Units: 20 Total (4 Efficiency, 16 1-Bedroom)

Listing Price: $875k + $200k for commercial space + contents

Current Gross income: $134,720 (2015)

Current Net Income: $74,895 (2015)

Historic Illies building in Downtown Galveston. 20 apartments occupy the top 4 floors. 4 efficiency units and 16 one bedroom units of various sizes. 3 units have been renovated. First floor currently has retail. The sale price is for the building only. The liquor and convenience store must be purchased together as well in a different agreement for $200,000 along with the building. There is an elevator in the building that services the apartment floors. Laundry stations on every other floor for tenants to use.

Average rent per unit is around $500 dollars but after repair rent could be $650-$700. Also owner is currently part owner of businesses on first level so rent was almost half of current market value. Each unit is metered separately for electric but water is still on one meter. Great potential for instant equity from repairs as well as possible exit strategy!

Disclaimer: I am not the listing agent, but wish to work as the buyer's agent. I am a license Realtor in the state of Texas and work for The House Company brokerage. 

If you have any questions or wish to receive further information, please contact me.

Timothy Church

Realtor

The House Company

(903) 445-7493

[email protected]