Two-Building Flex
For Sale
Contact for pricing
624 Palm Ave, Alhambra, CA 91803
Street-facing office and retail space is paired with a rear warehouse for varied commercial operations.
Property Size4,276 SF
Price / SF$327.41
Days on Market118
Property Features for 624 Palm Ave
General Information
Standard status
Active
Size
4,276 SF
Class
C
Property subtype
Office, Industrial
Zoning
ALMPD*
Investment Type
Owner/User
Building Details
Year Built
1936
Stories
1
Tenancy
Single
Listing Agency:
Pinnacle Real Estate Group
(626) 964-5500
Listed By:
Johnny Wong · License #01244457
Source:
Crexi
Added: May 6
Changed: Aug 30
Last Checked: Aug 30 at 9:36PM
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 Pinnacle Real Estate Group
Investment Insights
Based on property information with market context.
This two-building flex property combines street-facing office and retail space with a separate rear warehouse. The front portion supports showroom, retail, or office functions, while the warehouse provides space for storage and operational needs. The property sits on a 9,997-square-foot lot and was constructed in 1936.
Located at 624 Palm Ave in Alhambra, California, the asset is identified with ALMPD* zoning. Its configuration brings customer-facing commercial space and warehouse functionality together in one property, offering a practical arrangement for an owner-user or commercial occupant. The street-oriented frontage provides direct exposure for the office and retail component, while the rear building separates warehouse activity from the front-facing area.
Located at 624 Palm Ave in Alhambra, California, the asset is identified with ALMPD* zoning. Its configuration brings customer-facing commercial space and warehouse functionality together in one property, offering a practical arrangement for an owner-user or commercial occupant. The street-oriented frontage provides direct exposure for the office and retail component, while the rear building separates warehouse activity from the front-facing area.
Key Highlights
- Two‑building configuration combining office, retail, and warehouse space
- 9,997‑square‑foot lot at 624 Palm Ave, Alhambra, CA 91803
- Front building includes 2,026 SF of street‑facing office/retail space
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
$93,470
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
6.68%
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%
$1,869,400
$1.9M
Cap Rate 7%
$1,335,286
$1.3M
Cap Rate 9%
$1,038,556
$1.0M
Market Conditions
NOI Build-Up for 4,276 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
$164.2K $38.40/SF
− Vacancy
−$39.6K −$9.25/SF
EGI
$124.6K $29.15/SF
− OpEx
−$31.2K −$7.29/SF
NOI
$93.5K $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%
$1,869,400
Cap Rate 7%
$1,335,286
Cap Rate 9%
$1,038,556
Alternative Uses
Best Use
Office B
$1.34M
$1.17M – $1.56M
NOI $93,470 @ 7.0% cap · market cap 6.68%
Second Best
Warehouse
$794.8K
$695.5K – $927.3K
NOI $55,639 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,255 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,748
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 91803, CA
29,374
Population
10,439
Households
2.8
Avg Household Size
42
Median Age
37%
College-Educated
80%
High-School Grad
3.3 sq mi
ZIP Area
8,901
Density / Sq Mi
$84,537
Median Household Income
$47,579
Median Earnings
$1,790
Median Rent
$831,800
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?
Flex space - Street-facing office and retail space is paired with a rear warehouse for varied commercial operations.
Where is this flex space located?
The property is located at 624 Palm Ave Alhambra, CA.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑building configuration combining office, retail, and warehouse space; 9,997‑square‑foot lot at 624 Palm Ave, Alhambra, CA 91803; Front building includes 2,026 SF of street‑facing office/retail space
