ROYAL PALMS APARTMENTS

Property Description

Marcus & Millichap is proud to exclusively present the opportunity to acquire Royal Palms Apartments & Professional Building, a well-located mixed-use investment opportunity comprised of 48 apartment units and 28 commercial suites. Situated along the historic Route 66 corridor in the city of Glendora, California, the property sits on a 1.45-acre parcel and features a combined building size of approximately 42,485 square feet. Royal Palms Apartments is comprised of two two-story residential buildings and includes a well-balanced unit mix of twenty-four studios, twenty-three one-bedrooms, and one two-bedroom floor plans. Approximately 75% of the apartment units have been upgraded through a structured renovation program and feature modern interior finishes including luxury vinyl plank flooring, updated kitchen and bathroom cabinetry, recessed lighting, fresh interior paint, ceiling fans, and window A/C units. Kitchens are equipped with gas range stoves, with select layouts offering refrigerators, garbage disposals, 3 central hot water heaters, and walk-in closets in studio units. Additionally, all apartment units are individually metered for gas & electricity. Exterior improvements include seismic retrofit, new roofs in 2019, new landscaping, replastered swimming pool and pump & new exterior doors. New vinyl windows have been installed in approximately 75% of the units, with remaining original windows representing a near-term value-add opportunity for continued modernization. The property offers strong functional amenities and operational advantages, including a total of 77 on-site parking spaces, a significant competitive benefit for a mixed-use asset of this size and vintage. Parking includes 40 tuck-under spaces with individual locked storage (20 front / 20 rear) and 37 surface parking spaces distributed along the west, east, and front portions of the property, including ADA-designated stalls. Additional resident amenities include on-site bike lock stands, enhancing accessibility and modern tenant convenience. Royal Palms Professional Building consists of 28 commercial suites (8 retail suites ground level and 20 office suites 2nd story) across two floors, supporting a divers tenant mix of established and emerging local businesses. Current tenancy includes a long-standing barbershop, seamstress, AFLAC, Giorgio’s Tuxedo, a smoke shop, tax services, and The China Clipper. The tenant base reflects a stable mix of neighborhood retail and service-oriented users that benefit from consistent local demand and daily traffic. Several ground-floor retail suites and upstairs office suites are currently vacant, including one suite with a full kitchen, providing immediate lease-up and repositioning upside for an owner-user or value-add investor seeking to increase in-place income and optimize tenant composition. Commercial suites are individually metered for electricity, with tenants responsible for their own utility expenses. The landlord is responsible for common area electricity, gas for heating and air conditioning, water, and trash, consistent with a modified gross lease structure commonly utilized in the market, offering operational efficiency and predictable expense allocation. Recent and ongoing property improvements include a rolling unit renovation program, upgraded interior finishes across a majority of residential units, and selective system and cosmetic enhancements, positioning Royal Palms as a well-maintained, income-producing asset with clear near-term upside through continued lease-up and additional capital improvements.