Medical and Professional Office
For Sale
$1,188,000
146 E Walnut Ave, Monrovia, CA 91016
Well-maintained office building with reception, six patient rooms, central HVAC, and alley access on a corner lot.
Property Size1,620 SF
Price / SF$733.33
Days on Market48
Property Features for 146 E Walnut Ave
General Information
Standard status
Active
Size
1,620 SF
Total Parking Spaces
5
Property subtype
Commercial
Zoning
MOM
Additional Details
Highway Access
Yes
Building Details
Building Size
1,620 SF
Year Built
1908
Units
1
Listing Agency:
(310) 654-8767
Listed By:
Karen Lee
Source:
Elliman
Added: Jun 24
Changed: Aug 10
Last Checked: Aug 10 at 7:51AM
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 Karen Lee
Investment Insights
Based on property information with market context.
This well-maintained professional office building is currently configured for medical and related professional use. The interior includes a reception and waiting area, six patient rooms, one lab area, a break room, two restrooms, storage, and flexible administrative workspace. Central heating and air conditioning support year-round comfort for staff and clients.
Set on a corner lot with convenient alley access, the property provides four on-site parking spaces plus one ADA-compliant parking space. It is located near Old Town Monrovia, with access to restaurants, retail amenities, public services, and the 210 Freeway. The building is zoned MOM (Manufacturing/Office Mixed Use), and administrative and professional services are permitted by right. Buyer to independently verify zoning, permitted uses, and occupancy requirements with the City of Monrovia.
Designed for immediate occupancy, the layout can serve a range of healthcare and professional service needs, including medical practices, wellness and therapy services, dental, aesthetic, and other professional office operations. The combination of patient-focused exam rooms, a dedicated lab area, and administrative space makes it practical for owner-users seeking a functional on-site environment, while also appealing to investors evaluating a medical/professional office setup.
Set on a corner lot with convenient alley access, the property provides four on-site parking spaces plus one ADA-compliant parking space. It is located near Old Town Monrovia, with access to restaurants, retail amenities, public services, and the 210 Freeway. The building is zoned MOM (Manufacturing/Office Mixed Use), and administrative and professional services are permitted by right. Buyer to independently verify zoning, permitted uses, and occupancy requirements with the City of Monrovia.
Designed for immediate occupancy, the layout can serve a range of healthcare and professional service needs, including medical practices, wellness and therapy services, dental, aesthetic, and other professional office operations. The combination of patient-focused exam rooms, a dedicated lab area, and administrative space makes it practical for owner-users seeking a functional on-site environment, while also appealing to investors evaluating a medical/professional office setup.
Key Highlights
- 1,620 SF professional/medical office building on an 8,190 SF corner lot
- Medical/professional layout includes reception and waiting area, six patient rooms, and one lab area
- Central heating and air conditioning for year‑round comfort
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
$35,412
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
2.98%
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%
$708,240
$708.2K
Cap Rate 7%
$505,886
$505.9K
Cap Rate 9%
$393,467
$393.5K
Market Conditions
NOI Build-Up for 1,620 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
$62.2K $38.40/SF
− Vacancy
−$15.0K −$9.25/SF
EGI
$47.2K $29.15/SF
− OpEx
−$11.8K −$7.29/SF
NOI
$35.4K $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%
$708,240
Cap Rate 7%
$505,886
Cap Rate 9%
$393,467
Alternative Uses
Best Use
Office B
$505.9K
$442.7K – $590.2K
NOI $35,412 @ 7.0% cap · market cap 2.98%
Second Best
Healthcare Medical
$438.9K
$384.0K – $512.0K
NOI $30,722 @ 7.0% cap · market cap 2.59%
Theoretical Best
Office A
$867.3K
$758.9K – $1.01M
NOI $60,714 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,464
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 91016, CA
41,852
Population
16,171
Households
2.6
Avg Household Size
41
Median Age
44%
College-Educated
90%
High-School Grad
8.5 sq mi
ZIP Area
4,924
Density / Sq Mi
$99,555
Median Household Income
$51,120
Median Earnings
$2,008
Median Rent
$874,100
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?
Medical Office Space - Well-maintained office building with reception, six patient rooms, central HVAC, and alley access on a corner lot.
Where is this medical office space located?
The property is located at 146 E Walnut Ave Monrovia, CA.
What is the asking price?
The asking price for this property is $1,188,000.
What are key features of this property?
This property features: 1,620 SF professional/medical office building on an 8,190 SF corner lot; Medical/professional layout includes reception and waiting area, six patient rooms, and one lab area; Central heating and air conditioning for year‑round comfort
