6222 Richmond AveHouston, TX 77057

This exceptional Houston office building, Richmond Place, presents a compelling value-add investment opportunity. Located at 6222 Richmond Ave, Houston, TX 77057, this eight-story, 119,648 square foot Class B building boasts a unique tenant base: exclusively jewelers and related businesses, providing exceptional stability and high occupancy (81%). Built in 1984, the property sits on 1.7 acres and offers 3.5 parking spaces per 1,000 square feet, including a structured parking garage and dock-high entrance. The building's prime location, less than two miles from the Galleria and major freeways (I-59/69 and Westpark Tollway), ensures high visibility and accessibility. The average tenant size of approximately 1,250 square feet mitigates rollover risk. Currently achieving significantly higher rents than comparable properties in the area, this asset offers a strong NOI of $604,283 and an 8.68% cap rate at an asking price of $6,965,000 ($58.21/sq ft). The long-term, stable tenancy, averaging over 20 years, is largely immune to the effects of remote work trends. This fee-simple ownership opportunity provides a secure and profitable investment with significant upside potential. The property's gross lease structure and multi-tenant occupancy further enhance its appeal. The occupancy date is July 15, 2024.