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618 W Route 66

Glendora, CA 91740
  • $14,500,000
  • STATUS: Active
  • ON SITE: 34 Days
  • ID#: CV22081529
Price Reduced
UPDATED: 48 min ago
$14,500,000
  • 0
    BEDS
  • 1.45
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
1962
County:

School Ratings & Info

Listing Agent(s): Douglas Mccauley of Marcus & Millichap (909-456-3400) and David Covarrubias of Marcus & Millichap(909-456-3400)


Description

We are 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. Another possible revenue source for the office spaces could include creating virtual offices for individuals who simply require a mailing address.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-26T09:30:26.053. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
www.northsdrealty.com/homes/127936730
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618 W Route 66 Glendora, CA 91740

  • Price: $14,500,000
  • Status: Active
  • On Site: 34 Days
  • Updated: 48 min ago
  • ID#: CV22081529
0
Beds
0
Baths
0
½ Baths
1.45
Acres
1962
Built
Neighborhood:
629 - Glendora
County:
Los Angeles
Area:
629 - Glendora
Property Description
We are 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. Another possible revenue source for the office spaces could include creating virtual offices for individuals who simply require a mailing address.
Exterior Features

Lot Features Over 40 Units/Acre Number Of Separate Electric Meters 50 Parking Total 0 Pool Features Community Pool Private YN No Property Attached YN Yes

Interior Features

Common Walls 2+ Common Walls

Property Features

Additional Parcels YN No Cap Rate 4.64 Common Interest None Community Features SidewalksPool Electric Expense 33042 Fuel Expense 8873 Garage YN No Gross Income 1089360 Gross Scheduled Income 1089360 Insurance Expense 26148 Land Lease YN No Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan Maintenance Expense 41973 Net Operating Income 672553 New Construction YN No New Taxes Expense 172550 Number Of Separate Gas Meters 50 Number Of Separate Water Meters 1 Operating Expense 386557 Pest Control Expense 1095 Pool Expense 1500 Rent Control YN Yes Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Supplies Expense 7081 Trash Expense 27011 Vacancy Allowance 44645 Water Sewer Expense 11025 Water Source Public



Based on information from California Regional Multiple Listing Service, Inc. as of 2022-05-26T09:30:26.053. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or The Houston Team | Compass CA DRE#01991628. Licensed in the State of California, USA.
 
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The Houston Team | Compass CA DRE#01991628
2100 Costa Del Mar
Carlsbad CA, 92009
Listing Agent(s): Douglas Mccauley of Marcus & Millichap (909-456-3400) and David Covarrubias of Marcus & Millichap(909-456-3400)