WAIKIKI RARE FEE SIMPLE OPPORTUNITY OFFERED AT $12,000,000 CBRE(世邦魏理仕)诚意推介一幅近3万平方尺的商业住宅混 合用地。该地皮位于世界著名旅游胜地夏威夷威基基的中 心。离美丽的威基基海滩只需5分钟步行。正对面是超5星级 酒店，丽思卡尔顿（The Ritz-Carlton）。该酒店于2016年 建成，现正于扩建中。这是近20年来在威基基首次有商业住 宅用地出售。机会实属罕有，勿错失良机。 KUHIO AVENUE2112 EXCLUSIVE OFFERING MEMORANDUM 2112 KUHIO AVENUE | 1 2112 KUHIO AVENUE HONOLULU | HAWAII KUHIO2112 AVENUE 2112 KUHIO AVENUE | 2 Affiliated Business Disclosure Confidentiality Agreement Disclaimer CBRE, Inc. operates within a global This is a confidential Memorandum Neither the Owner or CBRE, Inc, nor any of © 2017 CBRE, Inc. The information family of companies with many intended solely for your limited use and their respective directors, officers, Affiliates contained in this document has been subsidiaries and/or related entities (each benefit in determining whether you desire or representatives make any representation obtained from sources believed reliable. an “Affiliate”) engaging in a broad range to express further interest in the acquisition or warranty, expressed or implied, as While CBRE, Inc. does not doubt its of commercial real estate businesses of the Property. to the accuracy or completeness of this accuracy, CBRE, Inc. has not verified including, but not limited to, brokerage Memorandum or any of its contents, and it and makes no guarantee, warranty services, property and facilities This Memorandum contains selected no legal commitment or obligation shall or representation about it. It is your management, valuation, investment information pertaining to the Property and arise by reason of your receipt of this responsibility to independently confirm fund management and development. At does not purport to be a representation of Memorandum or use of its contents; and its accuracy and completeness. Any times different Affiliates may represent the state of affairs of the Property or the you are to rely solely on your investigations projections, opinions, assumptions or various clients with competing interests owner of the Property (the “Owner”), or to and inspections of the Property in estimates used are for example only and in the same transaction. For example, be all-inclusive. No financial projections evaluating a possible purchase of the do not represent the current or future this Memorandum may be received by and information are provided. Additional real property. performance of the property. The value our Affiliates, including CBRE Investors, information and an opportunity to inspect of this transaction to you depends on Inc. or Trammell Crow Company. the Property will be made available to The Owner expressly reserved the right, tax and other factors which should be Those, or other, Affiliates may express interested and qualified prospective at its sole discretion, to reject any or evaluated by your tax, financial and an interest in the property described in purchasers. all expressions of interest or offers to legal advisors. You and your advisors this Memorandum (the “Property”) may purchase the Property, and/or to terminate should conduct a careful, independent submit an offer to purchase the Property Interested parties are expected to review discussions with any entity at any time with investigation of the property to determine and may be the successful bidder for the all information and other documents of or without notice which may arise as a to your satisfaction the suitability of the Property. In all instances, however, CBRE, whatever nature independently and not rely result of review of this Memorandum. The property for your needs. Inc. will act in the best interest of the on the contents of this Memorandum in Owner shall have no legal commitment client(s) it represents in the transaction any manner. or obligation to any entity reviewing this described in this Memorandum and Memorandum or making an offer to will not act in concert with or otherwise purchase the Property unless and until conduct its business in a way that written agreement(s) for the purchase of benefits any Affiliate to the detriment of the Property have been fully executed, any other offeror or prospective offeror, delivered and approved by the Owner and but rather will conduct its business in a any conditions to the Owner’s obligations manner consistent with the law and any therein have been satisfied or waived. fiduciary duties owed to the client(s) it represents in the transaction described in By receipt of this Memorandum, you agree this Memorandum. that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc. 2112 KUHIO AVENUE | 3 EXECUTIVE SUMMARY CBRE is pleased to present the opportunity to purchase an assemblage of six parcels of fee simple developable land in the heart of Waikiki, Oahu, Hawaii. The property, located across the street from The Ritz-Carlton, has both Kuhio Avenue and Kalaimoku Street frontage providing an attractive development opportunity. INVESTMENT HIGHLIGHTS • Rarely available 30,000 sq. ft. fee simple land parcel with potential for residential and commercial development • Highly attractive location across from the newly opened Ritz-Carlton • Announced development of 230-room hotel on neighboring property • Offer at $12,000,000 PROPERTY INFORMATION Address: 2112 Kuhio Avenue, Honolulu, HI 96815 411, 417, 423 and 427 Kalaimoku Street, Honolulu, HI 96815 Tax Map Keys: (1) 2-6-017:008, 010, 011, 081, 082, 089 Lot Size: Parcel 8: 10,000 sq. ft. Parcels 10, 11, 81, 82, 89: 19,464 sq. ft. Total: 29,464 sq. ft. Zoning: Parcel 8: AMX (Apartment Mixed-Use) Parcels 10, 11, 81, 82, 89: APT (Apartment) Annual RPT: Parcel 8: $12,070.80 Parcel 10: $ 4,993.80 Parcel 11: $ 5,925.50 Parcel 81: $ 4,898.25 Parcel 82: $ 4,744.60 Parcel 89: $ 300.00 Height Limit: 300 ft. Flood Zone: AO District: Waikiki Special Design District • Inspection of existing structures will only be permitted with written authorization by the Seller following receipt of an acceptable offer. • Existing tenants are not to be contacted or disturbed. 2112 KUHIO AVENUE | 4 OPPORTUNITIES BENEFIT FROM CURRENT IN-PLACE INCOME Several of the parcels have income producing structures which can offset holding costs. Financial information will be provided upon acceptance of an Offer as part of the due diligence material. 411 Kalaimoku Street 417 Kalaimoku Street 423 Kalaimoku Street 427 Kalaimoku Street TMK: 2-6-17:81, 89 TMK: 2-6-17:10 TMK: 2-6-17:82 TMK: 2-6-17:11 Land Area: 5,000 SF Land Area: 5,000 SF Land Area: 5,000 SF Land Area: 4,464 SF Two-story, wood walk-up Two-story, single-family wood One-story, single-family wood Three-story masonry walk-up apartment building with four dwelling built in 1952 and dwelling built in 1945 and in- apartment building constructed apartment units. Building was includes approximately 1,574 cludes approximately 792 SF of in 1965. The building includes completed in 1945 and includes SF of living area. living area. 12, one-bedroom apartments 2,600 SF of building area. with approximately 450 of living area each, and ground floor parking level striped for 8 stalls. 2112 KUHIO AVENUE | 5 The total living area is approximately 10,946 SF as follows: Approximate Living Area (SF) Unit Type Units Per Unit Total Four-story walk-up Studio 3 324 972 One bedroom 6 556 3,336 Two bedroom 6 580 3,480 Total 15 7,788 Front cottage Two bedroom 1 992 992 Three bedroom 1 1,016 1,016 2106-2112 Kuhio Avenue and Waikiki Alleyway Total 2 2,008 Back cottage TMK: 2-6-17:08 Total 1 1,150 1,150 Land Area: 10,000 SF 2106 Kuhio Avenue includes a four-story masonry and wood walk-up Total 18 10,946 apartment building constructed in 1960. The building includes 15 studio, one- and two-bedroom apartments. The 1,000 SF driveway between the apartment buildings is referred to 2112 Kuhio Avenue is improved with 2, two-story masonry and wood by the Company as the “Waikiki Alleyway.” cottages built in 1939. 2112 KUHIO AVENUE | 6 RENOVATE AND PARTIAL DEVELOP The six existing separate parcels provide a unique opportunity and an alternative to consolidation of the six parcels to full redevelopment. Selective remodeling and refurbishment of existing improvements will maximize their potential rental income. The repositioned parcels could then be retained as income properties; refinanced to provide funds for redevelopment; or resold at pricing based on their increased net income. The remaining parcels could then be redeveloped or held for future appreciation. COMPLETE GROUND UP REDEVELOPMENT The assemblage of six parcels provides a unique development opportunity rarely available in Waikiki. The combined parcels enable the development of a large multifamily project either for sale as individual condominiums or operated as a rental project. The Property’s location across from the recently developed Ritz-Carlton and diagonally opposite the announced development of a 230 room hotel will make this a premier address. Additionally, in-place zoning for the Kuhio Avenue frontage allows for retail uses. A sample development analysis* suggests that a 74,900 square foot project could be constructed which would include 5,000 square feet of commercial space. *CBRE and owner make no representation or warranty as to the reliability or feasibility of this development study. This was produced by a third party for illustration purposes only. 2112 KUHIO AVENUE | 7 WAIKIKI OVERVIEW The state of Hawaii, and Waikiki specifically, is one of the few resort destinations in the world that functions 365 days a year.