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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    5615 Richmond Ave Houston, TX 77057-6327

    • Office buildings
    • 45,468 SF
    • 1.84 lot acres
    OFF-MARKET
    Value Estimations
    $765,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3794561
    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

    • Traffic Recording Studio / Recording Studio
    • Lucy's Massage / Alternative Medicine Practice / Spa & Massage Center
    • Holsey Custom Clothes / (Bike/Boat/Book/etc) Store / Clothing & Fashion Store
    • Omni Salsa Dance Studio / Training Center
    • Conozca Houston Magazine / Newspaper & Magazine / Publishing House

    Property Details for 5615 Richmond Ave

    Year built
    1978
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.84 lot acres
    Property size
    45,468 SF
    Property type
    Office buildings
    APN
    731870000102
    APU
    731870000102

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $920,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $606,000
      Market price range: $297k - $2.34M

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.4773
    Latitude
    29.7308
    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
    $48,540
    $2,409,180
    $0.00
    $2,409,180
    -
    $2,409,180
    $0.00
    $2,409,180

    Comparable in this City

    • Value Estimation
      $1,540,000
      194,650 SF

      2000 Bering Dr, Unit 647

      SKYSCRAPER/HIGH-RISE (COM OFFICES) • 194,650 SF
      2000 Bering Dr, Houston, TX 77057-3746
      View Details
    • Value Estimation
      $1,240,000
      119,168 SF

      5850 San Felipe St, Unit 200

      SKYSCRAPER/HIGH-RISE (COM OFFICES) • 119,168 SF
      5850 San Felipe St, Houston, TX 77057-3070
      View Details
    • Value Estimation
      $710,000
      41,024 SF

      6101 Swsw Fwy

      OFFICE BUILDING • 41,024 SF
      6101 Swsw Fwy, Houston, TX 77057-7360
      View Details
    • Value Estimation by Request
      2,888 SF

      5827 Star Ln

      OFFICE BUILDING • 2,888 SF
      5827 Star Ln, Houston, TX 77057-7115
      View Details
    • Value Estimation by Request
      11,840 SF

      3333 Bering Dr

      OFFICE BUILDING • 11,840 SF
      3333 Bering Dr, Houston, TX 77057-6703
      View Details
    • Value Estimation
      $1,135,000
      97,416 SF

      6220 Westpark Dr

      OFFICE BUILDING • 97,416 SF
      6220 Westpark Dr, Houston, TX 77057-7371
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      2.30 Acres

      Galleria Area Development Land

      2.3 Acres, Prime Houston Location
      6111 Richmond Ave, Houston, TX 77057
      View Details
    • Contact for pricing
      2.74 Acres

      Richmond Ave. Retail Opportunity

      Galleria Area, High-Traffic Retail Space
      5800 Richmond Ave, Houston, TX 77057
      View Details
    • Contact for pricing
      1,177 SF

      Tanglewood Adjacent Condo with Garage

      Spacious 2 bed, 2 bath condo with attached 2-car garage.
      1201 Bering Dr, Houston, TX 77057
      View Details
    • Contact for pricing

      Ground Floor Condo with Garage

      Move-in ready condo with attached garage and community pool.
      757 Bering Dr, Houston, TX 77057
      View Details
    • $224,999

      Updated Condo with Modern Comfort

      Updated 2-bedroom, 1.5-bath condo with modern finishes and amenities.
      5801 Doliver Dr, Houston, TX 77057
      View Details
    • $2,550,000

      Unrestricted Acre in Galleria District

      One acre of unrestricted land near the Galleria mall.
      6209 Skyline Dr, Houston, TX 77057
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      49,009 SF

      Houston Office Building For Lease

      Eight-story office building in Houston's San Felipe/Voss submarket.
      675 Bering Dr, Houston, TX 77057
      View Details
    • Contact for pricing
      30,140 SF

      Boutique Office Building Near Galleria

      Boutique office building in San Felipe/Voss area near Uptown.
      2425 Fountain View Dr, Houston, TX 77057
      View Details
    • $20 SF/Yr
      178,495 SF

      Fountain View Office Space

      Prime Houston Office: 18 Suites Available
      2401 Fountain View Dr, Houston, TX 77057
      View Details
    • $16 SF/Yr
      78,522 SF

      Voss Road Office Suites

      West Houston Office Space, Flexible Sizes
      2323 Voss Rd, Houston, TX 77057
      View Details
    • $14 SF/Yr
      46,700 SF

      Prime Houston Executive Office Space

      4,250 SF Available in Class C Building
      6363 Richmond Ave, Houston, TX 77057
      View Details
    • $16 SF/Yr
      3,348 SF

      Prime Houston Executive Office Space

      Galleria-area office suites, 250-1488 sq ft.
      6060 Richmond Ave, Houston, TX 77057
      View Details
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    5615 Richmond Ave
    Houston, TX 77057-6327
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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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