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    Vacant Office Building in Houston Title is generated by Realmo AI

    5 Riverway Dr, Houston, TX 77056

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    Vacant office building ready for occupancy or redevelopment.

    Type:Office
    Property size:
    38,743 SF
    Added:
    Apr 3, 2026
    Days on Market:
    65
    Last Refresh:
    Apr 3 at 5:32 am

    Property Features for 5 Riverway Dr

    General Information

    Standard status
    Active
    Size
    38,743 SF
    Property subtype
    Office

    Building Details

    Year Built
    1983

    We can help!

    Listing Contact
    Keith E. Lloyd

    Listing agent Keith E. Lloyd License #License(s): TX: 307120

    Listing office

    Listing date Apr 3, 2026

    Source Marcusmillichap

    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 Keith E. Lloyd

    HighLights

    • Vacant and ready for immediate occupancy, ideal for an owner‑occupier seeking an alternative to renting.
    • Located in a park‑like setting within the prestigious Five Riverway mixed‑use development.
    • Prime location at the entrance to Tanglewood, an affluent neighborhood.
    • Excellent accessibility, situated half a mile from the 610 West Loop and five minutes from the Galleria Shopping Mall.
    • Potential for future redevelopment into a residential condominium or apartment tower.
    • Part of a larger development including Class A office buildings, a high‑rise multifamily building, and the Omni Houston Hotel.

    Overview

    Five Riverway is located within a park-like, mixed-use development encompassing approximately 1.7 million square feet across five buildings. This development includes Class A office buildings, a 22-story Class A multifamily high-rise, and the 378-room Omni Houston Hotel. Situated on a 28-acre site, the property is located a short distance from the 610 West Loop and the Galleria Shopping Mall. The property is located near the Tanglewood neighborhood, known for its high-value homes. The median appraised value of a home in Tanglewood was $2.046 million in 2023, according to the Houston Association of Realtors (HAR). The 38,743-square-foot office building was formerly occupied by a title company, a property valuation advisor, and a regional bank. The building is currently vacant and suitable for an owner-occupier. The suites require cosmetic improvements such as new paint and carpet, but are otherwise ready for immediate occupancy. The property may also be suitable for residential condominium or apartment tower redevelopment, offering the potential to develop high-end housing.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Fort Bend
    State
    Texas
    Longitude
    -95.463854
    Latitude
    29.76107

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    FAQs

    What type of property is this?
    Office building - Vacant office building ready for occupancy or redevelopment.
    Where is this office building located?
    The property is located at 5 Riverway Dr Houston, TX.
    What are key features of this property?
    This property features: Vacant and ready for immediate occupancy, ideal for an owner‑occupier seeking an alternative to renting.; Located in a park‑like setting within the prestigious Five Riverway mixed‑use development.; Prime location at the entrance to Tanglewood, an affluent neighborhood.
    (713) 452-4243
    We can help!
    Listing Contact
    Keith E. Lloyd
    Real Estate License ID: License(s): TX: 307120
    Learn More
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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
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