Multi-Tenant Medical Office
For Sale
$4,998,888
103 N Garfield Ave, Alhambra, CA 91801
Fully occupied professional workspace with recent parking lot improvements and modified gross lease structures.
Property Size11,224 SF
Price / SF$445.37
Days on Market68
Property Features for 103 N Garfield Ave
General Information
Standard status
Active
Size
11,224 SF
Property subtype
Office
Occupancy
100%
Building Details
Building Size
11,224 SF
Year Built
1990
Tenancy
Multi
Listing Agency:
Lee & Associates - Pasadena
(626) 841-1864
Listed By:
Mauricio Olaiz · License #CalDRE #02073450
(626) 841-1864
Source:
Lee-associates
Added: Jun 23
Changed: Aug 29
Last Checked: Aug 29 at 5:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates - Pasadena
Investment Insights
Based on property information with market context.
This 11,224-square-foot office property contains multiple medical and professional suites and is fully occupied. Built in 1990, the building has received recent capital improvements, including upgrades to the parking lot. Modified gross leases are in place across the tenant roster.
The property is located at 103 N Garfield Ave in Alhambra’s Central Business District. Restaurants surround the site, and a movie theater is directly across the street, placing the building within an active commercial setting with daytime and evening activity.
The medical and professional office configuration serves a multi-tenant occupancy model, with lease rollover occurring across multiple suites. The property is positioned within the San Gabriel Valley commercial office market and offers established occupancy in a medical-office-focused asset.
The property is located at 103 N Garfield Ave in Alhambra’s Central Business District. Restaurants surround the site, and a movie theater is directly across the street, placing the building within an active commercial setting with daytime and evening activity.
The medical and professional office configuration serves a multi-tenant occupancy model, with lease rollover occurring across multiple suites. The property is positioned within the San Gabriel Valley commercial office market and offers established occupancy in a medical-office-focused asset.
Key Highlights
- 11,224‑square‑foot multi‑tenant medical and professional office building
- 100% occupied with multiple medical and professional office tenants
- Located in Alhambra’s Central Business District at 103 N Garfield Ave
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$245,348
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,906,960
$4.9M
Cap Rate 7%
$3,504,971
$3.5M
Cap Rate 9%
$2,726,089
$2.7M
Market Conditions
NOI Build-Up for 11,224 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$431.0K $38.40/SF
− Vacancy
−$103.9K −$9.25/SF
EGI
$327.1K $29.15/SF
− OpEx
−$81.8K −$7.29/SF
NOI
$245.3K $21.86/SF
Area
Los Angeles County, CA
Vacancy
24.10%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,906,960
Cap Rate 7%
$3,504,971
Cap Rate 9%
$2,726,089
Alternative Uses
Best Use
Office B
$3.50M
$3.07M – $4.09M
NOI $245,348 @ 7.0% cap · market cap 4.91%
Second Best
Healthcare Medical
$3.04M
$2.66M – $3.55M
NOI $212,851 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$6.01M
$5.26M – $7.01M
NOI $420,650 @ 7.0% cap · market cap 8.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,925
Businesses Nearby
Explore this area
Business Placement
Demographics for 91801, CA
53,669
Population
21,702
Households
2.5
Avg Household Size
41
Median Age
41%
College-Educated
85%
High-School Grad
4.3 sq mi
ZIP Area
12,481
Density / Sq Mi
$85,549
Median Household Income
$47,855
Median Earnings
$1,879
Median Rent
$797,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully occupied professional workspace with recent parking lot improvements and modified gross lease structures.
Where is this office building located?
The property is located at 103 N Garfield Ave Alhambra, CA.
What is the asking price?
The asking price for this property is $4,998,888.
What are key features of this property?
This property features: 11,224‑square‑foot multi‑tenant medical and professional office building; 100% occupied with multiple medical and professional office tenants; Located in Alhambra’s Central Business District at 103 N Garfield Ave
