Mixed-Use Apartments and Office
For Sale
$12,295,000
618 W Rte 66, Glendora, CA 91740
Mixed-use property with 48 apartments and 28 commercial suites, including ground-floor retail and second-story office space.
Property Size42,485 SF
Lot Size1.45 Acres
Price / SF$289.40
Days on Market100
Property Features for 618 W Rte 66
General Information
Standard status
Active
Size
42,485 SF
Total Parking Spaces
77
Lot size
1.45 Acres
Property subtype
Mixed-Use
Occupancy
10%
Units
Multifamily Units
48
Office Units
20
Amenities
Current owner paid $14,250,000
Value-add opportunity | Current 6.28% cap rate
Approximately 75% of the apartment units have been renovated | SEISMIC Retrofit completed
Offered below replacement cost
Excellent Glendora location ideally situated with easy access to 210 and 57 freeways
Nearby Azusa Pacific University + Citrus College support steady tenant demand
Building Details
Building Size
42,485 SF
Stories
2
Units
48
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Inland Empire
Listed By:
Douglas McCauley · License #License(s): CA: 01155706
(626) 695-6776
Source:
Marcusmillichap
Added: Jul 3
Changed: Sep 12
Last Checked: Oct 9 at 4:17PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Inland Empire
Investment Insights
Based on property information with market context.
Royal Palms Apartments & Professional Building is a mixed-use investment comprised of 48 apartment units and 28 commercial suites. The residential component includes two two-story buildings with a unit mix of twenty-four studios, twenty-three one-bedrooms, and one two-bedroom. Approximately 75% of the units have been updated through a structured renovation program featuring modern interior finishes such as luxury vinyl plank flooring, updated cabinetry, recessed lighting, fresh paint, ceiling fans, and window A/C units. The apartment homes are individually metered for gas and electricity, and exterior improvements include seismic retrofit and new roofs installed in 2019, along with updated landscaping and pool repairs and new exterior doors.
The commercial building consists of 8 ground-floor retail suites and 20 second-story office suites across two floors. Current tenancy includes several neighborhood-oriented service and retail users, and some ground-floor and upstairs suites are currently vacant, including one suite with a full kitchen. Commercial suites are individually metered for electricity, while the landlord is responsible for common area electricity, heating and air-conditioning gas, water, and trash under a modified gross structure.
The property provides 77 on-site parking spaces, including 40 tuck-under spaces with individual locked storage and 37 surface spaces with ADA-designated stalls. Additional resident amenities include on-site bike lock stands.
The commercial building consists of 8 ground-floor retail suites and 20 second-story office suites across two floors. Current tenancy includes several neighborhood-oriented service and retail users, and some ground-floor and upstairs suites are currently vacant, including one suite with a full kitchen. Commercial suites are individually metered for electricity, while the landlord is responsible for common area electricity, heating and air-conditioning gas, water, and trash under a modified gross structure.
The property provides 77 on-site parking spaces, including 40 tuck-under spaces with individual locked storage and 37 surface spaces with ADA-designated stalls. Additional resident amenities include on-site bike lock stands.
Key Highlights
- Mixed‑use building with 48 apartment units and 28 commercial suites on a 1.45‑acre parcel (approx. 42,485 SF total).
- Apartment mix includes 24 studios, 23 one‑bedrooms, and 1 two‑bedroom, built in 1962 across two two‑story residential buildings.
- Approx. 75% of apartments renovated with upgraded finishes including luxury vinyl plank flooring, updated cabinetry, recessed lighting, fresh paint, ceiling fans, and window A/C.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$939,963
Cap Rate
7.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$18,799,260
$18.8M
Cap Rate 7%
$13,428,043
$13.4M
Cap Rate 9%
$10,444,033
$10.4M
Market Conditions
NOI Build-Up for 42,485 SF
Gross rent
$1.44M $33.84/SF
− Vacancy
−$94.9K −$2.23/SF
EGI
$1.34M $31.61/SF
− OpEx
−$402.8K −$9.48/SF
NOI
$940.0K $22.12/SF
Area
Los Angeles County, CA
Vacancy
6.60%
Lease Rate
$33.84 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$18,799,260
Cap Rate 7%
$13,428,043
Cap Rate 9%
$10,444,033
Alternative Uses
Best Use
Retail
$13.43M
$11.75M – $15.67M
NOI $939,963 @ 7.0% cap · market cap 7.65%
Second Best
Office B
$13.27M
$11.61M – $15.48M
NOI $928,688 @ 7.0% cap · market cap 7.55%
Theoretical Best
Office A
$22.75M
$19.90M – $26.54M
NOI $1,592,241 @ 7.0% cap · market cap 12.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20
Office units
48
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,993
Businesses Nearby
Explore this area
Business Placement
Demographics for 91740, CA
26,644
Population
8,314
Households
3.2
Avg Household Size
41
Median Age
31%
College-Educated
92%
High-School Grad
5.0 sq mi
ZIP Area
5,329
Density / Sq Mi
$98,819
Median Household Income
$49,202
Median Earnings
$2,226
Median Rent
$702,000
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Mixed-use property with 48 apartments and 28 commercial suites, including ground-floor retail and second-story office space.
Where is this apartment building located?
The property is located at 618 W Rte 66 Glendora, CA.
What is the asking price?
The asking price for this property is $12,295,000.
What are key features of this property?
This property features: Mixed‑use building with 48 apartment units and 28 commercial suites on a 1.45‑acre parcel (approx. 42,485 SF total).; Apartment mix includes 24 studios, 23 one‑bedrooms, and 1 two‑bedroom, built in 1962 across two two‑story residential buildings.; Approx. 75% of apartments renovated with upgraded finishes including luxury vinyl plank flooring, updated cabinetry, recessed lighting, fresh paint, ceiling fans, and window A/C.
