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MLS: 661282
Asking Price: $3,900,000 Leasehold
Sold Price: $3,525,000
Sold Date: 01/25/2023
Type: Commercial
District: Kawaihau
Street: 4585 Kukui St
Neighborhood: Kapaa Town Lots
Baths: 13 Full / 1 Half
Living Area: 7,408 SF
Style: Apartment Building
Land Area: 18,557 SF
Parking: Unassigned
Days on Market: 335
Year Built: 1989
Easements: Electric,Sewer
Zoning: SPA-A
Roads: County,Paved
Land Recorded: Regular
Property Taxes: $23,039
Assessed Value: $2,989,200
Assessed Ratio: 130.47%
Listing Courtesy: eXp Realty
Terms Acceptable: 1031 Exchange,Cash,Conventional
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Rare real estate investment opportunity on the Island of Kauai Hawaii

This is a leasehold property, with a master lease in force through 2084. The conceiver, designer, and architect for this property has shaped this investment opportunity from 1986 to present date. The property is located a block from the Pacific Ocean and the 13-mile oceanfront bike path in the heart of downtown Kapaa, Kauai, Hawaii. Hawaii is referred to as paradise, so allow this opportunity to be your gateway to your slice of Paradise. The lessee, seller of the subject property, sold approximately 1/2 of the original parcel interest and subleases 50% of the master lease obligation to that buyer. This is a diversified investment vehicle, with approximately 4,660 sq ft comprised of 14 residential rentals. Additionally, well established Hoku Foods occupies over 2,748 sq ft on the first or of the 3-story building. Income is strong at approximately 38K per month with low expenses. See PDF attachment for Seller overview and explanation of the arrangements and financial profile. There are a wide range of detailed financial and technical documents available for this property. Additionally, there are income expansion opportunities available on this property that could create a total of 52 senior housing units and the commercial 1st floor Hoku Food space. There is one water meter, 2 electric meters and it is sewer connected. This well-established property is located on the east shore of Kauai Hawaii, central to Kauai's principal business district.

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