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Mixed-Use

Royal Palms Apartments & Professional Building

618 - 620 West Route 66, Glendora, CA 91740

Listing Price: $14,995,000

Cap Rate
4.44%
Number of Units
48
Occupancy
100.0%
Price/Unit
$312,396

Investment Overview

Marcus & Millichap is proud to exclusively present the opportunity to acquire Royal Palms Apartments and Professional Building, a mixed-use investment opportunity comprised of 48 apartment units and 28 commercial suites. Located on the famous Route 66 in the city of Glendora, California, Royal Palms was built in 1962 and sits on a 1.45 acre site and has a combined building size of approximately 43,292 square feet. Royal Palms Apartments is comprised of two-2 story buildings and consists of twenty four-studio/one bathroom units, twenty three-one bedroom/one bathroom units and one-two bedroom/one bathroom unit. Approximately 50% of the apartments have been updated to feature laminate plank flooring, formica countertops and ceiling fans. The studio/one bathroom floor plans feature walk-in closets and are equipped with a gas stove/oven and a refrigerator. The one bedroom/one bathroom floor plans are spacious and feature his and her closets with a center vanity and are equipped with a gas stove/oven. The property offers various amenities including a secured entrance, 42 tuck-under parking spaces with storage units, two on-site laundry facilities, four central water heaters, bike rack and a gated swimming pool. The buildings have had recent improvements to include seismic retrofit, two new roofs in 2019, new landscaping, re-plastered swimming pool and pump and new exterior doors. Royal Palms Professional Building is a two-story building that consists of 28 office/retail suites (8 retail suites ground level and 20 office suites 2nd story) ranging from 293 square feet to 1,180 square feet and features 38 surface parking spaces. The property is situated with 225 feet of street frontage on Route 66 with 2 curb cut outs and a traffic count of 20,574 vehicles per day. The building also features central air conditioning and heat, four common area restrooms, new lighting and was re-roofed in 2017. Additional improvements include seismic retrofit, new exterior lighting and freshly painted exterior and interior. A possible revenue source for the office spaces could include creating virtual offices for individuals who simply require a mailing address. Known as “The Pride of Foothills”, Glendora is nestled at the base of the scenic San Gabriel Mountains, in the eastern portion of Los Angeles County. Located approximately 27 miles from downtown Los Angeles, Glendora offers convenient access to major commercial, cultural, educational and recreational areas in Southern California. Founded in 1887, Glendora was officially incorporated as a City in 1911. The City remained a small citrus-producing community until the late 1950s, when agriculture gave way to large scale residential development. The property is ideally situated with easy access to the 210 and 57 freeways. Royal Palms Apartments and Professional Building provides its tenants convenient ways of traveling to work, entertainment, dining and shopping. With a very walkable score of 76, the property is just blocks away from several grocery and department stores such as Sprouts Farmers Market, Walgreens, Stater Brothers Markets, and Marshalls. There are also popular cafes and restaurants around the block including Coffee Bean & Tea Leaf, The Hat, Juice It Up, and Broken Yolk Cafe. In addition to the city’s progressive economy, business opportunity, restaurants and recreation, the property is an excellent value-add opportunity for an investor looking to acquire a well-kept asset in an outstanding location poised for continued growth. Today, over 51,000 residents enjoy Glendora’s highly rated public and private schools, lush parks, comprehensive community services and one of the lowest crime rates in the nation. The city of Glendora is home to two higher education institutions, both are less than a mile away from Royal Palms. Established in 1899, Azusa Pacific University is a private university that sits on more than 100 acres with 9,297 enrolled students in 2019 and offers education programs from Bachelor’s to Master’s to Doctoral. Adjacent to the private university sits Citrus College, a public community college with a 104-acre campus and serves more than 19,000 students and staff annually. From tree lined neighborhood streets to quaint antique shops to tasty eateries, Glendora Village located 2.2 miles away is the hot spot for residents to enjoy downtown shops and restaurants. The expansion of the Foothill Gold Line from Glendora to Montclair will be located just south of the city’s historic downtown, east of Vermont Avenue and west of Glendora Avenue, less than a mile from Royal Palms Building. The station will be a center platform station, with light rail tracks on either side. Only 0.7 miles from Royal Palms, the Glendora station will have an associated parking facility, and have amenities for riders arriving by walking, bicycle, bus and drop-off. The four-station, 9.1-mile project from Glendora to Pomona is on schedule to complete in early 2025. Once completed, a trip from Glendora to Pasadena will take approximately 22 minutes and further to downtown Los Angeles will take approximately 51 minutes. It is estimated that during construction alone, the Foothill Gold Line will create as many as 16,000 jobs and up to $2.6 billion in economic output for the region, as well as up to $1 billion in labor income (according to an economic study by Beacon Economics). Upon completion, the line is estimated to add more than 18,300 riders to the Metro system providing many alternative ways of traveling to work, entertainment, dining, shopping, and home.

Investment Highlights

  • Outstanding Rental Location on Route 66 - High Barrier to Entry
  • Value-Add Mixed Use Opportunity
  • Over 24% Rental Upside
  • Current 4.43% CAP Rate | Pro Forma 6.05% CAP Rate
  • Approximately 50% of the Apartments have been Renovated
  • Seismic Retrofit completed for All Three Buildings
  • New Exterior & Interior Paint and Lighting
  • Offered Below Replacement Cost

Exclusively Listed By

Mixed-Use

Royal Palms Apartments & Professional Building

Listing Price: $14,995,000

Cap Rate
4.44%
Number of Units
48
Occupancy
100.0%
Price/Unit
$312,396

Investment Highlights

  • Outstanding Rental Location on Route 66 - High Barrier to Entry
  • Value-Add Mixed Use Opportunity
  • Over 24% Rental Upside
  • Current 4.43% CAP Rate | Pro Forma 6.05% CAP Rate
  • Approximately 50% of the Apartments have been Renovated
  • Seismic Retrofit completed for All Three Buildings
  • New Exterior & Interior Paint and Lighting
  • Offered Below Replacement Cost

Investment Overview

Marcus & Millichap is proud to exclusively present the opportunity to acquire Royal Palms Apartments and Professional Building, a mixed-use investment opportunity comprised of 48 apartment units and 28 commercial suites. Located on the famous Route 66 in the city of Glendora, California, Royal Palms was built in 1962 and sits on a 1.45 acre site and has a combined building size of approximately 43,292 square feet. Royal Palms Apartments is comprised of two-2 story buildings and consists of twenty four-studio/one bathroom units, twenty three-one bedroom/one bathroom units and one-two bedroom/one bathroom unit. Approximately 50% of the apartments have been updated to feature laminate plank flooring, formica countertops and ceiling fans. The studio/one bathroom floor plans feature walk-in closets and are equipped with a gas stove/oven and a refrigerator. The one bedroom/one bathroom floor plans are spacious and feature his and her closets with a center vanity and are equipped with a gas stove/oven. The property offers various amenities including a secured entrance, 42 tuck-under parking spaces with storage units, two on-site laundry facilities, four central water heaters, bike rack and a gated swimming pool. The buildings have had recent improvements to include seismic retrofit, two new roofs in 2019, new landscaping, re-plastered swimming pool and pump and new exterior doors. Royal Palms Professional Building is a two-story building that consists of 28 office/retail suites (8 retail suites ground level and 20 office suites 2nd story) ranging from 293 square feet to 1,180 square feet and features 38 surface parking spaces. The property is situated with 225 feet of street frontage on Route 66 with 2 curb cut outs and a traffic count of 20,574 vehicles per day. The building also features central air conditioning and heat, four common area restrooms, new lighting and was re-roofed in 2017. Additional improvements include seismic retrofit, new exterior lighting and freshly painted exterior and interior. A possible revenue source for the office spaces could include creating virtual offices for individuals who simply require a mailing address. Known as “The Pride of Foothills”, Glendora is nestled at the base of the scenic San Gabriel Mountains, in the eastern portion of Los Angeles County. Located approximately 27 miles from downtown Los Angeles, Glendora offers convenient access to major commercial, cultural, educational and recreational areas in Southern California. Founded in 1887, Glendora was officially incorporated as a City in 1911. The City remained a small citrus-producing community until the late 1950s, when agriculture gave way to large scale residential development. The property is ideally situated with easy access to the 210 and 57 freeways. Royal Palms Apartments and Professional Building provides its tenants convenient ways of traveling to work, entertainment, dining and shopping. With a very walkable score of 76, the property is just blocks away from several grocery and department stores such as Sprouts Farmers Market, Walgreens, Stater Brothers Markets, and Marshalls. There are also popular cafes and restaurants around the block including Coffee Bean & Tea Leaf, The Hat, Juice It Up, and Broken Yolk Cafe. In addition to the city’s progressive economy, business opportunity, restaurants and recreation, the property is an excellent value-add opportunity for an investor looking to acquire a well-kept asset in an outstanding location poised for continued growth. Today, over 51,000 residents enjoy Glendora’s highly rated public and private schools, lush parks, comprehensive community services and one of the lowest crime rates in the nation. The city of Glendora is home to two higher education institutions, both are less than a mile away from Royal Palms. Established in 1899, Azusa Pacific University is a private university that sits on more than 100 acres with 9,297 enrolled students in 2019 and offers education programs from Bachelor’s to Master’s to Doctoral. Adjacent to the private university sits Citrus College, a public community college with a 104-acre campus and serves more than 19,000 students and staff annually. From tree lined neighborhood streets to quaint antique shops to tasty eateries, Glendora Village located 2.2 miles away is the hot spot for residents to enjoy downtown shops and restaurants. The expansion of the Foothill Gold Line from Glendora to Montclair will be located just south of the city’s historic downtown, east of Vermont Avenue and west of Glendora Avenue, less than a mile from Royal Palms Building. The station will be a center platform station, with light rail tracks on either side. Only 0.7 miles from Royal Palms, the Glendora station will have an associated parking facility, and have amenities for riders arriving by walking, bicycle, bus and drop-off. The four-station, 9.1-mile project from Glendora to Pomona is on schedule to complete in early 2025. Once completed, a trip from Glendora to Pasadena will take approximately 22 minutes and further to downtown Los Angeles will take approximately 51 minutes. It is estimated that during construction alone, the Foothill Gold Line will create as many as 16,000 jobs and up to $2.6 billion in economic output for the region, as well as up to $1 billion in labor income (according to an economic study by Beacon Economics). Upon completion, the line is estimated to add more than 18,300 riders to the Metro system providing many alternative ways of traveling to work, entertainment, dining, shopping, and home.

Exclusively Listed By

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