- For sale
The Kalihi Business Center is a highly visible property located in the heart of Kalihi on North King Street. The multi-tenant retail property is fee simple and is home to numerous longstanding local-serving retailers. The property is 100% leased with 9 tenants and has been well-maintained with capital improvements invested in recent years that will minimize immediate investment requirements.
This asset will well serve 1031 exchange buyers by offering a “going-in” cap rate of 5.2% with reduced risk due to the multi-tenant nature of the property, as well as offering value enhancement opportunities through:
- Revising all leases to be NNN to maximize expense reimbursements, as several leases are modified gross.
- Adjust below-market rents upon renewal.
- Invest additional dollars to reposition property and further increase rents.
In addition to the stabilized nature of the asset, the property is well positioned for redevelopment, with highlights that include:
- BMX zoning that could allow for residential and mixed-use.
- Height limit of 200 ft height can allow for tower residential development.
- Floor Area Ratio (FAR) of 2.5 could allow “by right” 62,500 square feet of building area. Allowed uses include retail, food & beverage, office, warehouse, apartments, residential condominiums.