Auction - REO Sale – Gulfwind Apartments | 66 Units
STARTING BID $500,000 | Gulfwind Apartments | 66 Units | Houston MSA | AUCTION AUGUST 17-19
Marketing description
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Marcus & Millichap, in conjunction with RI Marketplace, is pleased to present Gulfwind Apartments, a compelling value-add multifamily opportunity located at 8020 Stewart Road in Galveston, Texas (the “Property”). The Property includes 66 units across three two-story apartment buildings totaling approximately 59,850 net rentable square feet on a ±1.74-acre site. Built in 1969, the community features (25) 1-bedrooms, (28) 2-bedrooms, and (13) 3-bedroom with an average unit size of approximately 907 square feet, along with on-site parking, pool areas, and multiple street frontages. The buildings benefit from elevated/stilt construction, designed to reduce exposure to storm-surge and flood-related risk.
With a current occupancy of 7.58%, Gulfwind Apartments offers investors a significant opportunity to increase revenue through lease-up, targeted renovations, unit restoration, and operational stabilization. Positioned along Stewart Road approximately one block from Galveston Beach, the Property benefits from proximity to retail, schools, neighborhood services, and the island’s major tourism, healthcare, education, port, and maritime demand drivers. Gulfwind Apartments is well suited for investors seeking a high-upside coastal multifamily turnaround in the Galveston market.
Galveston is a coastal port and resort city off the Texas coast approximately 50 miles south of downtown Houston. Galveston’s economy is based on tourism, health care, shipping, and financial industries. The Property is situated a block from Galveston Beach on Stewart Road, a primary commercial corridor on the island with traffic counts of 5,979 vehicles per day. The Property benefits from being within two miles of numerous national retailers including Walmart, Kroger, Dollar General, Dollar Tree, Randalls, and many more. As of 2025, the Property’s demographics have ±54,210 individuals residing within a 5-mile radius, with an average household income of ±$84,409. The Property is located within a high growth area with population growth of 19.21% from 2020-2025 and an anticipated 6.3% growth expected from 2025-2030 within five miles of the Property.
Investment highlights
- STARTING BID $500,000 | Gulfwind Apartments | 66 Units | Houston MSA | AUCTION AUGUST 17-19
- 66 Units Across Three Two-Story Buildings: A value-add multifamily opportunity in Galveston, Texas, ready for full repositioning.
- Lease-Up Upside at 7.58% Occupancy Today: Current occupancy of 7.58% creates a clear path to increase revenue through stabilization.
- Large Average Unit Size of About 907 SF: Spacious floor plans stand out among comparable value-add multifamily assets in the market.
- Diverse Mix of 66 One-, Two-, Three-Beds: Unit mix includes twenty-five 1-beds, twenty-eight 2-beds, and thirteen 3-bed units total.
- Elevated Coastal Design Cuts Flood Risk: Units sit raised above grade with under-building parking, reducing storm-surge exposure.
- Diverse Demand Drivers Fuel Galveston Economy: Tourism, healthcare, education, port, and maritime industries anchor the local economy.
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