614 35th St 5 Unit Apartment Building $836,156 CAD ($167,231 CAD/Unit) 7.80% Cap Rate Galveston, TX 77550

614 35th Street Apartments
5 recently constructed apartments (2024) in Galveston, featuring modern finishes, new appliances, and a mix of four one-bedroom units and one two-bedroom unit. Each apartment includes its own washer and dryer, combining style and convenience at an affordable price point.
Centrally located near UTMB, the beach, and downtown, these apartments provide both comfort and easy access to everything Galveston has to offer, making them an excellent choice for renters seeking modern living in a prime location.

Tourism growth:
Galveston has experienced significant growth in its tourism
sector over the past decade, solidifying its status as a premier
destination on the Gulf Coast. Visitor numbers have risen from
approximately 4.5 million in 2009 to over 8.1 million in 2022,
marking an increase of more than 80%. This surge in tourism
has led to a substantial economic impact, with visitor spending
reaching $1.2 billion in 2022, a 27% increase from the previous
year.
UTMB growth:
Over the past decade, the University of Texas Medical Branch
(UTMB) has experienced significant growth across various facets
of its operations. UTMB has been in Galveston over 100 years
and is one of the oldest medical school and hospital systems in
Texas. In terms of student enrollment, UTMB's fall semester
began with 3,200 students and nearly 900 faculty members,
marking a 42% increase in enrollment since 2006. Financially,
UTMB's endowment has also seen substantial growth.
Appreciation:
Over the past decade, Galveston has experienced significant
growth in real estate values. Home appreciation rates have been
among the highest in the nation, with properties appreciating by
approximately 131.93%, averaging an annual increase of 8.78%.
This robust appreciation places Galveston in the top 20% of
U.S. cities for real estate value growth, highlighting its strong
investment potential.
Resilient Market:
The healthcare sector is typically less affected by economic
downturns, providing a stable source of rental income even
during uncertain times. This, combined with the property’s prime
location and unique features, enhances its investment appeal.
Low Vacancy Rates:
With a target demographic that values quality housing and
convenience, the property is likely to experience low vacancy
rates. This minimizes the risk of income loss associated with
prolonged vacancies.
Galveston Growth:
Port of Galveston Expansion: Construction has commenced on
the port's fourth cruise terminal, a $151 million project at Pier 16,
featuring a 165,000-square-foot terminal and a $55 million
parking garage, slated to open in November 2025.
West Galveston Mixed-Use Development: A $250 million mixed-
use project is planned for the western end of the Seawall, aiming
to enhance residential, commercial, and recreational spaces,
further boosting the local economy.
Margaritaville: The $250 million Galveston development will span
300,000 square feet and bring hundreds of jobs to the island.