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    1214 Elgin St Houston, TX 77004

    Sponsored
    For Sale
    $2,499,000

    5,695 SF Class A Office Space

    Property size:
    5,695 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional 5,695 square foot Class A office building, located in the heart of Houston's Midtown at the southwest corner of Elgin and Caroline Streets, presents a unique investment opportunity. A major remodel in 2017 boasts top-of-the-line finishes throughout. The space includes large private offices, open bullpens, multiple conference rooms, well-appointed kitchens, and full bathrooms. A private courtyard adds to the appeal. The property features a current Certificate of Occupancy and is fully fenced, offering both security and privacy. Its prime location provides convenient access to the Central Business District (CBD), Highway 59, and Interstate 45. Furthermore, its walkability to numerous restaurants, beer gardens, and neighborhood parks enhances its desirability. The asking price is $2,499,000, translating to $438.81 per square foot. The lot size is 15,625 square feet. This property is ideally suited for a law firm, CPA firm, or medical practice. This is a rare opportunity to acquire a meticulously maintained, high-quality office building in a thriving Houston neighborhood.

    Property Features for 1214 Elgin St

    General Information

    Property type
    Medical offices
    Square Feet
    5,695 SF
    Class
    A

    We can help!

    Listing Contact
    Stephen Pheigaru
    Stephen Pheigaru

    Learn more

    Property Insight Report

    HighLights

    • $2,499,000 asking price for a 5,695 SF Class A office building.
    • Located in Houston, TX's Midtown submarket at 1214 Elgin St, 77004.
    • Major remodel in 2017 with high‑end finishes; features private offices, bullpens, conference rooms, kitchens, and a courtyard.
    • Suitable for medical, legal, or accounting practices; fully fenced, with a Certificate of Occupancy.
    • Excellent location near downtown, major freeways, and amenities.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Kassab Law Firm Law Firm Easley Law Firm, ... Law Firm Ernster Law Firm, ... Attorney

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3748751
    Latitude
    29.739989

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    FAQs

    What type of property is this?
    Medical office - 5,695 SF Class A Office Space
    Where is this medical office located?
    The property is located at 1214 Elgin St Houston, TX.
    What is the asking price?
    The asking price for this property is $2,499,000.
    What are key features of this property?
    This property features: $2,499,000 asking price for a 5,695 SF Class A office building.; Located in Houston, TX's Midtown submarket at 1214 Elgin St, 77004.; Major remodel in 2017 with high-end finishes; features private offices, bullpens, conference rooms, kitchens, and a courtyard.
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    1214 Elgin St Houston, TX 77004
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    Houston, TX 77004
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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
    1214 Elgin St Houston, TX 77004
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    We can help!
    Listing Contact
    Stephen Pheigaru
    Stephen Pheigaru
    Real Estate License ID: TX 610516
    Learn more
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