928 Post Office St
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928 Post Office St
16 Unit Apartment Building $2,200,000 ($137,500/Unit) 7.52% Cap Rate Galveston, TX 77550
Investment Highlights
- Roof Replaced 2001/ Resurfaced 2017.
- Washer/dryer set in 12 units.
- 11 Units renovated.
- Units individually metered for power.
Executive Summary
Partners is pleased to present a rare opportunity to own a 16-unit multifamily property in Galveston abutting the prestigious University
of Texas Medical Branch (UTMB). The building shares a property line with a UTMB parking garage, is 1 block from main campus,
across the street from Shriner’s Hospitals for Children/Sealy Hospitals, and a stone’s throw from the Port of Galveston Cruise Terminal.
The 1971 build was partially renovated in 2022 under its current owner, in which 11 of the 16 units underwent a long list of cosmetic
renovations, in addition to some new central air systems and water heaters. There remains a large upside in lease-up of vacant units,
renovation of the last 5 untouched units, renting more of the reserved parking spaces, utilizing a RUBS or utility reimbursement program
for water & trash, re-utilizing the laundry room, and adding W/D connections to all units. The proximity to campus and other major jobs
centers provides a remarkable advantage to this property for nearly indefinite future housing needs for both students and staff.
of Texas Medical Branch (UTMB). The building shares a property line with a UTMB parking garage, is 1 block from main campus,
across the street from Shriner’s Hospitals for Children/Sealy Hospitals, and a stone’s throw from the Port of Galveston Cruise Terminal.
The 1971 build was partially renovated in 2022 under its current owner, in which 11 of the 16 units underwent a long list of cosmetic
renovations, in addition to some new central air systems and water heaters. There remains a large upside in lease-up of vacant units,
renovation of the last 5 untouched units, renting more of the reserved parking spaces, utilizing a RUBS or utility reimbursement program
for water & trash, re-utilizing the laundry room, and adding W/D connections to all units. The proximity to campus and other major jobs
centers provides a remarkable advantage to this property for nearly indefinite future housing needs for both students and staff.
Property Facts
| Price | $2,200,000 | Building Class | C |
| Price Per Unit | $137,500 | Lot Size | 0.36 AC |
| Sale Type | Investment | Building Size | 15,016 SF |
| Cap Rate | 7.52% | Average Occupancy | 88% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1971/2024 |
| Property Subtype | Apartment | Parking Ratio | 0.87/1,000 SF |
| Apartment Style | Low Rise |
| Price | $2,200,000 |
| Price Per Unit | $137,500 |
| Sale Type | Investment |
| Cap Rate | 7.52% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.36 AC |
| Building Size | 15,016 SF |
| Average Occupancy | 88% |
| No. Stories | 2 |
| Year Built/Renovated | 1971/2024 |
| Parking Ratio | 0.87/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Carpet
- Patio
Site Amenities
- 24 Hour Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 2+1.5 | 15 | - | 950 |
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Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (74)
PROPERTY TAXES
| Parcel Number | 3505-0489-0012-000 | Improvements Assessment | $1,107,120 |
| Land Assessment | $92,880 | Total Assessment | $1,200,000 |
PROPERTY TAXES
Parcel Number
3505-0489-0012-000
Land Assessment
$92,880
Improvements Assessment
$1,107,120
Total Assessment
$1,200,000
zoning
| Zoning Code | BUF |
| BUF |
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