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1915 45th St 10,138 SF 100% Leased Retail Building Galveston, TX 77550 $1,879,694 CAD ($185.41 CAD/SF) 10.80% Cap Rate
Investment Highlights
- Mixed-Use Asset (Residential + Commercial + Storage)
- 7 Residential Units (5 two bedrooms & 2 one bedroom units)
- Multiple Income Streams Providing Diversification
- 4 Commercial Storefronts with Long-Term Tenants
- Additional Detached Residential Structures
- Strong Historical Occupancy with value-Add Opportunity Through Rent Optimization
Executive Summary
Exceptional opportunity to acquire a high-yield mixed-use investment property in Galveston, Texas. This diversified asset includes seven residential units, additional detached residential structures, rear storage income, and four commercial storefront spaces with long-term tenancy history. The property produces $196,800 in projected annual gross income and offers a pro forma cap rate of 10.8%. Even under conservative underwriting with vacancy and repair reserves, the asset performs near a 9% cap rate, making it attractive to both cash-flow investors and leveraged buyers. Multiple income streams provide stability, while value-add potential exists through rent optimization and continued property improvements. Several commercial tenants have occupied the property since 2010, demonstrating strong location fundamentals and tenant retention.
This is a rare opportunity to acquire a high-performing coastal Texas mixed-use asset with immediate income and long-term upside.
This is a rare opportunity to acquire a high-performing coastal Texas mixed-use asset with immediate income and long-term upside.
Financial Summary (Pro Forma - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$269,035
|
$26.54
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$41,012
|
$4.05
|
| Effective Gross Income |
$228,024
|
$22.49
|
| Taxes |
$51,137
|
$5.04
|
| Operating Expenses |
$17,088
|
$1.69
|
| Total Expenses |
$68,225
|
$6.73
|
| Net Operating Income |
$159,799
|
$15.76
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $269,035 |
| Annual Per SF | $26.54 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $41,012 |
| Annual Per SF | $4.05 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $228,024 |
| Annual Per SF | $22.49 |
| Taxes (CAD) | |
|---|---|
| Annual | $51,137 |
| Annual Per SF | $5.04 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $17,088 |
| Annual Per SF | $1.69 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $68,225 |
| Annual Per SF | $6.73 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $159,799 |
| Annual Per SF | $15.76 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
10,138 SF
Year Built
1970
Price
$1,879,694 CAD
Price Per SF
$185.41 CAD
Cap Rate
10.80%
NOI
$203,007 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.69
Lot Size
0.14 AC
Zoning
None - N/A
Parking
14 Spaces (1.38 Spaces per 1,000 SF Leased)
Frontage
120’ on 45th Street
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Cutting Edge
- Services
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Cutting Edge | Services | - | - | - |
Walk Score®
Very Walkable (70)
Nearby Major Retailers
Property Taxes
| Parcel Number | 2965-0109-0013-000 | Total Assessment | $2,321,967 CAD |
| Land Assessment | $130,024 CAD | Annual Taxes | $51,137 CAD ($5.04 CAD/SF) |
| Improvements Assessment | $2,191,943 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
2965-0109-0013-000
Land Assessment
$130,024 CAD
Improvements Assessment
$2,191,943 CAD
Total Assessment
$2,321,967 CAD
Annual Taxes
$51,137 CAD ($5.04 CAD/SF)
Tax Year
2025
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1915 45th St
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