Newly Built Multi-Tenant Strip
For Sale
Contact for pricing
8818 Harlem Rd, Richmond, TX 77407
Fully occupied retail center with service-oriented tenants operating under triple-net leases.
Property Size10,500 SF
Lot Size0.80 Acres
Price / SF$395.48
Days on Market292
Property Features for 8818 Harlem Rd
General Information
Standard status
Active
Size
10,500 SF
Lot size
0.80 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$290,870
Site & Location
Traffic Count
8,927 vehicles/day
Highway Access
Yes
Additional Details
Cap Rate
7%
Building Details
Year Built
2024
Buildings
1
Units
10
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Dallas
(972) 755-5225
Listed By:
Philip Levy · License #TX 522087
Source:
Crexi
Added: Nov 12, 2025
Changed: Aug 30
Last Checked: Mar 28 at 9:27PM
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 Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
Completed in 2024, this 10,500-square-foot strip mall contains multiple retail suites occupied by service-oriented businesses. The tenant roster includes Pet Check Animal Clinic, Nassar Construction & Development, Prime Med Family Clinic, The Bratz Med Spa, Bogolo Hair & Beauty Supply, Harlem Reflexology & Massage, Best Cricket Store, Phavur Marketing, and Wah Coffee. All tenants operate under triple-net leases, and the center is reported as 100 percent occupied.
The property sits on a 0.8-acre lot at 8818 Harlem Rd in Richmond, Texas, just south of Beechnut Road on Harlem Road. Harlem Road carries an average of 8,927 vehicles per day. Grand Parkway and Westpark Tollway provide access to the greater Houston area, while on-site parking serves customers and tenants.
The property sits on a 0.8-acre lot at 8818 Harlem Rd in Richmond, Texas, just south of Beechnut Road on Harlem Road. Harlem Road carries an average of 8,927 vehicles per day. Grand Parkway and Westpark Tollway provide access to the greater Houston area, while on-site parking serves customers and tenants.
Key Highlights
- 10,500 square feet of multi‑tenant retail space
- 100 percent occupied with triple‑net leases
- Built in 2024 on a 0.8‑acre lot
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
$142,225
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
3.43%
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%
$2,844,500
$2.8M
Cap Rate 7%
$2,031,786
$2.0M
Cap Rate 9%
$1,580,278
$1.6M
Market Conditions
NOI Build-Up for 10,500 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
$215.5K $20.52/SF
− Vacancy
−$12.3K −$1.17/SF
EGI
$203.2K $19.35/SF
− OpEx
−$61.0K −$5.81/SF
NOI
$142.2K $13.55/SF
Area
Fort Bend County, TX
Vacancy
5.70%
Lease Rate
$20.52 /SF/Yr
Expense Ratio
30.00%
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%
$2,844,500
Cap Rate 7%
$2,031,786
Cap Rate 9%
$1,580,278
Alternative Uses
Best Use
Retail
$2.03M
$1.78M – $2.37M
NOI $142,225 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$130.80M
$114.45M – $152.61M
NOI $9,156,304 @ 7.0% cap · market cap 220.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8,927 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
178
Businesses Nearby
1k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
CubeSmart Self Storage
Shops & Services
1,386 visits/mo
0.1 miles
Demographics for 77407, TX
74,657
Population
25,284
Households
3
Avg Household Size
34
Median Age
53%
College-Educated
91%
High-School Grad
20.0 sq mi
ZIP Area
3,733
Density / Sq Mi
$101,595
Median Household Income
$51,273
Median Earnings
$1,993
Median Rent
$353,800
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied retail center with service-oriented tenants operating under triple-net leases.
Where is this strip mall located?
The property is located at 8818 Harlem Rd Richmond, TX.
What is the asking price?
The asking price for this property is $4,152,500.
What are key features of this property?
This property features: 10,500 square feet of multi‑tenant retail space; 100 percent occupied with triple‑net leases; Built in 2024 on a 0.8‑acre lot
