Overview
Richmond Avenue Multifamily Investment Opportunity
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.
