103 N Garfield Ave
Medical Office Value-Add Investment in Alhambra
Marketing description
103 N Garfield Ave presents a rare opportunity to acquire a fully occupied medical and professional office building in the heart of Alhambra's Central Business District. The ±11,224-square-foot property benefits from excellent visibility, strong traffic counts, and a prime location within one of the San Gabriel Valley's most active commercial corridors. Surrounded by a vibrant mix of highly regarded restaurants and situated directly across from a major movie theater, the property enjoys consistent daytime and evening activity that supports strong tenant demand.
Currently 100% occupied, the asset provides stable in-place income with significant upside through the repositioning of below-market rents and improved expense recoveries under its modified gross lease structure. With an in-place NOI of approximately $180,000 and projected NOI exceeding $275,000, the property offers a compelling value-add opportunity for investors seeking dependable cash flow and meaningful income growth in a highly desirable market.
Investment highlights
- ±11,224 SF multi-tenant medical/office building
- 100% occupied with stable in-place income
- Significant value-add opportunity with ~50%+ NOI upside
- Pro forma NOI of approximately $275K+
- Below-market rents across multiple tenants
- Lease rollover provides mark-to-market rental growth
- Modified gross leases allow for improved expense recovery over time
- Recent capital improvements completed, including parking lot upgrades
- Strong tenant demand for medical and professional office space in the submarket
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