agency loan provides below-market financing leverage
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present the exclusive listing of USNB, a 12-story historic landmark in downtown Galveston, Texas. Originally constructed in 1925 as the United States National Bank, the property was fully redeveloped in 2020 into a luxury mixed-use asset featuring 61 multifamily units and two retail spaces, including a long-term Frost Bank tenancy. USNB offers transferable tax abatements with a 35% city tax reduction and frozen valuation through 2032, providing exceptional long-term savings. Investors benefit from a below-market 3.83% assumable agency loan and potential to repurpose retail space or pursue condo conversion for future flexibility. Positioned near the Port of Galveston, UTMB Health, and major island attractions, USNB combines historic prestige with durable income and strong investment fundamentals.
PROPERTY FACTS
| Sale Type | Investment | Building Class | B |
| No. Units | 64 | Lot Size | 0.24 AC |
| Property Type | Multifamily | Building Size | 43,566 SF |
| Property Subtype | Apartment | No. Stories | 6 |
| Apartment Style | Mid-Rise | Year Built | 2020 |
| Zoning | CB | ||
| Sale Type | Investment |
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.24 AC |
| Building Size | 43,566 SF |
| No. Stories | 6 |
| Year Built | 2020 |
| Zoning | CB |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 10 | - | - |
| 1+1 | 30 | - | - |
| 2+2 | 24 | - | - |
Walk Score®
Very Walkable (83)
Bike Score®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 3505-0502-0006-000 | Improvements Assessment | $9,145,380 |
| Land Assessment | $374,620 | Total Assessment | $9,520,000 |
PROPERTY TAXES
Parcel Number
3505-0502-0006-000
Land Assessment
$374,620
Improvements Assessment
$9,145,380
Total Assessment
$9,520,000
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2201 Market St
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