11000 Richmond Ave Houston, TX 77042

Property Details for 11000 Richmond Ave

Year built

1981

Construction

STEEL FRAME

Lot size

3.92 lot acres

Property size

118,685 SF

Property type

Office buildings

APN

1127680000001

APU

1127680000001

Description

This exceptional Class A, 118,265 square foot office building in Houston's Westchase District presents a compelling investment opportunity. Built in 1981 and renovated in 2009, the single, six-story building sits on a 3.915-acre lot and boasts a functional floor plate of approximately 21,000 square feet, catering to both large and small tenants. The property features a two-level structured garage and surface parking, providing a generous 3.5 parking spaces per 1,000 rentable square feet. Currently, the occupancy rate is 61.5%, offering significant potential for NOI growth through lease-up of the 44.4% vacancy. The asking price is $6,500,000, translating to $54.96 per square foot. The property benefits from a diverse tenant base with eleven current tenants and a weighted average lease term of 4.10 years at 55.6% occupancy. Its strategic location along Richmond Avenue, between Wilcrest Drive and Walnut Bend Lane, provides convenient access to the Sam Houston and Westpark Tollways, as well as the numerous amenities of the Westchase District, including nearby restaurants, shopping, and hotels. The seller is offering subordinate mezzanine financing at a starting rate of 3.0% to qualified investors. This property offers a significant discount to replacement cost and presents a rare opportunity to acquire a well-maintained asset in a highly desirable location with strong surrounding demographics.