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    3403 Richmond Ave Houston, TX 77046-3401

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    3403 Richmond Ave Houston, TX 77046-3401

    View on Map
    • Banks
    • 50,735 SF
    • 2.21 lot acres
    Off-Market
    Property ID
    US82-2022887
    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
    $1,580,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 713 Auto Insurance - Commercial & Trucking / Insurance Agency
    • Sunny-Garage-_D00R LLC. / Construction Company / General Contractor
    • Chase Mortgage / Loan Service / Bank

    Property Details for 3403 Richmond Ave

    Year built
    1966
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.21 lot acres
    Property size
    50,735 SF
    Property type
    Banks
    APN
    410170050077
    APU
    410170050077

    Description

    This exceptional mixed-use property, located at the southwest corner of Richmond Avenue and Buffalo Speedway in Houston, Texas (77046), presents a unique investment opportunity. The 42,334 square foot building, constructed in 1979, sits on a generous 2.21-acre lot (approximately 96,268 square feet). The three-story structure is classified as Class B and currently features three units, adaptable to a variety of uses. Its zoning allows for hospitality, multifamily, office, and retail uses, making it highly versatile. The property's prime location offers excellent visibility and accessibility, with proximity to Transwestern Development The RO. City of Houston utilities are in place. This location provides significant development potential for investors seeking to capitalize on the thriving Houston market. The property's size and zoning flexibility offer a wide range of redevelopment possibilities, from expanding existing uses to creating entirely new concepts. This is an exceptional opportunity to acquire a substantial property in a high-demand area with significant upside potential. The property's existing infrastructure and convenient location make it an attractive investment for both short-term and long-term growth.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.4296
    Latitude
    29.7332
    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
    $230,384
    $9,646,800
    $1,322,426
    $10,969,226
    -
    $9,646,800
    $1,322,426
    $10,969,226

    Comparable in this City

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      5,088 SF

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    • Value Estimation
      $3,505,000
      88,772 SF

      3701 Portsmouth St, Unit 10

      GYM, HEALTH SPA • 88,772 SF
      3701 Portsmouth St, Houston, TX 77046
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    • Value Estimation
      $790,000
      6,182 SF

      3772 Richmond Ave

      RETAIL STORES (PERSONAL SERVICES) • 6,182 SF
      3772 Richmond Ave, Houston, TX 77046-3704
      View Details
    • Value Estimation by Request
      3,962 SF

      3759 Richmond Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,962 SF
      3759 Richmond Ave, Houston, TX 77046-3703
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    • Value Estimation
      $570,000
      683,550 SF

      20 Greenway Plz

      PARKING GARAGE, PARKING STRUCTURE • 683,550 SF
      20 Greenway Plz, Houston, TX 77046-2011
      View Details
    • Value Estimation by Request
      7,056 SF

      3760 Richmond Ave

      SHOPPING CENTER, STRIP CENTER • 7,056 SF
      3760 Richmond Ave, Houston, TX 77046-3704
      View Details

    Similar Nearby for Lease

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      Versatile Workspace Solutions Available Now

      Flexible office spaces, coworking, meeting rooms, and virtual office options.
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    • $21 SF/Yr
      94,361 SF

      Class A Office Building

      Ten-story office building in Greenway Plaza, renovated in 2014.
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    Houston, TX 77046-3401
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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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    3403 Richmond Ave, Houston, TX, 77046

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