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    2925 Richmond Ave Houston, TX 77098-3130

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    Property profile & analytics

    2925 Richmond Ave Houston, TX 77098-3130

    View on Map
    • Office buildings
    • 619,415 SF
    Off-Market
    Property ID
    US82-9267623
    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
    $24,780,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • TargetRecruit / (Bike/Boat/Book/etc) Store / Corporate Office
    • Cortland / Business Management Consultant / Service Establishment
    • Kiran's / Restaurant
    • Nationwide Insurance: Nowlin Insurance Group LLC / Insurance Agency
    • AutoVocity Transport / Auto Repair Shop

    Property Details for 2925 Richmond Ave

    Year built
    2014
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Property size
    619,415 SF
    Property type
    Office buildings
    APN
    1352150010002
    APU
    1352150010002

    Description

    This Class A office building, Spaces Kirby Grove, located at 2925 Richmond Ave, Houston, TX 77098, offers 25,057 square feet of versatile workspace in Harris County. Currently, 5,650 square feet are available, divisible into units as small as 50 square feet, with a maximum contiguous space of 1,300 square feet. The building features 350 total suites, catering to various business needs, from traditional office setups to coworking and creative office spaces. Renovated in 2019, the property includes elevators and provides convenient access to Highway 59. Its location in the Upper Kirby District offers a vibrant atmosphere, with proximity to Levy Park and numerous shops and restaurants. This is an ideal location for businesses seeking a flexible and inspiring work environment in a thriving community. The building offers a variety of office subtypes including traditional, executive, coworking, and creative office spaces, making it suitable for a wide range of businesses and professional needs. The building's modern amenities and convenient location make it a highly desirable property for businesses of all sizes.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $24,778,000
      Market price range: $14.8M - $50.4M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $32,555,000
      Current use
      MEDICAL BUILDING
      $39,530,000
      Change: +21% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.4227
    Latitude
    29.7336
    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
    $2,096,283
    $0.00
    $96,076,674
    $96,076,674
    -
    $0.00
    $96,076,674
    $96,076,674

    Comparable in this City

    • Value Estimation
      $720,000
      9,653 SF

      3033 Alabama St

      OFFICE BUILDING • 9,653 SF
      3033 Alabama St, Houston, TX 77098-2001
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    • Value Estimation
      $785,000
      25,136 SF

      4200 Shepherd Dr

      OFFICE BUILDING • 25,136 SF
      4200 Shepherd Dr, Houston, TX 77098-5366
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    • Value Estimation
      $1,460,000
      80,044 SF

      3801 Kirby Dr, Unit 375

      SKYSCRAPER/HIGH-RISE (COM OFFICES) • 80,044 SF
      3801 Kirby Dr, Houston, TX 77098-4100
      View Details
    • Value Estimation
      $1,295,000
      29,354 SF

      2243 Milford St

      OFFICE BUILDING • 29,354 SF
      2243 Milford St, Houston, TX 77098-5207
      View Details
    • Value Estimation
      $530,000
      7,216 SF

      2301 Portsmouth St

      OFFICE BUILDING • 7,216 SF
      2301 Portsmouth St, Houston, TX 77098-3901
      View Details
    • Value Estimation
      $2,330,000
      182,689 SF

      3336 Richmond Ave

      OFFICE BUILDING • 182,689 SF
      3336 Richmond Ave, Houston, TX 77098-3017
      View Details

    Similar Nearby for Sale

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      Office Space for Lease

      Office space available for lease in Houston, TX.
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    • $795,000

      Income-Producing Mixed-Use Property

      Fully occupied mixed-use property near Galleria, Downtown, and Med Center.
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      6,000 SF

      Prime Shepherd Drive Retail Opportunity

      6,000 SF retail space on highly desired Shepherd Drive.
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      Retail Opportunity on Shepherd Drive

      Retail property available for sale on Shepherd Drive, Houston.
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    Similar Nearby for Lease

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      58,669 SF

      Office Space Available for Lease

      58,669 square foot office space for lease.
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      103,476 SF

      Houston Office Space For Rent

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      Office Building for Lease

      Full office building available for lease in Houston, Texas.
      3131 W Alabama St, Houston, TX 77098
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      Creative Office Space Available

      Modern creative office space in the Greenway sub-market.
      3334 Richmond Ave, Houston, TX 77098
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    • Contact for pricing
      3,443 SF

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      View Details
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    Houston, TX 77098-3130
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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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    2925 Richmond Ave, Houston, TX, 77098
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