Richmond Avenue Multifamily Investment
1931 Richmond Ave, Houston, TX 77098
Two adjacent income-producing properties in Houston's Inner Loop.
Type:Multifamily
Property size:
6,072 SFPrice / SF:
$245/SF- Added:
- Mar 16, 2026
- Days on Market:
- 105
- Last Refresh:
- Mar 19 at 11:48 pm
Property Features for 1931 Richmond Ave
General Information
- Standard status
- Active
- Size
- 6,072 SF
- Property subtype
- Multifamily
Listing office NAN AND COMPANY PROPERTIES
Listing date Mar 16, 2026
Source Crexi
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
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.
- Flexibility for continued rental operations or redevelopment.
- Diverse unit mix including medical office, one‑bedroom units, and two‑bedroom duplexes.
- Strategic location with quick access to The Galleria, Downtown Houston, Texas Medical Center, and Rice Village.
Overview
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.
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $153.0k | $25.20 |
| − Vacancy | −$15.3k | −$2.52 |
| EGI | $137.7k | $22.68 |
| − OpEx | −$55.1k | −$9.07 |
| NOI | $82.6k | $13.61 |
6,072 SF · lease $25.20/SF/yr · vacancy 10.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$1.18M
$1.03M – $1.38M
NOI $82,628 @ 7.0% cap · market cap 5.55%
Second Best
Mixed Use
$1.15M
$1.00M – $1.34M
NOI $80,150 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$1.56M
$1.37M – $1.82M
NOI $109,296 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Rankin Chiropractic and Wellness ...
Alternative Medicine Practice
Jeremie R. Pederson, ...
Alternative Medicine Practice
Location Insight
- Map
- Local Demand
- City
- Houston
- County
- Fort Bend
- State
- Texas
- Longitude
- -95.4084854
- Latitude
- 29.7339325
Nearby Similar for Sale
FAQs
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 $1,490,000.
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.
