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Maui Retail Center

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INVESTMENT OFFERING Maui Retail Center 69 Hana Highway Paia, Maui, Hawaii KOKUAINVESTMENTS.COM TABLE OF CONTENTS PRESENTED BY The Fursse Team Marketing & Selling Investment Properties Globally 1 Executive Summary Offering Summary Property Data KEONI FURSSE, CCIM Financial & Debt Summary REALTOR® Principal Broker CEO Investment Highlights HI Lic. RB-16700 Tenancy 808.280.6556 Key Demographics [email protected] Aerial Map 2 Property & Area Overview JON MCKEOWN Property Overview FINANCIAL ANALYST Site Plan & Parcel Map 808.877.9000 Area Overview [email protected] Demographics Aerial Map 3 Financial Overview Rent Roll Income And Expenses Tenant Profiles FURSSETEAM KOKUAINVESTMENTS.COM 1 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. EXECUTIVE SUMMARY FURSSETEAM KOKUAINVESTMENTS.COM 2 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. OFFERING SUMMARY Kokua Realty, LLC is pleased to offer for sale 69 Hana Highway, a 2,154 square foot multi-tenant retail investment opportunity located in the retail heart of Paia, Maui, Hawaii. This fee simple property features a dynamic tenant mix, and an irreplaceable location in a vibrant, tourist oriented shopping community. Recently renovated in 2005, the property’s tenant mix includes Wings Hawaii Design, a local boutique and an events coordinator. 69 Hana Highway is prominently located in the trade area’s primary retail corridor, and walking distance from popular beaches and restaurants. PROPERTY DATA Address 69 Hana Highway, Paia, Maui, Hawaii 96779 Parcel # (2) 2-6-002-006-0000 Offering Price $2,800,000 NOI $164,790 Cap Rate 5.9% Occupancy 100% Total GLA 2,154 sq. ft. per County (1,894 SF net rentable area) Total Land SF 2,942 sq. ft. Year Built 1931 / Renovated 2005 Ownership Fee Simple FINANCIAL SUMMARY PRICING SUMMARY Purchase Price $2,800,000 Cap Rate 5.9% Purchase Price ($/SF) $1,300 OPERATING CASH FLOW INCOME Rental Income $168,314 Other Income (Parking) $6,000 Expense Reimbursements $9,471 Hawaii General Excise Tax (4.166%) $7,656 Effective Gross Income $191,441 EXPENSES Real Estate Taxes $9,637 Property Insurance $2,391 Landscaping $1,800 Maintenance & Repairs $2,400 Property Management $0 Utilities - Electric $1,900 Utilities - Water $865 Operating Expenses $18,993 Hawaii General Excise Tax (4.0%) $7,658 Total Expenses $26,651 Net Operating Income $164,790 FURSSETEAM KOKUAINVESTMENTS.COM 3 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. INVESTMENT HIGHLIGHTS STRONG INVESTMENT FUNDAMENTALS • Retail building located at the gateway to Paia’s retail corridor. • Long term leases available for all tenants. • Prime retail rent of $8.91 PSF/Month, NNN for anchor tenant. • Stable “in-place” income with strong rental growth potential. • Recent renovation (2005). • Prime location – Prominently locate in the trade area’s primary thoroughfare and walking distance to other local retailers and restaurants. • Upside potential to convert all leases to Triple Net (NNN) leases to allow full expense pass through and offer favorable rent increases. PRIME LOCATION IN ESTABLISHED TRADE AREA • Located on Hana Highway in the internationally recognized surf town of Paia, Maui, Hawaii – a busy road into the Northshore of the island on the way to Hana. • Strong demographics – more than 3,405 people living within 3 miles of the site, and an average household income of more than $103,708. • Prominently located on the trade area’s primary thoroughfare and minutes away from Kahului Airport and Kahului Harbor. LOW MANAGEMENT HASSLE • Easy to manage two-tenant property. • Convert all leases to allow full pass through of all property related expense. • Recent 2005 renovation. TROPHY PROPERTY & IDEAL 1031 REPLACEMENT • Hawaiian architecture and design create a stand out property. • Offered free and clear of existing debt – financing available at historically low rates. • Available for quick close to accommodate 1031 exchange timelines. FURSSETEAM KOKUAINVESTMENTS.COM 4 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. TENANCY The subject is currently occupied by two tenants. The building is demised into three distinct spaces: a main retail space that is accessed by Hana Highway, a studio/one bedroom dwelling unit with one 69 Hana Highway full bathroom and a full kitchen, and a storage space. The main retail space (Space 1) is leased to Paia, Maui, Hawaii Wings Hawaii Design, a boutique that sells clothing and gifts. Units 2&3, along with the property’s two parking spaces are leased to the owner of the subject property. KEY DEMOGRAPHIC INFORMATION POPULATION 1-MILE 3-MILE 5-MILE 2021 Projection 2,492 3,661 10,338 HAWAII 2016 Estimate 2,310 3,405 9,717 2010 Census 2,117 3,136 9,105 Growth 2016-2021 7.88 % 7.52% 6.39% Growth 2010-2016 9.12% 8.58% 6.72% 69 Hana Highway Paia, Maui, Hawaii INCOME 1-MILE 3-MILE 5-MILE 2016 Est. Average $96,348 $103,708 $94,317 Household Income HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2021 Projection 906 1,292 3,683 2016 Estimate 839 1,202 3,455 2010 Census 769 1,108 3,323 Growth 2016-2021 7.9 9 % 7.49% 6.60% MAUI Growth 2010-2016 9.10 % 8.48% 6.90% FURSSETEAM KOKUAINVESTMENTS.COM 5 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. 9.3-Acre Mixed-Use Development (Retail, Office & Residential) 69 Hana Highway Paia, Maui, Hawaii 339-Acre Development (Sold December 2016 for $9.99 Million or $29,453 per acre) FURSSETEAM KOKUAINVESTMENTS.COM 6 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. PROPERTY & AREA OVERVIEW FURSSETEAM KOKUAINVESTMENTS.COM 7 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. PROPERTY OVERVIEW 69 HANA HIGHWAY Address: 69 Hana Highway, Paia, Maui, Hawaii 96779 Assessor’s Parcel Number: (2) 2-6-002-006-0000 Number of Buildings: 1 Land Size: 0.07 Acres (2,942 SF) Building Size 2,154 SF Occupancy: 100% Year Constructed: 1931 / 2005 Parking: 2 surface parking spaces Traffic Counts: 18,799 VPD FURSSETEAM KOKUAINVESTMENTS.COM 8 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. FURSSETEAM KOKUAINVESTMENTS.COM 9 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. FURSSETEAM KOKUAINVESTMENTS.COM 10 The information herein has been obtained from sources we believe to be reliable, however we accept no responsibility for its correctness. AREA OVERVIEW MAUI COUNTY RETAIL RENTS IN PAIA Maui County is the third most populous of the four counties of Hawaii, with a total resident population of 154,834 (2010 Census); a change of 20.1% from 2000 and 52.2% since 1990. Due to a variety of geographical features, Maui was selected “Best Island in the World” the last twenty out of twenty- two years by readers of Conde Nast Traveler magazine. Resort accommodations on Maui have consistently ranked above other Hawaii resort destinations and include The Wailea Beach Villas, Andaz Maui at Wailea Resort, Four Seasons Resort Maui at Wailea, The Fairmont Kea Lani, Ritz-Carlton, Grand Wailea, Westin Maui, Hyatt Regency and many others. Maui welcomes approximately 2,100,000 visitors per year. Recently completed or currently developing commercial projects include: 141,241 SF New Target store in Kahului 275,000 SF Puunene Shopping Center, Kahului (when completed) 103,249 SF Maui Lani Shopping Center & Safeway, Wailuku 148,000 SF The Outlets of Maui, Lahaina PAIA TOWN The property is located in the country town of Paia on the north shore of Maui. Maui is comprised of two major landmasses joined by an isthmus. East Maui was created by a volcano known as Haleakala, while West Maui is a group of mountains known collectively as the West Maui Mountains. The upper elevations of Haleakala are known as the “upcountry” region, and its major destinations RETAIL VACANCY IN PAIA and population centers are located directly upslope of Paia. Historically, Paia served as the site of the plantation camps of workers at the Paia Sugar Mill. The Sugar Mill opened in 1880 and was Maui’s oldest operating plantation until its closure in 2000. The population of Paia at the peak of the sugar industry was more than 10,000 people, comprising over one-fifth of Maui’s entire population. In 1978, the perfect windsurf conditions at Ho’okipa Beach Park just north of paia were discovered. Paia began to develop its reputation for being the “Windsurfing Captial of the World”. In the ‘80’s and ‘90’s Paia saw an influx of windsurf enthusiasts from around the world searching for the windsurf mecca. Today, during the winter months, several professional wind and kite-surfing competitions take place which attract thousands of visitors. Paia’s old plantation town character is preserved in the architecture of many of its buildings, including the subject, making this a popular tourist destination. The town provides a wide variety of unique retail boutiques and dining establishments, art galleries, a few small independently owned hotels, and other vital commercial and cultural amenities. Residential uses are found along the periphery of the core commercial area. As well as being a destination in itself, Paia is the last major stop along the Road to Hana (Hana Highway) on the far Eastern Coast of the island.
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