1623 Avenue N 1/2Galveston, TX 77550

This Galveston, Texas multifamily investment opportunity presents a well-maintained, low-maintenance four-unit apartment building, boasting a prime beachside location. The property comprises a vacant two-bedroom, 1.5-bathroom unit, a one-bedroom, one-bathroom garage apartment, and two studio units. This diverse unit mix maximizes rental income potential, currently at 75% occupancy, generating a $41,538 NOI and a 5.93% cap rate. Built in 1920 and renovated in 2024, the property features a new roof (installed in 2020) and Hardie plank siding. The 2,383 square foot building sits on a 5,160 square foot lot, with each unit priced at $175,000. The asking price for the entire property is $700,000, representing a price per square foot of $293.75 and a land value of $135.66 per square foot. The property is zoned residential and offers a compelling investment opportunity for those seeking strong cash flow in a desirable beach location. The vacant unit is ready for immediate showing by appointment, while showings of occupied units will be scheduled upon acceptance of an offer. This fee simple ownership property presents a rare chance to acquire a well-maintained income-producing asset near the beach in Galveston, Texas. The property's proximity to local attractions and amenities further enhances its investment appeal.