Kahului Commercial Property Sold: 350 Hukilike St, Maui, Hawaii
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Sold
MLS: 378213
 
Asking Price: $1,795,000 Fee Simple
Sold Price: $1,795,000
Sold Date: 09/10/2018

District: Kahului
City: Kahului
Street: 350 Hukilike St
Beds: 0   Baths: 0
Land Area: 10,476 SF
Features: Other View
Days on Market Until Sold: 145
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The very best commercial investment in the Kahului and Wailuku area. This property is zoned M-1, Light Industrial. "Maui County Ordinance 19.24.020 also allows any use permitted in a B-1,B-2 & B-3 business district' provided, that no building, structure or portion thereof shall be hereafter erected, converted, or moved onto any lot in an M-1 district for dwelling purposes, including hotels and motels, except for dwelling units located ABOVE or below the first floor and apartments." The verdict is in. I spoke with the zoning department at the county of Maui and the B-2 business district permitted uses pursuant to the Code of Ordinances 19.18.020 allows Transient vacation rentals on the 2nd floor IN THE M-1 industrial district. This is HUGE. There are 3,398 SF on the 2nd floor. With some modification this space could generate substantial income as apartments long or short term. Here is another HUGE "VALUE ADDED" feature. This zoning allows 60 feet height with an additional 10 feet for equipment on the roof. The possibilities are truly exciting. A diamond in the rough. Bring your contractor when you see the property. With 4,915 SF on the first floor maybe the second floor could be that as well if you are happy with 9,830 sf. What would the income increase to with several apartments or four floors of hotel rooms or apartments. You could also do a hostel like my 1325 Lower Main commercial building(MLS:375567/IN ESCROW) or just hotel rooms with a full bath and no kitchen and no food preparation. At the corner of Hukilike and Hoohana the First National Pawn building has the highest visibility with 161 feet frontage on Hoohana and 250 feet on Hukilike. There are 10 parking places and 1 loading zone. The ground floor has 4,915 square feet and the mezzanine level has 3,398 square feet. This building is 100% leased and the tenants with leases expiring want 3 additional years. Tenants are not being charged the .19 cents PSF to offset the expenses. This building should be a triple net lease. Built in 1991 this is a handsome building. There is an exisitng $1,100,000 first mortgage with Pacific Guardian Insurance of Japan @5% interest with 20 remaining years. Possible assumption to a highly qualified buyer with strong financials. Monthly payment is approximately $4,583.33 interest only. Add the principal. Gross monthly rent for the 5 tenants is $12,020 which includes $5,000 from First National Pawn which is owned by the owner of the building and the business is for sale. The annual gross income is $144,240.00. Gross annual expensess are $18,800. There is a 5% escalation in rent annually. The NOI(net operating income) is $125,440.00 before debt service. The new owner should assess a .19 cent CAM charge(common area maintenance) to offset the expenses. The rents are slightly below market so this should not be a problem. This will offset the $18,800 expenses which are as follows: RPT(real property tax): $9,200 annually Insurance: $4,500 annually ELectric and water: $3,600. Maintenance: $1,500. Unit A-Tatoo shop. $1,320.00 per month. Tenant would like a three year extension. Upstairs and in the back. Unit B-LBC Shipping. $2,350.00 per month. Lease expires June 2018. Tenant wants three more years. Unit C. Fresh produce store. $1,800.00. Lease expires April 1, 2021. Units D & E-First National Pawn. $5,000. Owner occupied and includes a huge upstairs mezzanine. The business is for sale as illness is forcing the sale of the building and business. The upstairs could be built out as an apartment or short term rental as the zoning allows all Business uses for B-1, B-1 and B-3. B-2 allows transient short term rentals. aka: hotel/motel. Do your due diligence with the county on this one. Unit F-Earth Runnings.$1,550 which includes an upstairs mezzanine.

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This information is believed to be accurate.
It has been provided by sources other than the Realtors Assoc. of Maui
and should not be relied upon without independent verification.
You should conduct your own investigation and consult
with appropriate professionals to determine the accuracy of the information provided
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Featured properties may or may not be listed by the office/agent presenting this brochure.
 
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Donna D. Hansen, Realtor(S)
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Testimonial: "We have Donna Hansen to thank for making that dream come true. She personifies all the qualities one looks for in a real estate agent: personable, honest, dedicated, accessible, knowledgeable, fierce negotiator, objective, thorough, pays meticulous attention to detail, and... not "pushy". The facts that we were moving to Maui from Kansas City and that part of the house purchase process had to be handled long distance added yet another dimension to the overall experience, and Donna met that challenge with reassuring calmness. We have no hesitation whatsoever in recommending her, and her entire Ohana, to anyone seeking representation and help from a high quality agent. Donna and her husband, Bob, are two of the nicest, loving, caring people we have ever met - they epitomize the Aloha spirit...." More testimonials.
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