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

    2940 Richey St Houston, TX 77017-7218

    • Retail space
    • 3,622 SF
    • 1.28 lot acres
    OFF-MARKET
    Value Estimations
    $350,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-4521866
    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

    • DEC SUPPLY (Construction and Contractors Supply Store) / Wholesaler
    • Culver's Rentals / Equipment Rental Agency / Concrete Contractor
    • EDC Rentals Concrete & More LLC / Ready Mix Concrete Supplier / Concrete Product Supplier

    Property Details for 2940 Richey St

    Year built
    1955
    Construction
    BRICK
    Lot size
    1.28 lot acres
    Property size
    3,622 SF
    Property type
    Retail space
    APN
    451690000115
    APU
    451690000115

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $395,000
      Market price range: $152k - $395k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $265,000
      Current use
      AUTO REPAIR, GARAGE
      $370,000
      Change: +38% Conversion: Difficult
      MEDICAL BUILDING
      $230,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.2336
    Latitude
    29.676
    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
    $7,524
    $446,440
    $247,049
    $693,489
    -
    $446,440
    $247,049
    $693,489

    Comparable in this City

    • Value Estimation
      $245,000
      3,149 SF

      8202 Gulf Fwy

      RETAIL STORES (PERSONAL SERVICES) • 3,149 SF
      8202 Gulf Fwy, Houston, TX 77017-4501
      View Details
    • Value Estimation
      $305,000
      3,800 SF

      3822 Broadway St

      RETAIL STORES (PERSONAL SERVICES) • 3,800 SF
      3822 Broadway St, Houston, TX 77017
      View Details
    • Value Estimation
      $260,000
      3,540 SF

      2936 Richey St

      RETAIL STORES (PERSONAL SERVICES) • 3,540 SF
      2936 Richey St, Houston, TX 77017
      View Details
    • Value Estimation
      $250,000
      5,040 SF

      8021 Gulf Fwy

      RETAIL STORES (PERSONAL SERVICES) • 5,040 SF
      8021 Gulf Fwy, Houston, TX 77017-3644
      View Details
    • Value Estimation
      $295,000
      4,138 SF

      7812 Gulf Fwy

      RETAIL STORES (PERSONAL SERVICES) • 4,138 SF
      7812 Gulf Fwy, Houston, TX 77017
      View Details
    • Value Estimation
      $315,000
      2,990 SF

      8226 Gulf Fwy

      RETAIL STORES (PERSONAL SERVICES) • 2,990 SF
      8226 Gulf Fwy, Houston, TX 77017-4501
      View Details

    Similar Nearby for Sale

    • $475,000
      1,608 SF

      Houston Retail Space: Erie St. Office

      High-visibility storefront, 1608 sq ft, updated 2024
      3743 Erie St, Houston, TX 77017
      View Details
    • $750,000

      Corner Lot on Gulf Freeway

      15,625 SF corner lot suitable for retail or office.
      8160 Gulf Fwy, Houston, TX 77017
      View Details
    • $1,900,000
      11,000 SF

      Houston Grocery Store Investment

      Prime location, remodeled grocery store
      2719 Richey St, Houston, TX 77017
      View Details
    • $50,000

      Commercial Lot in Meadowbrook/Allendale

      6,400 square-foot commercial lot in Southeast Houston.
      Schury Ln, Houston, TX 77017
      View Details
    • $1,430,712

      Prime Land I-45 Frontage

      Land with high visibility and easy access to I-45.
      Easthaven Blvd, Houston, TX 77017
      View Details
    • $780,000

      Large Land Parcel For Sale

      Large property suitable for building or maintaining as open land.
      7635 Mosley Rd, Houston, TX 77017
      View Details

    Similar Nearby for Lease

    • $3,450 /Mo
      1,532 SF

      Freeway Frontage Retail Opportunity

      Former Ice Express with drive-thru and freeway exposure.
      8257 Gulf Fwy, Houston, TX 77017
      View Details
    • Contact for pricing
      1,800 SF

      Houston Restaurant - 1800 SF

      Prime Houston restaurant space, for sale or lease.
      8466 Howard Dr, Houston, TX 77017
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space on Gulf Freeway

      Retail space available in South Houston shopping center.
      9247-9333 Gulf Fwy, Houston, TX 77017
      View Details
    • $18 SF/Yr
      1,500 SF

      Espili Center: Houston Medical Office

      Modern Houston medical/retail space available.
      8012 Howard Dr, Houston, TX 77017
      View Details
    • Contact for pricing
      36,240 SF

      45 @ College: Prime Retail Space

      South Houston retail center; freeway frontage; 3 suites available.
      9247 Gulf Fwy, Houston, TX 77017
      View Details
    • $9 SF/Yr
      11,382 SF

      Houston Retail Investment Opportunity

      High-traffic, renovated retail space
      2719 Richey St, Houston, TX 77017
      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.
    2940 Richey St
    Houston, TX 77017-7218
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.