The best priced, best located, 11,547 sf fee simple commercial condo in Honolulu at only $255/sf.at $3.5 Million, (sales in 2018 in the Kapiolani corridor were at $600+ per sq. ft.) including kitchen opposite the Convention Center, at one corner of the Ala Moana Shopping Mall, the largest outdoor mall in the world, with over 42 million visitors a year and at the two entrances to Waikiki, a block away, with its 10 million or so visitors. A trolley brings visitors to and from Waikiki and the Mall every 10 minutes 7 days a week from 9 am to 10 pm!
In addition, the demographics are such that there is a population of 220,000 to 309,000 between 3 to 5 miles of the site, growth is projected between 6 to 8.5%.
Though at one of the 4 corners of Ala Moana Center, and at the entrance to Waikiki an owner/ user would avoid the huge premiums otherwise payable for space in Waikiki ( $30 per sf per month) and for space at Ala Moana Center (approx $8 to $15 per sf permonth). And for an investor, this property at a below market rent of $2.52 per sf per month would give a 10% ROI triple net.
The whole area is experiencing a boom because of the expected Transit Oriented development (TOD) with Ala Moana Rail Station proposed for 2 blocks away and development being allowed up to 7 times the land area and sales occurring at $600+ per sf (compare this property at $303)
Similarly Kakaako has approval for some 29 or so new high rise towers. The existing condominium towers of west Waikiki plus another 18 towers within walking distance in Ala Moana region make the area the densest population in Oahu. Also there is a proposed 450 ft residential tower/ hotel development ( to be a Mandarin Hotel) at 508 Atkinson Dr, corner of Kapiolani Blvd also opposite the Convention Center and immediately opposite a 550,000 sf project is likely.These projects have added great value to the region
