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    122 Richey St, Unit 72 Pasadena, TX 77506-1030
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    Property profile & analytics

    122 Richey St, Unit 72, Pasadena, TX 77506-1030

    View on Map
    • Hotels
    • 48,776 SF
    • 2.04 lot acres
    Off-Market
    Property ID
    US82-9238121
    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.
    Value Estimations
    $1,005,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Best Western Plus Pasadena Inn & Suites / Hotel & Motel
    • Tesla Destination Charger / Electric Vehicle Charging Station
    • Gray-Chem, Inc. / Big Box & Wholesale Store / Building Supply

    Property Details for 122 Richey St

    Year built
    2016
    Construction
    BRICK
    Lot size
    2.04 lot acres
    Property type
    Hotels
    Property subtype
    Motels
    APN
    281800060001
    APU
    281800060001

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 19, 2017 — Pasadena Laxmi LLC — Trustees Deed · related $240k · Icon Bk/tx NA
    Mar 24, 2016 — Matthys,mit Trust Matthys,harold C Quit Claim Deed · related —
    Oct 1, 2015 — Pasadena Laxmi LLC — Trustees Deed · related $4.5M · Icon Bk/tx NA
    Sep 16, 2015 — Harold C Matthys Matthys Cleo P Quit Claim Deed · related —
    Jan 22, 2015 — Pasadena Laxmi LLC Patel Sanjay Grant Deed · related —
    — — Master Stores INC — Deed Of Trust · related $719k · Allegiance Bk
    — — Kiwi Hospitality-houston LLC — Deed Of Trust · related $1.5M · Golden Bk
    — — Pasadena Laxmi LLC — Deed Of Trust · related $4.5M · Sabine St Bk&tr
    — — Master Stores INC — Loan Modification · related $545k · Allegiance Bk
    — — Pasadena Laxmi LLC — Loan Modification · related $4.4M · Sabine St Bk&tr

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,075,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $938,000
      Market price range: $797k - $1.58M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $1,165,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Pasadena
    County
    Harris
    State
    Texas
    Longitude
    -95.2215
    Latitude
    29.7114
    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
    $38,369
    $1,068,960
    $2,497,991
    $3,566,951
    -
    $1,068,960
    $2,497,991
    $3,566,951

    Comparable in this City

    • Value Estimation
      $1,135,000
      58,583 SF

      114 Richey St, Unit 140

      HOTEL/MOTEL
      114 Richey St, Pasadena, TX 77506-1030
      View Details
    • Value Estimation by Request
      15,659 SF

      817 Pasadena Fwy, Unit 28

      HOTEL/MOTEL
      817 Pasadena Fwy, Pasadena, TX 77506-1229
      View Details
    • Value Estimation
      $975,000
      36,868 SF

      2205 Pasadena Fwy, Unit 63

      HOTEL/MOTEL
      2205 Pasadena Fwy, Pasadena, TX 77506-1601
      View Details
    • Value Estimation by Request
      8,856 SF

      1012 Red Blf Rd, Unit 34

      HOTEL/MOTEL
      1012 Red Blf Rd, Pasadena, TX 77506-1518
      View Details
    • Value Estimation by Request
      19,360 SF

      823 Pasadena Fwy, Unit 40

      HOTEL/MOTEL
      823 Pasadena Fwy, Pasadena, TX 77506-1229
      View Details
    • Value Estimation by Request
      17,520 SF

      915 Pasadena Fwy, Unit 60

      HOTEL/MOTEL
      915 Pasadena Fwy, Pasadena, TX 77506-1053
      View Details

    Similar Nearby for Sale

    • $5,900,000
      60,595 SF

      Burke Self Storage: Pasadena, TX

      601-unit self-storage facility; value-add opportunity.
      1009 Burke Rd, Pasadena, TX 77506
      View Details
    • $845,000
      8,041 SF

      Pasadena Blvd Commercial Property

      High-Cap Rate, Multi-Tenant Office
      1022 Pasadena Blvd, Pasadena, TX 77506
      View Details
    • Contact for pricing

      Development Ready Land For Sale

      Cleared land with utilities, ready for development.
      W Harris Ave, Pasadena, TX 77506
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Center with Strong Visibility

      Neighborhood retail center with two suites available for lease.
      901 Shaver St, Pasadena, TX 77506
      View Details
    • $0.85 SF/Yr

      Pasadena Industrial Building with Expansion

      13,093 SF industrial building with excess land.
      909 Shaver St, Pasadena, TX 77506
      View Details
    • Contact for pricing
      52,900 SF

      Pasadena Cold Storage Distribution Space

      Available cold/frozen storage and office space in Pasadena, Texas.
      1050 Red Bluff Rd, Pasadena, TX 77506
      View Details
    • Contact for pricing
      1,300 SF

      Updated Retail Space Available

      Recently updated retail space in a busy location.
      1120 S Richey St, Pasadena, TX 77506
      View Details
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    Pasadena, TX 77506-1030
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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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