1.34 Acres Richmond & Las Palmas
$6,995,000
4041 Richmond Avenue, Houston, TX 77027
Cap Rate
N/A
Square Feet
58450
Year Built/Renovated
1956
INVESTMENT HIGHLIGHTS
• Irreplaceable Location: The property is located in the Greenway/Upper Kirby submarket, consisting of prestigious office buildings, luxury apartments, and high-end retail.
• Inner Loop Area: This location has easy access to both Southwest Freeway (328,349 vehicles per day) and Interstate 610 (322,344 vehicles per day).
• Affluent Demographics: Within a 1-mile radius, the average household income is $168,168, and the median housing value within a 1-mile radius totals $666,650.
• Priced to Sell: At $119.52 per square foot (lot size), this property is priced well below the local average per square foot.
• High Traffic: The property enjoys exposure to 27,845 vehicles per day on Richmond Avenue with approximately ±252 feet of Richmond Avenue frontage and approximately ±200 Feet of Las Palmas Street frontage.
• Proximity to Major Developments: The property is near Costco, Regal Edwards Theater, Central Market, the Galleria, Houston Highland Village, and Greenway Commons.
• Densely Populated Area: The population within a 5-mile radius totals 518,426. Daytime population within a 3-mile radius totals 405,343.
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to exclusively list for sale 1.34 Acres, located at the southeast Corner of 4041 Richmond Avenue and 3707 Las Palmas Street in Houston, Texas 77027. The property is positioned in the Greenway/Upper Kirby Houston submarket with irreplaceable land located on Richmond Avenue (27,845 vehicles per day), one block away from Costco (Richmond Avenue at Weslayan Street).
Currently, this redevelopment opportunity includes an 8,255 square feet light industrial warehouse/garage which is currently occupied on a month-to-month basis, paying $2,500 per month gross. The existing warehouse building can be razed at an estimated cost of $25,000.
The surrounding area includes Greenway Plaza, which consists of ten prestigious Class A office buildings totaling 4.3 million square feet. Area retailers and entertainment include Costco, Regal Edwards Theater, Chipotle, multiple local restaurants, and more. Conveniently located near luxury apartments, retail, hospitality, entertainment, and restaurants, this site is ideal for retail or mixed-use redevelopment.
Gus N. Lagos
SENIOR VICE PRESIDENT
713-452-4257
Alex Wolansky, CCIM
FIRST VICE PRESIDENT
713-452-4292
