Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2002 Richmond Ave, Unit 24 Houston, TX 77098-3470

    • Garden apartment buildings
    • 7,200 SF
    • 0.42 lot acres
    OFF-MARKET
    Value Estimations
    $665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3914986
    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

    • Garden apartment buildings

    Property Details for 2002 Richmond Ave

    Year built
    1965
    Construction
    FRAME
    Lot size
    0.42 lot acres
    Property size
    7,200 SF
    Property type
    Garden apartment buildings
    APN
    561250000015
    APU
    561250000015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $615,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $718,000
      Market price range: $279k - $738k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $525,000
      Current use
      COMMERCIAL (GENERAL)
      $920,000
      Change: +75% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $670,000
      Change: +28% Conversion: Difficult
      RESTAURANT
      $655,000
      Change: +25% Conversion: Difficult
      RETAIL STORES
      $585,000
      Change: +11% Conversion: Difficult
      WAREHOUSE, STORAGE
      $560,000
      Change: +7% Conversion: Difficult
      MEDICAL BUILDING
      $460,000
      Change: -13% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.4084
    Latitude
    29.7345
    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
    $44,467
    $2,124,625
    $129,109
    $2,253,734
    -
    $2,124,625
    $129,109
    $2,253,734

    Comparable in this City

    • Value Estimation
      $4,915,000
      228,240 SF

      2400 Westheimer Rd, Unit 220

      GARDEN APT, COURT APT (5+ UNITS) • 228,240 SF
      2400 Westheimer Rd, Houston, TX 77098-1372
      View Details
    • Value Estimation
      $585,000
      12,514 SF

      1915 Branard St, Unit 22

      GARDEN APT, COURT APT (5+ UNITS) • 12,514 SF
      1915 Branard St, Houston, TX 77098-2553
      View Details
    • Value Estimation
      $1,335,000
      39,308 SF

      2701 Nn Blvd, Unit 56

      GARDEN APT, COURT APT (5+ UNITS) • 39,308 SF
      2701 Nn Blvd, Houston, TX 77098-5026
      View Details
    • Value Estimation
      $580,000
      6,464 SF

      2011 Marshall St, Unit 22

      GARDEN APT, COURT APT (5+ UNITS) • 6,464 SF
      2011 Marshall St, Houston, TX 77098-2736
      View Details
    • Value Estimation
      $845,000
      11,436 SF

      1919 Portsmouth St, Unit 30

      GARDEN APT, COURT APT (5+ UNITS) • 11,436 SF
      1919 Portsmouth St, Houston, TX 77098-4236
      View Details
    • Value Estimation
      $905,000
      16,244 SF

      2211 Alabama St, Unit 39

      GARDEN APT, COURT APT (5+ UNITS) • 16,244 SF
      2211 Alabama St, Houston, TX 77098-2431
      View Details

    Similar Nearby for Sale

    • $345,000
      1,048 SF

      Highrise Condo with Included Bills

      One-bedroom condo with utilities included and city views.
      2929 Buffalo Speedway, Houston, TX 77098
      View Details
    • $2,640,000

      15-Unit Apartment Complex For Sale

      Well-maintained apartment complex with income potential in improving neighborhood.
      1849 W Main St, Houston, TX 77098
      View Details
    • $185,000

      Updated Condo in Upper Kirby

      Updated two-bedroom condo in a prime inner loop location.
      3271 Sul Ross St, Houston, TX 77098
      View Details
    • Contact for pricing
      3,420 SF

      Houston 6-Unit Apartment Building

      Prime Houston multifamily investment opportunity. Needs renovation.
      2504 Algerian Way, Houston, TX 77098
      View Details
    • $750,000

      Montrose Duplex with Timeless Appeal

      Charming 1925 duplex in Montrose, ideal for investors.
      1701 Hawthorne St, Houston, TX 77098
      View Details
    • $715,000
      3,528 SF

      Montrose Duplex: Investor Opportunity

      Fully occupied Montrose duplex with commercial use potential.
      1737 Branard St, Houston, TX 77098
      View Details

    Similar Nearby for Lease

    • $3,400 /Mo

      Renovated Townhome Near Rice University

      Renovated townhome with two primary suites near Rice University.
      1733 Vassar St, Houston, TX 77098
      View Details
    • $6 SF/Yr
      25,057 SF

      Prime Houston Office Space

      Upper Kirby District, flexible suites
      2925 Richmond Ave, Houston, TX 77098
      View Details
    • $19 SF/Yr
      4,170 SF

      Office Space Available For Rent

      4,170 square feet of office space for lease.
      3120 Southwest Fwy, Houston, TX 77098
      View Details
    • $42 SF/Yr
      6,116 SF

      Prime Upper Kirby Office Space

      Versatile Office Building, High Visibility, Ample Parking
      3801 Farnham St, Houston, TX 77098
      View Details
    • $600 /Mo
      1,727 SF

      Montrose Executive Office Space

      Prime Montrose location, 1727 sq ft, renovated 2024
      2058 Branard St, Houston, TX 77098
      View Details
    • Contact for pricing
      1,190 SF

      Houston Office Space for Lease

      Newly renovated office in Upper Kirby
      2310 Richton St, Houston, TX 77098
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2002 Richmond Ave, Unit 24
    Houston, TX 77098-3470
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.