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    1835 Richmond Ave Houston, TX 77098

    Sponsored
    For Lease
    $24 SF/Yr

    Prime Houston location, 2800 sq ft office

    Lot size:
    2,800 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 2,800 square foot commercial property at 1835 Richmond Ave in Houston, Texas, presents a unique opportunity for businesses seeking a vibrant and accessible location. Situated in the heart of Montrose, this Class B building offers high visibility and easy access to major roadways, ensuring excellent connectivity throughout the city. Built in 1986, this two-story building features a single-tenant occupancy, providing flexibility and privacy. The property includes 10 total parking spaces within a gated area, offering convenience for staff and clients. The interior boasts large windows, creating a bright and welcoming atmosphere. The flexible layout is ideal for various uses, including traditional, creative, or executive office spaces, or even retail. The 0.12-acre lot provides ample space, and the building is equipped with no elevators. This property benefits from the high foot traffic and unique character of the Montrose neighborhood, known for its diverse shops, restaurants, and cultural attractions. This is an exceptional opportunity to establish your business in one of Houston's most desirable and dynamic areas.

    Property Features for 1835 Richmond Ave

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    2,800 SF
    Class
    B

    Building Details

    Year Built
    1986
    Stories
    2

    Unit(s) available at that property

    Space
    Size
    2,800 SF
    Rate per SF
    $28

    We can help!

    Listing Contact
    Adam Cabigon
    Adam Cabigon

    Learn more

    Property Insight Report

    HighLights

    • Gated entry with interior and exterior security systems.
    • Building features a built‑in walk‑in safe.
    • Two floors of move‑in ready office space.
    • High visibility on Richmond Avenue.
    • Minutes from Downtown, the Central Business District, and the Texas Medical Center.
    • Centrally located in Montrose.
    Property Profile Location Intelligence

    Current Use by Public Records

    Lotus Building Solutions Contractor

    Suggested Use

    Restaurant Law Firm Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.4059031
    Latitude
    29.7339571

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    FAQs

    What type of property is this?
    Office space - Prime Houston location, 2800 sq ft office
    Where is this office space located?
    The property is located at 1835 Richmond Ave Houston, TX.
    What is the lease rate?
    The lease rate is $28 SF/Yr.
    What are key features of this property?
    This property features: Gated entry with interior and exterior security systems.; Building features a built-in walk-in safe.; Two floors of move-in ready office space.
    Request Owner's contact information
    1835 Richmond Ave Houston, TX 77098
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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
    1835 Richmond Ave Houston, TX 77098
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    We can help!
    Listing Contact
    Adam Cabigon
    Adam Cabigon
    Real Estate License ID: 0673183
    Learn more
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