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Office

1.34 Acres South East Corner of Richmond & Las Palmas

4041 Richmond Ave, Houston, TX 77027

Listing Price: $7,500,000

Lot Size
1.34 acres
Price/Acre
$5,589,393
Land Type
Redevelopment

Investment Overview

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 (25,589 vehicles per day), one block away from Costco (Richmond Avenue at Weslayan Street).

Currently, this redevelopment opportunity includes a vacant office building, a parking garage, and a 8,255 square feet light industrial warehouse /garage which is currently occupied. The lease on this building will expire on December 31, 2024.

There have been studies completed on the viability of the office building and parking garage and it has been determined both structures are passed their useful life expectancy and the best course of action is for these structures to be razed. The seller intends to sell based on land value only. Please call broker for the estimate to raze both the office and garage structures.

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.

Investment Highlights

  • Irreplaceable Location in Greenway/Upper Kirby Submarket With Approximately ±252 Feet of Richmond Avenue Frontage and Approximately ±200 Feet of Las Palmas Street Frontage
  • Inner Loop Location Inside Southwest Freeway (300,045 Vehicles Per Day) and Interstate 610 (208,520 Vehicles Per Day)
  • Annual Average Household Income of $167,430 and Median Housing Value of $545,940 Within One-Mile Radius
  • $128.15 Per Square Foot (Lot Size)
  • Exposure to Over 25,000 Vehicles Per Day on Richmond Avenue
  • Close Proximity to Houston Galleria and Greenway Plaza | 205,870 Population Within Three Miles

Exclusively Listed By

Financing By

Office

1.34 Acres South East Corner of Richmond & Las Palmas

Listing Price: $7,500,000

Lot Size
1.34 acres
Price/Acre
$5,589,393
Land Type
Redevelopment

Investment Highlights

  • Irreplaceable Location in Greenway/Upper Kirby Submarket With Approximately ±252 Feet of Richmond Avenue Frontage and Approximately ±200 Feet of Las Palmas Street Frontage
  • Inner Loop Location Inside Southwest Freeway (300,045 Vehicles Per Day) and Interstate 610 (208,520 Vehicles Per Day)
  • Annual Average Household Income of $167,430 and Median Housing Value of $545,940 Within One-Mile Radius
  • $128.15 Per Square Foot (Lot Size)
  • Exposure to Over 25,000 Vehicles Per Day on Richmond Avenue
  • Close Proximity to Houston Galleria and Greenway Plaza | 205,870 Population Within Three Miles

Investment Overview

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 (25,589 vehicles per day), one block away from Costco (Richmond Avenue at Weslayan Street). Currently, this redevelopment opportunity includes a vacant office building, a parking garage, and a 8,255 square feet light industrial warehouse /garage which is currently occupied. The lease on this building will expire on December 31, 2024. There have been studies completed on the viability of the office building and parking garage and it has been determined both structures are passed their useful life expectancy and the best course of action is for these structures to be razed. The seller intends to sell based on land value only. Please call broker for the estimate to raze both the office and garage structures. 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.

Exclusively Listed By

Financing By

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