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    Property profile & analytics

    1003 Richmond Ave Houston, TX 77006-5419

    • Drug stores
    • 13,427 SF
    • 1.22 lot acres
    OFF-MARKET
    Value Estimations
    $1,730,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-4075467
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • MinuteClinic at CVS / Medical Clinic
    • Selina Kadiwal / Physician
    • Mrs. Tamika Steele / Physician
    • Inna Mercado / Physician
    • CVS Photo / (Bike/Boat/Book/etc) Store

    Property Details for 1003 Richmond Ave

    Year built
    2004
    Construction
    BRICK
    Lot size
    1.22 lot acres
    Property size
    13,427 SF
    Property type
    Drug stores
    APN
    1258090010001
    APU
    1258090010001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,555,000
      Market price range: $704k - $1.56M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,095,000
      Current use
      COMMERCIAL (GENERAL)
      $1,910,000
      Change: +74% Conversion: Easy
      RESTAURANT
      $1,450,000
      Change: +32% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,255,000
      Change: +14% Conversion: Difficult
      WAREHOUSE, STORAGE
      $1,040,000
      Change: -5% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3915
    Latitude
    29.7339
    CBSA code
    26420
    CBSA name
    HOUSTON-SUGAR LAND-BAYTOWN, TX METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $150,364
    $6,088,675
    $1,456,961
    $7,545,636
    -
    $6,088,675
    $1,456,961
    $7,545,636

    Comparable in this City

    • Value Estimation
      $2,405,000
      20,108 SF

      3317 Montrose Blvd

      DRUG STORE, PHARMACY • 20,108 SF
      3317 Montrose Blvd, Houston, TX 77006-3931
      View Details
    • Value Estimation
      $990,000
      15,628 SF

      2612 Smith St

      DRUG STORE, PHARMACY • 15,628 SF
      2612 Smith St, Houston, TX 77006-3514
      View Details
    • Value Estimation
      $565,000
      4,896 SF

      3017 Milam St

      RETAIL STORES (PERSONAL SERVICES) • 4,896 SF
      3017 Milam St, Houston, TX 77006-3611
      View Details
    • Value Estimation
      $625,000
      13,000 SF

      3509 Montrose Blvd

      RETAIL STORES (PERSONAL SERVICES) • 13,000 SF
      3509 Montrose Blvd, Houston, TX 77006-4322
      View Details
    • Value Estimation
      $1,055,000
      8,255 SF

      817 Westheimer Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,255 SF
      817 Westheimer Rd, Houston, TX 77006
      View Details
    • Value Estimation by Request
      3,000 SF

      607 Richmond Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,000 SF
      607 Richmond Ave, Houston, TX 77006-5509
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Retail Property Near Galleria Mall

      Retail space near Houston's Galleria Mall with high traffic.
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      Commercial Building in Central Houston

      Income-producing commercial building with parking, close to amenities.
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      Mixed-Use Building in Montrose

      Income-producing commercial building with apartments and retail in Houston.
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      31,241 SF

      Richmond Avenue Retail Opportunity

      Retail property with 31,241 square feet of space available.
      5959 Richmond Ave, Houston, TX 77006
      View Details
    • Contact for pricing
      12,890 SF

      Montrose Blvd Land and Building

      1.19 acres with 12,890 SF building in Houston.
      4910 Montrose Blvd, Houston, TX 77006
      View Details
    • $3,099,000
      9,240 SF

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      16-unit boutique building, high ROI
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    Similar Nearby for Lease

    • Contact for pricing
      8,706 SF

      Richmond Avenue Retail Space

      Retail space available for lease on Richmond Avenue.
      5636 Richmond Ave, Houston, TX 77006
      View Details
    • Contact for pricing
      2,127 SF

      Retail Space For Rent

      Retail space available for lease in Houston, Texas.
      2600 Travis St, Houston, TX 77006
      View Details
    • Contact for pricing
      1,848 SF

      Midtown Houston Retail Space

      1848 SF Retail Center, Prime Location
      2450 Louisiana St, Houston, TX 77006
      View Details
    • Contact for pricing
      4,000 SF

      Westheimer Road Retail Space

      Prime Houston Retail, 4,000 SF
      208 Westheimer Rd, Houston, TX 77006
      View Details
    • Contact for pricing
      27,820 SF

      Montrose Retail Space Available

      Retail space in the heart of Montrose with patio opportunities.
      1001 Westheimer Rd, Houston, TX 77006
      View Details
    • Contact for pricing
      4,602 SF

      Retail Space on Westheimer Road

      Retail space available for lease on Westheimer Road.
      5065-5075 Westheimer Rd, Houston, TX 77006
      View Details
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    1003 Richmond Ave
    Houston, TX 77006-5419
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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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