After acquiring the property just over a year ago, Encino-based Quest Capital Partners is placing a mixed-use asset in Glendora, Calif. back on the market. Totaling 43,292 square-feet, the property has recently been listed by Marcus & Millichap with an asking price of $14.9 million, or about $346 per square foot.
The property is located at 618 W. Rte 66, and consists of two separate buildings, the Royal Palms Apartments and the Royal Palms Professional Building. Both buildings were constructed in 1962 and, in total, offer 48 apartment units and 28 commercial suites. According to public records, the property was sold to Quest Capital Partners in March of 2021 for $10.15 million, or about $233 per square foot.
Since then, the property has undergone extensive renovations, with approximately 50 percent of all apartments receiving upgrades. The apartment portion of the property consists of 24 studio units, 23 one-bedroom units and one two-bedroom unit.
The Royal Palms Professional Building offers eight retail suites on the ground level as well as 20 office suites on the second story of the building. According to the listing, office units range from 293 square feet to 1,180 square feet. The property also provides 38 parking spaces. At current occupancy, the property offers a net operating income of $666,165.
Located along Historic Route 66, the property is near a variety of retail and dining options. With easy access to both the 210 and 57 Freeways, the property also sees about 20,547 vehicles per day.
The area is also home to a large population, with more than 268,000 people living within five miles of the property. The average household income within the five-mile radius is also $106,000 per year.
