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    Property profile & analytics

    12121 Richmond Ave Houston, TX 77082

    • Medical offices
    • 195,870 SF
    • 1.37 lot acres
    For Lease
    View listing
    $27 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-3504872
    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

    • Carpenter Anne M DDS / Dentist
    • West Medical One / Medical Office
    • Kraus Pain & Spine Institute / Medical Center
    • Dr. James Pediatric Dentistry / Pediatric Dentist
    • Royal Oaks Medical Home and Wellness Clinics: Josier Nisnisan, MD / Internist / Doctor

    Property Details for 12121 Richmond Ave

    Year built
    1984
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.37 lot acres
    Property size
    195,870 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    1221920010002
    APU
    1221920010002

    Description

    This Class A, four-story medical office building, totaling 172,202 square feet, is located at 12121 Richmond Ave, Houston, TX 77082, in Harris County. Built in 1985 and extensively renovated in 2023, the property boasts a modern exterior and elegantly redesigned lobby and common areas. The building offers 27 suites, with a minimum divisible space of 1,097 square feet and a maximum contiguous space of 6,251 square feet. Currently, 60,946 square feet of space is available for lease. Amenities include four elevators, ample parking (5 spaces per 1,000 square feet), a tenant conference center, two covered patient drop-offs, an on-site pharmacy, an outdoor patio, and on-site maintenance and property management. The building's convenient location near Westchase and the HCA Houston Healthcare West hospital campus makes it an ideal location for medical professionals. The property offers move-in-ready clinical suites, providing an excellent opportunity to establish or expand a medical practice within a thriving healthcare community. A delightful deli is also located on-site.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.5931
    Latitude
    29.7299
    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
    $299,390
    $717,228
    $23,186,345
    $23,903,573
    -
    $717,228
    $23,186,345
    $23,903,573

    Comparable in this City

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      2940 Eldridge Pkwy

      MEDICAL BUILDING • 17,643 SF
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    • Value Estimation by Request
      9,286 SF

      12245 Richmond Ave

      MEDICAL BUILDING • 9,286 SF
      12245 Richmond Ave, Houston, TX 77082-2518
      View Details
    • Value Estimation
      $890,000
      16,480 SF

      12606 Westpark Dr

      MEDICAL BUILDING • 16,480 SF
      12606 Westpark Dr, Houston, TX 77082-5526
      View Details
    • Value Estimation
      $1,905,000
      75,600 SF

      12606 Houston Ctr Blvd

      MEDICAL BUILDING • 75,600 SF
      12606 Houston Ctr Blvd, Houston, TX 77082-2784
      View Details
    • Value Estimation
      $695,000
      9,765 SF

      12051 Westpark Dr Ste, Unit 200

      MEDICAL BUILDING • 9,765 SF
      12051 Westpark Dr Ste, Houston, TX 77082-5556
      View Details

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      Royal Oaks Medical/Creative Office Space

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    • $27 SF/Yr
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      Westchase Medical Office Space

      Houston medical office building, 60,946 SF available
      12121 Richmond Ave, Houston, TX 77082
      View Details
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    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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