Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    701 Richmond Ave Houston, TX 77006

    • Medical offices
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US83-3933265
    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

    • Hazard Street Spa / Skin Care Clinic
    • REM Mobile Spa Services / Reflexologist
    • Lindsay Pearce / Counselor
    • UNITi Montrose / Apartment Complex
    • Freeman Design Associates / Graphic Designer

    Property Details for 701 Richmond Ave

    Year built
    2024
    Property type
    Medical offices

    Description

    This exceptional Class A medical office space, located at 701 Richmond Ave (cross street: Stanford) in Houston's desirable Montrose submarket, offers a single-tenant occupancy opportunity. Built in 2024, the property boasts a flexible footprint ranging from 1,800 to 2,000 square feet, perfectly suited for a variety of medical practices. Situated in Harris County, Texas, with a 77006 zip code, this property benefits from its prime location within the vibrant Montrose area. The building's modern design and construction ensure a high-quality, efficient workspace. The single-tenant setup provides privacy and control, ideal for establishing or expanding a medical practice. This is a rare opportunity to secure a brand-new, state-of-the-art medical office space in one of Houston's most sought-after neighborhoods. The property is categorized as Retail, Office, and Restaurant, but is currently configured as a medical office. Its convenient location and modern amenities make it an attractive option for medical professionals seeking a prestigious address. This space is ready for immediate occupancy and presents a unique chance to establish a thriving practice in a dynamic and growing area. Contact us today to schedule a viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Houston
    County
    Harris
    State
    Texas
    Longitude
    -95.3880952
    Latitude
    29.7342877

    Comparable in this City

    • Contact for pricing
      3,400 SF

      Restaurant Space with Patio

      Restaurant space with large front and back patio.
      1002 Westheimer Rd, Houston, TX 77006
      View Details
    • $25 SF/Yr
      9,900 SF

      Midtown Office Space For Lease

      Modern, divisible office suites in prime location
      3310 Travis St, Houston, TX 77006
      View Details
    • $27 SF/Yr
      3,257 SF

      Prime Houston Office Space Available

      Modern Houston Office, Multiple Spaces
      2900 Smith St, Houston, TX 77006
      View Details
    • Contact for pricing
      11,060 SF

      Montrose Office: Prime Location

      11,060 SF Office Building Available
      2120 Montrose Blvd, Houston, TX 77006
      View Details
    • $7,950 /Mo
      113 SF

      Office Space with Included Utilities

      Office spaces available with full service lease and shared amenities.
      4301 Yoakum Blvd, Houston, TX 77006
      View Details
    • $15 SF/Yr
      1,700 SF

      Office Space Available For Rent

      1700 square feet of office space for lease.
      6300 Richmond Ave, Houston, TX 77006
      View Details

    Similar Nearby for Sale

    • $330,000

      Midtown Property Near Restaurants, Shopping

      Midtown property near restaurants and shopping available for sale.
      403 Anita St, Houston, TX 77006
      View Details
    • $900,000

      Historic Montrose Manor on Westheimer

      Iconic 1915 manor with retail/office potential in Montrose.
      239 Westheimer Rd, Houston, TX 77006
      View Details
    • $3,950,000
      15,166 SF

      Renovated Office Building with Parking

      15,166 SF renovated office building with gated parking.
      1110 Lovett Blvd, Houston, TX 77006
      View Details
    • Contact for pricing
      4,546 SF

      Historic Office Building For Sale

      Historic office building at 4515 Yoakum Blvd, Houston, TX.
      4515 Yoakum Blvd, Houston, TX 77006
      View Details
    • $1,095,000
      2,880 SF

      Montrose Office Building For Sale

      2,880 SF office building in prime Montrose location.
      2407 Waugh Dr, Houston, TX 77006
      View Details
    • $1,150,000

      Professional Office Near River Oaks

      Office space near River Oaks, perfect for professional use.
      1900 Hawthorne St, Houston, TX 77006
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,400 SF

      Restaurant Space with Patio

      Restaurant space with large front and back patio.
      1002 Westheimer Rd, Houston, TX 77006
      View Details
    • $25 SF/Yr
      9,900 SF

      Midtown Office Space For Lease

      Modern, divisible office suites in prime location
      3310 Travis St, Houston, TX 77006
      View Details
    • $27 SF/Yr
      3,257 SF

      Prime Houston Office Space Available

      Modern Houston Office, Multiple Spaces
      2900 Smith St, Houston, TX 77006
      View Details
    • Contact for pricing
      11,060 SF

      Montrose Office: Prime Location

      11,060 SF Office Building Available
      2120 Montrose Blvd, Houston, TX 77006
      View Details
    • Contact for pricing
      3,959 SF

      Prime Houston Office Space

      3,959 SF Office Building, Houston, TX
      1105 Milford St, Houston, TX 77006
      View Details
    • Contact for pricing
      27,662 SF

      Westheimer Road Office Space Available

      Office space available for lease on Westheimer Road.
      4100 Westheimer Rd, Houston, TX 77006
      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.
    701 Richmond Ave
    Houston, TX 77006
    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.