Creative Space with Working
For Sale
Contact for pricing
1905 Dowling Drive, Richmond, TX 77469
Renovated commercial space with adaptable rooms, outdoor setup area, client parking, and ADA-compliant access.
Property Size3,995 SF
Price / SF$275.34
Days on Market25
Property Features for 1905 Dowling Drive
General Information
Standard status
Active
Size
3,995 SF
Class
C
Total Parking Spaces
10
Property subtype
Office
Zoning
Commercial
Amenities
full working kitchen
outdoor area
Building Details
Year Built
2009
Stories
2
Units
1
Listing Agency:
Keller Williams Memorial
(713) 461-9393
Listed By:
John "Wayne" Nguyen · License #641383
Source:
Crexi
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 29 at 9:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Memorial
Investment Insights
Based on property information with market context.
This 3,995-square-foot creative space was built in 2009 and recently renovated for flexible commercial use. Multiple interior rooms support photography studio configurations and themed staging, while the outdoor area accommodates seasonal setups and event-related activities. A full working kitchen adds utility for food preparation, catering, or hosted functions.
The property is zoned Commercial and includes ample parking for clients and guests. ADA-compliant features and the completed renovation support immediate occupancy for a photography operation, creative business, or other concept aligned with the existing layout.
The property is zoned Commercial and includes ample parking for clients and guests. ADA-compliant features and the completed renovation support immediate occupancy for a photography operation, creative business, or other concept aligned with the existing layout.
Key Highlights
- 3,995‑square‑foot creative space built in 2009
- Multiple interior rooms for photography and themed staging
- Outdoor area for seasonal setups and events
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$55,600
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.05%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,112,000
$1.1M
Cap Rate 7%
$794,286
$794.3K
Cap Rate 9%
$617,778
$617.8K
Market Conditions
NOI Build-Up for 3,995 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$102.1K $25.56/SF
− Vacancy
−$28.0K −$7.00/SF
EGI
$74.1K $18.56/SF
− OpEx
−$18.5K −$4.64/SF
NOI
$55.6K $13.92/SF
Area
Fort Bend County, TX
Vacancy
27.40%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,112,000
Cap Rate 7%
$794,286
Cap Rate 9%
$617,778
Alternative Uses
Best Use
Office B
$794.3K
$695.0K – $926.7K
NOI $55,600 @ 7.0% cap · market cap 5.05%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$49.77M
$43.55M – $58.06M
NOI $3,483,756 @ 7.0% cap · market cap 316.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
536
Businesses Nearby
Explore this area
Business Placement
Demographics for 77469, TX
57,925
Population
22,854
Households
2.5
Avg Household Size
36
Median Age
40%
College-Educated
91%
High-School Grad
106.8 sq mi
ZIP Area
542
Density / Sq Mi
$101,546
Median Household Income
$49,299
Median Earnings
$1,675
Median Rent
$315,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Creative space - Renovated commercial space with adaptable rooms, outdoor setup area, client parking, and ADA-compliant access.
Where is this creative space located?
The property is located at 1905 Dowling Drive Richmond, TX.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 3,995‑square‑foot creative space built in 2009; Multiple interior rooms for photography and themed staging; Outdoor area for seasonal setups and events
