$1 Auction – 350 AC Residential Assemblage on Galveston Island

Investment Highlights

• RARE OPPORTUNITY TO ACQUIRE HIGHLY DESIREABLE LOCATION ON BEACH | ±350 acres at the far west end of Galveston Island surrounded by beautiful beaches and amazing 360-degree water views
• BEACHFRONT DEVELOPMENT AMENITY | ±6,000’ of frontage along Gulf of Mexico and ±4,000’ along Galveston Bay
• RESIDENTIAL ZONING | Flexible R-1 PUD, R-1, and R-2 zoning districts are intended to provide single family detached, duplexes, and townhomes up to a maximum of eight units
• DEVELOPMENT and LONG-TERM VALUE-ADD POTENTIAL | The property is comprised of 15 lots – an investor can benefit from holding long-term or selling individually upon completion.
• SURGING HOME AND VACATION RENTAL DEMAND | Median Galveston home listing price $459K
• STRONG DEMOGRAPHICS | 12.98% population growth anticipated 2022-27 and annual household income of ±$100,409 (5-mile radius)

 

Offering Summary

Marcus & Millichap and RI Marketplace are proud to present a ±350-acre residential land portfolio adjacent to San Luis Beach at the far west end of Galveston Island (“Portfolio”) in Galveston, Texas. This incredibly rare opportunity is being offering in an Absolute $1 Auction – First Bid Meets Reserve.  
 
The Portfolio consists of 15 parcels totaling approximately 350-acres on both sides of Bluewater Highway aka San Luis Pass Road. The Portfolio boasts a prime position with over 6,000 feet of frontage along the Gulf of Mexico and another 4,000 feet of frontage along Galveston Bay. The Portfolio is in close proximity to several vacation rentals, resorts and other Galveston attractions. Current zoning for tracts 1 and 2 is R-1 which is intended to provide for single-family detached dwellings with complementary civic, recreational uses and institutional uses. The remainder of the tracts are zoned R-2 which provides SFR, duplexes, and townhomes up to a maximum of eight units. The seller completed preliminary development work on Tract 1 – see document vault for details. Buyers should confirm development and buildability with the appropriate county and city departments. This is a rare value-add opportunity for an investor to acquire beachfront land as the demand market for residential investment properties surges nationwide.
 
Galveston is a coastal resort city and port off the Southwest Texas coast approximately 70 miles south of Houston. Much of the Galveston’s economy is based on tourism, health care, shipping, and financial industries. As of 2022, the Property’s demographics have ±940 individuals residing within a 5-mile radius, with an average household income of ±$100,409. The Property is located within a high growth area with population growth of 99.15% from 2010-2022 and an anticipated 12.98% growth expected from 2022-2027 within five miles of the Property.