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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    12002 Richmond Ave Houston, TX 77082

    • Strip malls
    • 16,994 SF
    • 1.44 lot acres
    For Lease
    View listing
    Value Estimations
    $585,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3720194
    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

    • Alicia's Mexican Grille / Mexican Restaurant / Bar & Grill
    • Little Thai Cafe / Thai Restaurant
    • Lakeview Dental: Dr. Rashmi Nandish / Dentist
    • Western Union / Money Transfer Service
    • Martinizing Cleaners / Dry Cleaner

    Property Details for 12002 Richmond Ave

    Year built
    2003
    Construction
    STEEL FRAME
    Lot size
    1.44 lot acres
    Property size
    16,994 SF
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    1241600010001
    APU
    1241600010001

    Description

    This exceptional single-story, Class B commercial property, The Plazas at Royal Oaks, offers a unique blend of medical and creative office spaces within a thriving shopping center. Built in 2004, the 15,275 square foot building features nine suites, with 2,600 square feet currently vacant, offering flexible options ranging from 1,200 to 2,100 contiguous square feet. The property boasts 73 parking spaces, providing ample convenience for tenants and their clients. Its location near S Kirkwood Dr. in Harris County ensures excellent accessibility. The building is ideal for businesses seeking a versatile and well-situated space in a high-demand area. The surrounding Royal Oaks neighborhood demonstrates a strong economic profile, with a median home price exceeding that of 96.4% of Texas neighborhoods and 88.6% of US neighborhoods. This reflects a high concentration of residents in executive, management, and professional occupations, boasting an average household income of $79,282. Commuting patterns show a significant reliance on private vehicles (87.4%), supplemented by carpooling (6.7%) and bus usage (5.9%), indicating robust local transportation options. The property's location within a shopping center further enhances its visibility and accessibility, making it an attractive option for a variety of businesses. This is a rare opportunity to secure prime commercial space in a highly desirable and affluent area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $525,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $650,000
      Market price range: $355k - $651k

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $520,000
      Current use
      WAREHOUSE, STORAGE
      $790,000
      Change: +51% Conversion: Difficult
      RETAIL STORES
      $540,000
      Change: +3% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.5899
    Latitude
    29.7315
    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
    $35,428
    $943,080
    $2,242,079
    $3,185,159
    -
    $943,080
    $2,242,079
    $3,185,159

    Comparable in this City

    • Value Estimation
      $680,000
      37,298 SF

      3330 Dairy Ashford Rd

      SHOPPING CENTER, STRIP CENTER • 37,298 SF
      3330 Dairy Ashford Rd, Houston, TX 77082-5553
      View Details
    • Value Estimation
      $490,000
      21,206 SF

      3820 Dairy Ashford Rd

      SHOPPING CENTER, STRIP CENTER • 21,206 SF
      3820 Dairy Ashford Rd, Houston, TX 77082-5600
      View Details
    • Value Estimation
      $445,000
      78,789 SF

      2530 Eldridge Pkwy

      SHOPPING CENTER, STRIP CENTER • 78,789 SF
      2530 Eldridge Pkwy, Houston, TX 77082
      View Details
    • Value Estimation
      $460,000
      10,928 SF

      2825 Kirkwood Rd

      SHOPPING CENTER, STRIP CENTER • 10,928 SF
      2825 Kirkwood Rd, Houston, TX 77082-7677
      View Details
    • Value Estimation
      $575,000
      23,120 SF

      15961 Westheimer Rd

      SHOPPING CENTER, STRIP CENTER • 23,120 SF
      15961 Westheimer Rd, Houston, TX 77082-1234
      View Details
    • Value Estimation
      $565,000
      24,348 SF

      4010 Hwy 6th S

      SHOPPING CENTER, STRIP CENTER • 24,348 SF
      4010 Hwy 6th S, Houston, TX 77082-4424
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      High-traffic retail space, excellent location.
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    • $1,300,000
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      Houston Car Wash Business Opportunity

      Full-service car wash in a high-traffic Houston location.
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      Newly built express car wash on high-traffic Houston corridor.
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      Westheimer Road Retail Opportunity

      Retail property for sale on Westheimer Road in Houston.
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      Turnkey Auto Shop, High Traffic Area
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      9,600 SF retail property available in Houston, Texas.
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    Similar Nearby for Lease

    • Contact for pricing
      15,275 SF

      Royal Oaks Medical/Creative Office Space

      15,275 SF, 2 spaces available, prime location.
      12002 Richmond Ave, Houston, TX 77082
      View Details
    • $16 SF/Yr
      22,320 SF

      Westpark Crossing Retail Center

      Houston Retail Space Available
      3711-3715 State Highway 6, Houston, TX 77082
      View Details
    • Contact for pricing
      24,000 SF

      Retail Space Near West Oaks

      Retail space with high visibility and ample parking available for lease.
      16205 Westheimer Rd, Houston, TX 77082
      View Details
    • Contact for pricing
      6,572 SF

      Westheimer Oaks Plaza Retail Space

      Prime West Houston Retail/Office Opportunity
      15300 Westheimer Rd, Houston, TX 77082
      View Details
    • $12 SF/Yr
      683,000 SF

      Market Square: Energy Corridor Retail

      High-traffic power center; spaces available.
      2660 Eldridge Pkwy, Houston, TX 77082
      View Details
    • Contact for pricing
      13,484 SF

      Shops at West Oaks Medical Office

      Houston medical office space for lease.
      2673 Texas 6, Houston, TX 77082
      View Details
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    12002 Richmond Ave
    Houston, TX 77082
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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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