This rare mixed-use investment property is ideally situated in the sought-after Fort Crockett district of Galveston, just two blocks from the beach and Sea Wall.The 4,920 SF building (built 1962) sits on a 0.065-acre corner lot, providing excellent visibility and diversified income streams from six total units — four residential apartments and two commercial spaces. Tax Assessed at approximately $540,000 (2024 land + improvements)

Income Breakdown

4 Residential Units (1BR/1BA each) — all rented 

- Unit 1 @ $795

- Unit 2 @ $750

- Unit 3 @ $750

- Unit 4 @ $700

2 Commercial space 

- Barbershop (Downstairs) — owner-occupied, 29 years established (Vacant) - Approximate Rent at $1,250

- Office (Downstairs) — 6+ years tenant, paying $650/month - reduced rent as tenant is Narcotics Anonymous.

Total Income/month  $4895   

Total expenses/month 

 - Owner pays gas and water~ $400

 - tenants pay electric

 - Insurance  $2706 wind + $2750 liability = $5456 paid annually / $455 monthly

 - Expenses total $855 per month

 - NOI $3790

TOTAL INCOME PER YEAR  $58,740

TOTAL EXPENSES PER YEAR  $10,256

NOI PER YEAR $48,484

****Cap Rate at 11% @ $435,000 buy price.

Property Overview

- Address: 2502 39th St, Galveston, TX 77550

- Building Size: ~4,920 SF

- Lot Size:~2,832 SF (~0.065 acres) 

- Year Built: 1962 

- Current Use: Multi-family/residential + commercial spaces (6-unit) 

- Subdivision/Neighborhood: Rawlins-Bassett Inc 2006, Fort Crockett area 

Key Highlights

- Located in the heart of historic Fort Crockett Neighborhood, just two blocks off the Sea Wall — excellent tourist & short-term rental upside. 

- Corner-lot property with 4,920 SF building area on a ~2,832 SF lot (0.065 AC). 

- Built in 1962; two stories. 

- Zoning/usage appears multi-family plus commercial: Six-unit configuration reported (four 1-bed/1-bath units + two commercial spaces). 

- Fair and anticipated “value-add” property: currently fully occupied (per listing). - Great reposition opportunity. 

- Parcel #6057-0000-0001-000; Assessed taxable value in 2024 for land $61,620, improvements $478,780, total $540,400. 

- Multi‐unit plus commercial layout: six income tiers

- Corner lot location, high visibility, near tourist traffic

- Value-add with rehab upside and multiple exit pathways

- Strong regional rental/tourism market driving demand

Investment Highlights & Strategy

Location Play: Few blocks from the Gulf / Sea Wall means strong short-term rental and vacation market potential.

Cash Flow: Six units + commercial space = multiple income streams. Could convert or reposition for higher rents, add features/amenities.

Flip Potential: With repositioning (modernizing units, boosting curb appeal, adding short-term rental orientation) strong exit market given Galveston’s tourism draw.

Value-Add Rehab Scope: Built 1962 — expect updates on mechanicals, finishes, potential structural/roof items. Good upside if purchased at discount with rehab budget.

COMPS:

2117 Saladia St, Galveston, TX 77551

1108 Broadway St, Galveston, TX 77550

Don’t wait — this deal won’t last long in today’s market.

Call now to make an offer!

Will Humphrey

(727) 977 5543

[email protected]