PIIKOI PLAZA - LoopNet · 2020. 9. 2. · 2 725 S I 9614 Piikoi Plaza is a 12-story, 73 unit residential condominium unit built in 1977; well located on a highly traveled roadway

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725 Piikoi Street | Honolulu, H

I 96814

TITLE

PIIKOI PLAZAF E E S I M P L E I N T E R E S T F O R S A L E 4 7 C O N D O M I N I U M S

7 2 5 P I I K O I S T R E E T 1 1 Y E A R S R E M A I N I N G O N T H E L E A S E

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Piikoi Plaza is a 12-story, 73 unit residential condominium unit built in 1977; well located on a highly traveled roadway in the Ala Moana submarket with immediate access to transportation services and close proximity to employment and other amenities such as restaurants, shopping, major medical centers, and entertainment and recreational areas.

This offering includes the fee interest in 47 of the units, currently owned by one ownership entity. There are 11 years remaining on the leasehold interests that expire in December 2031, at which time the buyer will retain fee-simple interest in the mix of Studio, 1B/1B and 3B/units. This is a very safe investment opportunity, and priced accordingly, as the rate of return would increase if the lessee defaults or a buyer purchases the leased fee before the expiration date.

INVESTMENT SUMMARY

ASKING PRICE $10,000,000(Estimated Fee Simple Condos today $15,643,104)

LEASEHOLD EXPIRATION

12/31/31 / 11 years

ADDRESS 725 Piikoi StreetHonolulu, HI 96814

TENURE Fee Simple

LAND AREA 17,930 square feet

TOTAL NUMBER OF UNITS

73

TOTAL NUMBER OF UNITS FOR SALE

47

CURRENT ESTIMATED TOTAL LEASE RENT

$129,664

“GOING-IN” RATE OF RETURN

1.70%

OVERALL IRR 7.17%

PARCEL TMK NO (1) 2-3-14:59

ZONING A-2 Medium Density Apartment

HEIGHT LIMIT 150’

YEAR BUILT 1977

FLOOD ZONE X-Beyond 500 Year Flood Plan

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LEASED FEE UNITS FOR SALE

FLOOR TMK (1) 2-3-14:59 CPR Unit:Apt. No.

Bed/Bath

Area (SF)

FLOOR 2 1 201 1/1 588

2 202 1/1 588

3 203 1/1 588

4 204 1/1 588

7 207 0/1 386

FLOOR 3 9 302 1/1 588

10 303 1/1 588

13 306 1/1 588

14 307 0/1 386

FLOOR 4 15 401 1/1 588

16 402 1/1 588

18 404 1/1 588

21 407 0/1 386

FLOOR 5 22 501 1/1 588

24 503 1/1 588

25 504 1/1 588

26 505 1/1 588

27 506 1/1 588

28 507 0/1 386

FLOOR 6 29 601 1/1 588

31 603 1/1 588

32 604 1/1 588

34 606 1/1 588

35 607 0/1 386

FLOOR TMK (1) 2-3-14:59 CPR Unit:Apt. No.

Bed/Bath

Area (SF)

FLOOR 7 36 701 1/1 588

37 702 1/1 588

41 706 1/1 588

42 707 0/1 386

FLOOR 8 44 802 1/1 588

45 803 1/1 588

46 804 1/1 588

48 806 1/1 588

49 807 0/1 386

FLOOR 9 50 901 1/1 588

51 902 1/1 588

52 903 1/1 588

53 904 1/1 588

FLOOR 10 57 1001 1/1 588

58 1002 1/1 588

59 1003 1/1 588

61 1005 1/1 588

62 1006 1/1 588

63 1007 0/1 386

FLOOR 11 65 1102 1/1 588

66 1103 1/1 588

67 1104 1/1 588

FLOOR 12 70 1201 3/2 1,174

TOTAL 47

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• Fee interest in 47 condominium units for sale

• Leasehold ends 12/31/31

• Exceptionally safe NNN passive investments with Leasehold owner responsible for all maintenance, taxes, and insurance payments

• Incredible location will always have a high demand for in-town units for lease or sale

• Well situated asset within the Ala Moana district

INVESTMENT HIGHLIGHTS

11th floor, Unit 1106 11th floor, Unit 1106

11th floor, Unit 1106

VALUE ADD OPPORTUNITIES• If Leasehold owner defaults, the interest

reverts back to the fee owner who would enjoy fee-simple ownership and greatly increase cash flow

• Potential to work with Leasehold owners to buy their units ahead of termination at a discount rate

11th floor, Unit 1106

11th floor, Unit 110611th floor, Unit 1106

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TYPICAL ROOM TYPES

STUDIO(8 UNITS)The studio units have 386 square feet of living space. Includes 1 bath condo. Washer and dryer in the unit, range/oven, window a/c.

Piikoi Plaza has 80% of the condo comprised of 1 bedroom Units. Units are 588 square feet of living space and feature a balcony as well.

The 12th floor features a 3 bedroom 2 bath unit with 1,174 square feet of living space.

2019 Average Condo Fee Simple Sales Price: $243,000

Kitchen

Lanai

Bathroom

Bedroom

Kitchen

Kitchen Living Room

Bedroom

Closet

Closet

Closet

Lanai

Lanai

Washer/Dryer

Bathroom

Bathroom

Front Door Front Door

ONE BEDROOMSTUDIO

1 Bedroom units have 2 different bathroom arrangements

1 BEDROOM (38 UNITS)


3 BEDROOM (1 UNIT)


Siteplans not to scale

Bathroom Bathroom

BedroomBedroom

Bedroom

Lanai Lanai

Kitchen

Living Room

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PROPERTY UNIT AMENITIES• Resident Manager

• Storage

• Trash Chute

• New Elevator

UNIT FEATURES• Single Level

• Storage Locker

TYPICAL INCLUSIONS• AC Window Unit

• Dishwasher

• Disposal

• Drapes

• Dryer

• Microwave

• Range/Oven

• Refrigerator

• Security System

• Smoke Detector

• Washer

PROPERTY HIGHLIGHTS• 47 Units for Sale: (8)

studios, (38) 1-bedrooms, (1) 3 bedrooms

• Built in 1977, 12 Floors with a total of 73 Units

• Salt Water Pool & Resident Manager

• North lanais facing Ko’olau Mountains and Honolulu City Lights with South Lanais facing Pacific Ocean

• Property is home to an original Satoru Abe Scramble Sculpture overlooking the Private Pool Area

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LOCATION HIGHLIGHTS

• Located within walking distance to the Ala Moana Regional Park

• On average, over 18,000 vehicles drive by the property within a 24-hour period

• Within walking distance to Ala Moana Center, Walmart, and Sam’s Club

Ala Moana Center

Walmart/Sam’s Club

Ala Moana Regional Park

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OAHU DEMOGRAPHICS

MARKET INFORMATION

1-MILE 3-MILE 5-MILE

POPULATION 74,325 224,283 311,477

MEDIAN HOUSEHOLD INCOME $67,628 $71,148 $76,072

AVERAGE AGE 42.8 42.5 42.3

BACHELORS DEGREE OR HIGHER 25,643 69,481 90,860

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0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

MARKET HIGHLIGHTS• More than 346,000 housing units with

need for an additional 22,000 units*

• Approximately 50,000 condo units in the urban core of Honolulu

• Most of the inventory in the urban core was built in the 1970’s and over 6,000 new units were built over the last five years

• New condo inventory has primarily been luxury/market units with limited amount of affordable inventory developed

• Despite this new inventory, there is still strong demand for affordable housing

• Average median condo prices on Oahu have increased 18.1% since 2015

• Sales of older inventory have remained stable as luxury units sales have declined as less inventory is coming to market

*Hawaii Housing Planning Study, 2019

5,82

4

5,67

9

5,40

8

OAHU CONDO SALES

Source: Honolulu Board of Realtors

OAHU CONDO MEDIAN PRICE

$50,000.00

$80,000.00

$110,000.00

$140,000.00

$170,000.00

$200,000.00

$230,000.00

$260,000.00

$290,000.00

$320,000.00

$350,000.00

$380,000.00

$410,000.00

$440,000.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Condo Price$425,000

$420,000

$405,000

PIIKOI PLAZA

220 S King StreetSuite 1800

Honolulu, HI 96813* Bratton Realty Advisers, Ltd.

Exclusively contracted to Colliers International HI, LLC.

MARK BRATTON* (R) [email protected] 523 9708

MIKE PERKINS (S)[email protected] 223 1344

PIIKOI PLAZA - LoopNet · 2020. 9. 2. · 2 725 S I 9614 Piikoi Plaza is a 12-story, 73 unit residential condominium unit built in 1977; well located on a highly traveled roadway

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