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SPOTLIGHT

Royal State Insurance Building

819 S. Beretania Street, Honolulu, HI 96813

$5,800,000

17,643 SF | Office

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Office Property For Sale

Price:
$5,800,000
Building Size:
17,643 SF
Price/SF:
$328.74
Property Type:
Office
Property Sub-type:
Office Building
Property Use Type:
Investment
Cap Rate:
5.40%
Building Class:
C
Tenancy:
Single
Lot Size:
24,404 SF
Listing ID
18623580
Last Updated
18 days ago

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Description

Located in the Thomas Square/Honolulu Academy of Arts special design district on the fringe of the Capital District and Downtown Honolulu, is a redevelopment opportunity with enormous potential. This redevelopment parcel offers 24,404 square feet of land on Beretania Street with 159 feet of frontage. The property is currently improved with six buildings having a combined leasable area of 17,643 square feet, together with 45 parking stalls. The lot has flexible BMX-3 zoning (Business Mixed-Use) and is situated on the corner of Beretania and Hale Makai Streets directly across from the Honolulu Police Department Headquarters. The six buildings were constructed over time with the first opening in 1937 and the sixth in 1964. Although the improvements have been well maintained over the years, the buildings would have to be considered functionally obsolete with deferred maintenance.

819 S. Beretania street is a unique opportunity to own a fee simple commercial property on the edge of the capital design district and downtown Honolulu. These improvements are ideal for an owner/user. They could be leased in their current condition, or the property could be redeveloped. Redevelopment would take advantage of the flexible BMX-3 (business mixed- use) zoning which permits office, retail, apartment, or a combination thereof as uses on the property. A possible retail configuration would take advantage of the 24-hour businesses nearby.

Royal State Insurance currently occupies the property, however, they will be relocating following a purchase of the property. It is possible that Royal State Insurance would be available to lease back the property for a period of time adding flexibility to the new owner as they prepare for the future use of this asset.

Financial Summary

  • Proforma
  • $312,984

Map of 819 S. Beretania Street, Honolulu, HI 96813 (Honolulu County)

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Brokerage Firm

CBRE, Inc.

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Created 3/24/2014
Royal State Insurance Building
  • Office
  • $5,800,000
  • 17,643 SF