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    1635 Richmond Ave Houston, TX

    Sponsored
    For Sale
    Contact for pricing

    Exceptional 1,664 SF office building on 6,451 SF lot.

    Property size:
    1,664 SF

    Description

    Added:
    Jan 29, 2025
    Days on Market:
    356
    This exceptional Houston office property, located at 1635 Richmond Ave, offers 1,664 square feet of office space situated on a sizable 0.148 acres (6,451 square feet) lot. Its central location provides excellent access to several key Houston neighborhoods including River Oaks, Upper Kirby District, Midtown, Downtown, the Museum District, and the Texas Medical Center, ensuring high visibility and convenient commutes for employees and clients. The property boasts an existing illuminated sign with prime Richmond Avenue frontage, maximizing its marketing potential. Parking is readily available with 7 or more spaces. The HVAC unit has been recently replaced, ensuring efficient and comfortable climate control. A current certificate of occupancy is in place, simplifying the transition for new owners. This property presents a unique opportunity for businesses seeking a well-maintained, conveniently located office space with significant street presence in a thriving Houston market. The substantial lot size offers potential for future expansion or development.

    Property Features for 1635 Richmond Ave

    General Information

    Property type
    Other office properties
    Square Feet
    1,664 SF
    Total Parking Spaces
    8
    Elevators
    N/A
    Lot Size
    6,451 SF

    Building Details

    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    Margaret Ann Cook

    Learn more

    Property Insight Report

    HighLights

    • Prime Richmond Avenue location near major Houston districts.
    • Recently updated HVAC system and ample parking (7+ spaces).
    • Features an existing illuminated sign and certificate of occupancy.
    Property Profile Location Intelligence

    Current Use by Public Records

    ATS Capital Properties Real Estate Agency

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    City
    Houston
    State
    Texas

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    FAQs

    What type of property is this?
    Office property - Exceptional 1,664 SF office building on 6,451 SF lot.
    Where is this office property located?
    The property is located at 1635 Richmond Ave Houston, TX.
    What are key features of this property?
    This property features: Prime Richmond Avenue location near major Houston districts.; Recently updated HVAC system and ample parking (7+ spaces).; Features an existing illuminated sign and certificate of occupancy.
    (713) 275-3797
    Request Owner's contact information
    1635 Richmond Ave Houston, TX
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    Houston, TX
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1635 Richmond Ave Houston, TX
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    We can help!
    Listing Contact
    Margaret Ann Cook
    (713) 275-3797
    Learn more
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