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    Property profile & analytics

    3323 Richmond Ave Houston, TX 77098

    • Office buildings
    • 13,700 SF
    • 0.44 lot acres
    For Lease
    View listing
    $23 SF/Yr
    Value Estimations
    $530,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US82-0272910
    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

    • Sprott Joel Randal / Law Firm
    • Munisteri Sprott Rigby Newsom / Consultant

    Property Details for 3323 Richmond Ave

    Year built
    1969
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.44 lot acres
    Property size
    13,700 SF
    Property type
    Office buildings
    APN
    650850050007
    APU
    650850050007

    Description

    This exceptional 12,300-square-foot Class B office building, situated at 3323 Richmond Avenue in Houston, Texas, presents a unique leasing opportunity. Located in the Greenway Plaza/Upper Kirby area, this single-tenant property boasts classic 1960s architecture, designed by Neuhaus & Taylor, featuring a distinctive boxed-on-stilts-above-parking design. Built in 1960 and renovated in 2002, the building offers 41 covered parking spaces for tenant and visitor convenience. The property sits on a 0.44-acre lot in Harris County, zip code 77098, and enjoys a prime location just one block east of Buffalo Speedway. Its proximity to the Galleria, Houston's premier shopping and tourist destination, provides unparalleled access to amenities and high visibility. The building is categorized as a multi-tenant professional office space, offering a blend of classic charm and modern functionality. This presents an ideal opportunity for businesses seeking a well-maintained, conveniently located office space in a thriving Houston neighborhood. The property's classic architecture and convenient location make it a highly desirable asset. Interested parties are encouraged to inquire for further details and leasing options.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $450,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $606,000
      Market price range: $328k - $1.11M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $720,000
      Current use
      MEDICAL BUILDING
      $875,000
      Change: +21% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.4276
    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
    $52,127
    $1,897,100
    $453,300
    $2,350,400
    -
    $1,897,100
    $453,300
    $2,350,400

    Comparable in this City

    • Value Estimation
      $635,000
      17,600 SF

      2422 Bartlett St

      OFFICE BUILDING • 17,600 SF
      2422 Bartlett St, Houston, TX 77098-5130
      View Details
    • Value Estimation
      $1,260,000
      84,981 SF

      3311 Richmond Ave

      OFFICE BUILDING • 84,981 SF
      3311 Richmond Ave, Houston, TX 77098-3018
      View Details
    • Value Estimation
      $24,780,000
      619,415 SF

      2925 Richmond Ave

      SKYSCRAPER/HIGH-RISE (COM OFFICES) • 619,415 SF
      2925 Richmond Ave, Houston, TX 77098-3130
      View Details
    • Value Estimation
      $790,000
      30,777 SF

      3203 Alabama St

      OFFICE BUILDING • 30,777 SF
      3203 Alabama St, Houston, TX 77098-1701
      View Details
    • Value Estimation
      $610,000
      20,801 SF

      2020 Swsw Fwy

      OFFICE BUILDING • 20,801 SF
      2020 Swsw Fwy, Houston, TX 77098-4801
      View Details
    • Value Estimation by Request
      5,016 SF

      2310 Richton St

      OFFICE BUILDING • 5,016 SF
      2310 Richton St, Houston, TX 77098-3281
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      6,651 SF

      Well-Located Single-Story Office Building

      Single-story office building with Class A interior finishes and parking.
      2502 Algerian Way, Houston, TX 77098
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      Richmond Ave Commercial Gem

      Houston Office & Retail Opportunity
      3330 Richmond Ave, Houston, TX 77098
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      0.22 Acres

      Shepherd Dr Commercial Land

      Houston, TX: Prime 0.22-acre lot.
      3619 Shepherd Dr, Houston, TX 77098
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    • Contact for pricing
      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
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      Retail Opportunity on Shepherd Drive

      Retail property available for sale on Shepherd Drive, Houston.
      3619 S Shepherd Dr, Houston, TX 77098
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    Similar Nearby for Lease

    • Contact for pricing

      Class A Office and Retail

      Mixed-use development with Class A office and high-end retail.
      2415 Westheimer Rd, Houston, TX 77098
      View Details
    • Contact for pricing
      3,443 SF

      Class A+ Office Building

      18-story office building with panoramic views and on-site amenities.
      3737 Buffalo Speedway, Houston, TX 77098
      View Details
    • Contact for pricing
      56,680 SF

      Office Building for Lease

      Full office building available for lease in Houston, Texas.
      3131 W Alabama 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
    • Contact for pricing
      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
    • $22 SF/Yr
      28,997 SF

      Upper Kirby Medical Office Building

      11,451 SF Available, Houston, TX
      2900 Richmond Ave, Houston, TX 77098
      View Details
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    3323 Richmond Ave
    Houston, TX 77098
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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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