Waldorf Apartments

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Address: 2422 Avenue Q, Galveston, TX 77550, USA
Created date: June 29, 2024
Date last updated: September 3, 2024

Best location on the island for this type of property, walk to Texas famous Pleasure Pier. Big push to bring gambling to state. Recent sale of 1000 sq. ft. smaller building on 6000 sq. ft. no where near the beach for $3.4 million. Huge upside on property especially if gambling goes in on the island although even without rents could easily go up 50% in 5 years. Growth in Galveston and Houston area less than an hour away will continue to push values and rents. Galveston is hugely popular tourist spot, 3rd largest cruise tour port in the country, huge Mardi Gras and Cycle Rally every year 30 miles of beaches attract millions every year.

Property Description

23 units with lots of windows, wood/tile floors in 21 units, laminate/tile in other 2. lots of windows many of which have been replaced with impact window. Building is approx. 90 years old and is very solidly built. Many of units have front and back doors that open to large courtyard or deck. Onsite laundry, shop, garage, 2 storage rooms. 3 of the studios could easily be converted to 1 br (already did 1). Some of street parking plus street is set aside for tenants.  Broker/Owner

Key Property Information

Listing Status: Available
Property Types: Apartment Buildings
Price: $2,850,000
No. of Units: 23
Year Built: 1930
Building Size: 16,398 Sq ft
Lot Size: 18,155.00 Sq ft
No. of Stories: 2
APN: 107931
Opportunity Zone: No
Price per unit: $123,913
Parking Spaces: 7
Address: 2422 Avenue Q, Galveston, TX 77550, USA

Unit mix

Description No. of Units Sq ft. Avg. Monthly Rent

FINANCIAL DETAILS

Income/expense info: Pro Forma
Financial year: 2023
Gross income: 290000
Operating expenses: 55406

Additional contacts

Full name Phone number Email address
Randy Waterman 9494632100 [email protected]

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