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Rosenberg Building 2309 Strand St 13,932 SF 100% Leased Retail Building Galveston, TX 77550 $2,250,000 ($161.50/SF) 8.27% Cap Rate
INVESTMENT HIGHLIGHTS
- Heavy pedestrian traffic
- Mixed tenancy (Retail/Residential)
- New Roof Membrane
- Historic facade and design
- 100% Occupancy
EXECUTIVE SUMMARY
The Rosenberg Building is a Historic mixed tenancy investment opportunity centrally located within the Galveston Island Historic Strand District - Galveston's primary shopping and tourism zone. The property is fully leased with first floor retailers and upper floor residences. The residential units, building façade, and common areas have been fully renovated recently and a new roof overlay was installed in June of this year. The immediate location benefits from the Cruise terminal's 2.2 M annual visitors and Galveston's growing annual 7 M unique visitors enticed by nationally relevant annual events and festivals and a rising number of unique eateries and over 61 bars. Galveston generates over $833 M in total annual spending and hosts over 6,000 hotel rooms with a critical density of rooms in the Strand area within walking distance of The Rosenberg Building.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
13,932 SF
Building Class
B
Year Built
1871
Price
$2,250,000
Price Per SF
$161.50
Cap Rate
8.27%
NOI
$186,072
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.67
Lot Size
0.12 AC
Zoning
GC - Broad spectrum use zoning for Galveston central retail and shopping Historic Strand District.
Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (74)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 3505-0623-0005-000 | Improvements Assessment | $615,220 |
| Land Assessment | $234,780 | Total Assessment | $850,000 |
PROPERTY TAXES
Parcel Number
3505-0623-0005-000
Land Assessment
$234,780
Improvements Assessment
$615,220
Total Assessment
$850,000
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Rosenberg Building | 2309 Strand St
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