Building Details

Year Built 1988

Buildings 2

Stories 3

Listing Agency: SVN | Rich Investment Real Estate Partners Los Angeles

Listed By: Michael Chang · License #CA 01880895 Show Phone

Source: Crexi

Added: Jun 8, 2024 Changed: Oct 14 Last Checked: Oct 16 at 9:34AM

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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 SVN | Rich Investment Real Estate Partners Los Angeles

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Investment Insights

Based on property information with market context.

This medical/office condominium is located in The Garfield Center, which features two elevators and three levels of parking with 256 spaces. Its strategic location near three major hospitals makes it ideal for medical businesses. New owners may be able to capitalize on up to 90% SBA financing. The property is located in Alhambra, an area known for diverse dining options, including Asian cuisine and trendy cafes. The Alhambra Place Shopping Center and the historic Garfield Theatre are nearby. The location provides convenient access for employees and clients, with proximity to major freeways, public transportation, and hospitals. The property is professionally managed, with Owners Association dues of $8.58 PSF/Year. This 1664 square foot condominium offers an investment opportunity in the Office/Medical sector.

Key Highlights

• Strategic location near three major hospitals, ideal for medical businesses.
• Up to 90% SBA financing available.
• Low Owners Association dues of $8.58 PSF/Year.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,374

Cap Rate

4.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$727,480 $727.5K

Cap Rate 7%

$519,629 $519.6K

Cap Rate 9%

$404,156 $404.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,664 SF

Gross rent

$63.9K $38.40/SF

− Vacancy

−$15.4K −$9.25/SF

EGI

$48.5K $29.15/SF

− OpEx

−$12.1K −$7.29/SF

NOI

$36.4K $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 Rate 5%

$727,480

Cap Rate 7%

$519,629

Cap Rate 9%

$404,156

Alternative Uses

Best Use

Office B

$519.6K

$454.7K – $606.2K (±1% cap)

NOI $36,374 @ 7.0% cap · market cap 4.38%

Second Best

Healthcare Medical

$450.8K

$394.5K – $525.9K (±1% cap)

NOI $31,556 @ 7.0% cap · market cap 3.80%

Theoretical Best

Office A

$890.9K

$779.5K – $1.04M (±1% cap)

NOI $62,363 @ 7.0% cap · market cap 7.51%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Carpet & Flooring Store Food Market Storage Facility Electrical Service Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,866

Businesses Nearby

Under-served

Demand for This Use

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Medical/office condo near hospitals with SBA financing potential.

Where is this medical office space located?

The property is located at 320-330 S Garfield Ave Suite 102 Alhambra, CA.

What is the asking price?

The asking price for this property is $830,000.

What are key features of this property?

This property features: Strategic location near three major hospitals, ideal for medical businesses.; Up to 90% SBA financing available.; Low Owners Association dues of $8.58 PSF/Year.