Richmond Avenue Multifamily Investment
For Sale
Contact for pricing
1931 Richmond Ave, Houston, TX 77098
Two adjacent income-producing properties in Houston's Inner Loop.
Property Size6,072 SF
Price / SF$205.86
Days on Market150
Property Features for 1931 Richmond Ave
General Information
Standard status
Active
Size
6,072 SF
Property subtype
Multifamily
Building Details
Year Built
1940
Buildings
2
Stories
2
Units
5
Listing Agency:
NAN AND COMPANY PROPERTIES
Listed By:
Michelle Gomez · License #9003484
Source:
Crexi
Added: Mar 16
Changed: Aug 8
Last Checked: Aug 8 at 6:35AM
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 NAN AND COMPANY PROPERTIES
Investment Insights
Based on property information with market context.
Located along Richmond Avenue corridor, the properties at 1931 Richmond Avenue and 1935 Richmond Avenue are offered together as a single investment package. Both properties are 100% occupied and currently operating as rental properties. The properties are offered as-is, allowing flexibility for continued rental operations, repositioning, or long-term redevelopment. 1931 Richmond Avenue is a mixed-use building featuring a medical office suite on the ground floor and residential units on the upper level. The medical office space is approximately 1,600 square feet and includes multiple treatment rooms, reception and waiting area, a large multi-purpose room, and a half bathroom with potential to convert to a full bathroom. The upper level contains two one-bedroom, one-bathroom residential units, along with an additional larger residential unit. Residential units include solid surface countertops, window coverings, carpet and laminate flooring, and appliances including refrigerator, range/oven, microwave, and dishwasher. The property features central electric heating and cooling, insulated Low-E windows, ceiling fans, central laundry, and fire/smoke alarm systems. Exterior construction consists of cement board and wood with a composition roof. 1935 Richmond Avenue is a fully occupied duplex consisting of two two-story residential units, each featuring two bedrooms and one bathroom. Interior finishes include solid surface countertops, tile and wood flooring, window coverings, refrigerator, and range/oven. Utilities include cable, electric, gas, and water. Cooling is provided by window units with space heaters for heating. The structure features brick and wood construction with a composition roof. Both properties are tenant occupied with month-to-month tenancy. The properties are strategically located with quick access to The Galleria, Downtown Houston, the Texas Medical Center, and Rice Village. Richmond Avenue continues to benefit from strong traffic counts, proximity to major employment centers, and ongoing inner-loop growth. The combined property size is 6,072 square feet.
Key Highlights
- Prime Inner Loop location on Richmond Avenue with high accessibility.
- Immediate income potential with 100% occupancy.
- Mixed‑use investment opportunity with multifamily and office space.
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
$82,628
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
6.61%
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%
$1,652,560
$1.7M
Cap Rate 7%
$1,180,400
$1.2M
Cap Rate 9%
$918,089
$918.1K
Market Conditions
NOI Build-Up for 6,072 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
$153.0K $25.20/SF
− Vacancy
−$15.3K −$2.52/SF
EGI
$137.7K $22.68/SF
− OpEx
−$55.1K −$9.07/SF
NOI
$82.6K $13.61/SF
Area
Houston, TX
Vacancy
10.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$1,652,560
Cap Rate 7%
$1,180,400
Cap Rate 9%
$918,089
Alternative Uses
Best Use
Healthcare Medical
$1.18M
$1.03M – $1.38M
NOI $82,628 @ 7.0% cap · market cap 6.61%
Second Best
Mixed Use
$1.15M
$1.00M – $1.34M
NOI $80,150 @ 7.0% cap · market cap 6.41%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,296 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,497
Businesses Nearby
Explore this area
Business Placement
Demographics for 77098, TX
15,717
Population
10,181
Households
1.5
Avg Household Size
36
Median Age
81%
College-Educated
99%
High-School Grad
1.8 sq mi
ZIP Area
8,732
Density / Sq Mi
$115,867
Median Household Income
$83,401
Median Earnings
$1,854
Median Rent
$777,700
Median Home Value
Market
Vacancy Rate% for Office in Houston, TX
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two adjacent income-producing properties in Houston's Inner Loop.
Where is this mixed-use property located?
The property is located at 1931 Richmond Ave Houston, TX.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime Inner Loop location on Richmond Avenue with high accessibility.; Immediate income potential with 100% occupancy.; Mixed‑use investment opportunity with multifamily and office space.
