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.