Modern Montrose Office Building for Sale 701 Richmond Bldg: 11,500 SF Land: 41,417 SF Includes 2 Rental Homes Prime Montrose Location Stabilized at 79% Occupancy 53 Parking Spaces 4.6/1,000 SF Price: $5,599,000
Modern Montrose Office Building for Sale PROPERTY OVERVIEW PROJECTED ANNUAL OPERATING STATEMENT Address 701 Richmond Ave. Houston, TX 77006 Rental Income 701 Richmond 4310 Greeley 4311 Stanford Total 701 Richmond Year Built/Improved: 1965/2008 NRA: 11,500 SF Occupancy: 79% Utilities: Full-Service Base Rent Occupancy Value Vacant Space (95% Occ. $26 PSF) $311,100 79% $44,414 Full Service Operating Expenses $30,000 100% $ - Gross Potential Rent: $24,000 100% $ - $365,100 $44,414 $409,514 4310 Greeley Home NRA: 1,300 SF Occupancy: 100% Utilities: Tenant s Responsibility Taxes Insurance CAM 701 Richmond 4310 Greeley 4311 Stanford $79,743 $10,250 $13,125 $11,058 $2,000 $2,000 $59,858 $2,000 $2,000 Total $103,118 $15,058 $63,858 Utilities $33,120 $ - $ - $33,120 4311 Stanford Home NRA: 2,108 SF Occupancy: 100% Utilities: Tenant s Responsibility Projected Net Operating Income Projected Cap Rate $194,360 3.5% Total Operating Expenses: $215,154 NOI (Projected) $194,360 Asking Price $5.59MM.
Modern Montrose Office Building for Sale 1st Floor lobby Greeley St. Side of Building Main Richmond Entrance Main Richmond Entrance Parking Lot 2nd Floor Common Area 1st Floor Reception Area Aerial View 1st Floor Common Area
130 Modern Montrose Office Building for Sale Richmond Ave. 250 31,166 vpd Stanford St. 190 SITE 701 Richmond Ave. 41,417 SF 4310 Greeley St. 125 Greeley St. 4311 Stanford St. 40 125
Modern Montrose Office Building for Sale Population (2015): 1 mile - 24,385 3 mile - 170,154 5 mile - 424,448 Westheimer Rd. Average Household Income (2015): W. Alabama St. 1 mile - $104,924 3 mile - $107,864 5 mile - $98,495 Traffic Counts (2015): Richmond Ave 31,166 Montrose Blvd 37,276 Dunlavy St. The Menil Collection Richmond Ave. 37,276 vpd 31,166 vpd SITE 527 Main St. San Jacinto St. Montrose Blvd.
GREATER HOUSTON AREA SITE The Menil Collection
HOUSTON OVERVIEW HOUSTON OVERVIEW MONTROSE Houston is the fourth most populous city in the U.S. with over 2 million residents - trailing only New York, Los Angeles and Chicago. Houston came in third among U.S. cities with the most Fortune 500 Headquarters, according to Fortune, June 2015. U.S. News and World Report ranked Houston one of the best cities in the U.S. in 2015 thanks to the local food scene, sports and parks. Business Insider ranked Houston as one of the 12 Best Big Cities to live in right now. Factors included were: affordable housing, access to well paying jobs, low cost of living, good schools and quality healthcare. Houston was rated as one of the top ten Best Shopping Destinations in the USA by U.S. News and World Report. Houstonians dine out more than residents of any other city 4.1 times per week, compared with the national average of 3.1. Texas Medical Center (TMC) is the largest medical complex in the world. At 22 million square feet, the Texas Medical Center would be equal to the 4th largest downtown in Texas in terms of square footage. Developed in 1911, the four-square-mile area is a pocket of eccentricity and diversity in the heart of the city. Montrose s eclectic mix of art galleries, innovative restaurants, unique shops, and the world renowned Menil Collection set the neighborhood apart from anywhere else in the Houston area. Montrose is also home to some of the Inner Loop s highest average household incomes and traffic counts making it an ideal destination for large scale multi-family, office, and retail developments. As the Houston Metro Area continues to expand, Montrose has maintained its unique identity offering something for everyone from affordable to high end, and local to national names Montrose is Houston s iconic neighborhood.