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8901-8979 Richmond Ave
Houston, TX 77063
Richmond @ Fondren Center · Retail Property For Sale
Investment Highlights
- 30-Year Occupancy by Anchor Tenant
- 100% Occupied by 11 Tenants + 1 Food Truck
- Upside via Corner Pad Site
- Corner Location with ±60,302 VPD
- Weighted Average Occupancy of over 10 Years
- Huge Population Base & Affluent Customers - 544,000+ people & an Avg. HHI over $120,000 within 5 miles
Executive Summary
Northmarq is pleased to offer for sale to qualified investors, the opportunity to purchase a fee simple interest in Richmond & Fondren Plaza located at 8901-8979 Richmond Ave., Houston, TX 77063. The plaza is currently 100% occupied.
The center is over 40,000 SF and includes a diverse mix of tenants — 11 tenants in the main retail center, 2 outparcels and 1 Food Truck. The tenants have an average weighted occupancy of over 10 years, with the anchor tenant—Metropolis & Extravaganza (M&E)—having a tenancy of over 30 years. M&E just signed a new 5-Year extension with a 30% rent increase to market rents of $24 PSF starting 10/1/2026 with 2% annual increases thereafter. This rental increase along with a few others will offer a substaintial upside to investors, with rents projected to increase over 11% from Year 1 to Year 2.
The pad site directly on the corner of Fondren Road and Richmond Avenue offers additional upside, and may be included or excluded from the sale. It is approximately half an acre and includes a building of approximately 4,000 SF. It could be occupied by an owner-user or leased for additional income, estimated at $120,000+ per year.
The center is over 40,000 SF and includes a diverse mix of tenants — 11 tenants in the main retail center, 2 outparcels and 1 Food Truck. The tenants have an average weighted occupancy of over 10 years, with the anchor tenant—Metropolis & Extravaganza (M&E)—having a tenancy of over 30 years. M&E just signed a new 5-Year extension with a 30% rent increase to market rents of $24 PSF starting 10/1/2026 with 2% annual increases thereafter. This rental increase along with a few others will offer a substaintial upside to investors, with rents projected to increase over 11% from Year 1 to Year 2.
The pad site directly on the corner of Fondren Road and Richmond Avenue offers additional upside, and may be included or excluded from the sale. It is approximately half an acre and includes a building of approximately 4,000 SF. It could be occupied by an owner-user or leased for additional income, estimated at $120,000+ per year.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
41,060 SF
Building Class
C
Year Built
1979
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.20
Lot Size
4.70 AC
Zoning
N/AV, Houston - Commercial
Parking
150 Spaces (3.65 Spaces per 1,000 SF Leased)
Frontage
558’ on Richmond Ave
Property Taxes
| Parcel Number | 0974010000010 | Improvements Assessment | $2,349,364 |
| Land Assessment | $8,707,062 | Total Assessment | $11,056,426 |
Property Taxes
Parcel Number
0974010000010
Land Assessment
$8,707,062
Improvements Assessment
$2,349,364
Total Assessment
$11,056,426
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