Richmond at 610 Professional Building

Marcus & Millichap is pleased to exclusively offer for sale Richmond at 610 Loop Professional Building, featuring 10,752 square feet of leasable area on 0.38 acres. The professional building is located at 4740 Ingersoll Street, just five hundred feet from the southeast corner of Richmond Avenue at West Loop South. Its location is strategically positioned in close proximity to the Houston Galleria, Afton Oaks, Greenway, River Oaks, and West University Place. The exclusive offering is available for sale for $1,975,000, allowing for an investor or user to enter a prestigious, infill submarket at an affordable price point.

Richmond at 610 Loop Professional Building currently produces $143,628 in gross rent before expenses. The $121,200 in rent is paid by tenants that occupy the building on month-to-month leases, occupying 69 percent of the building. Should a user wish to occupy the whole building, they may do so, while reducing operating expenses through receipt of rent from the cell phone tower. Annual operating expenses average approximately $60,000-$70,000.

Recent capital expenditures to the property include: replacement of most air conditioning units, fresh asphalt resurfacing, new common area flooring, and remodeling of many offices’ buildouts. Other notable features of the property include six covered parking spaces, an air-conditioned storage unit, great natural lighting, well-maintained facility, quality tenancy, and a high barrier to entry market.