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549 Halemaumau St - Niu Valley Center 2,484 - 2,920 SF Retail Condo Units Offered at $1,800,000 - $1,850,000 Per Unit in Honolulu, HI 96821
INVESTMENT HIGHLIGHTS
- Located in one of Honolulu’s most affluent trade areas with average household incomes over $229,000 within a 1-mile radius
- Positioned along Kalanianaole Highway with exposure to 56,800 vehicles per day
- Surrounded by high-performing retail centers including Hawaii Kai Towne Center, Koko Marina Center, and Aina Haina Shopping Center
- Fully leased to established restaurant operators with long-term leases and renewal options in place
- Fee simple ownership in a supply-constrained submarket with limited retail inventory
EXECUTIVE SUMMARY
Colliers presents a rare opportunity to acquire two fee simple retail condominium units in the heart of East Oahu’s coveted Niu Valley Center. Strategically positioned along Kalanianaole Highway, a major arterial with over 56,800 vehicles per day, this asset offers exceptional visibility and access between the affluent neighborhoods of Hawaii Kai and Aina Haina. Unit B4 and Unit B6 are fully leased to long-standing, high-performing restaurant tenants: Hangang Korean Grill House and Beastside Kitchen. Both tenants operate under long-term leases with renewal options, ensuring stable cash flow and minimal near-term rollover risk. The tenants’ uses—premium Korean barbecue and Hawaiian Pacific fusion with live entertainment—cater to the area’s upscale residential demographic and contribute to the center’s strong foot traffic. The surrounding trade area boasts some of the highest household incomes in the state, with a 1-mile average household income exceeding $229,000. The property is surrounded by a dense mix of national retailers, neighborhood shopping centers, and lifestyle amenities, reinforcing its position as a core retail destination in East Honolulu. This is an ideal acquisition for investors seeking a stabilized, income-generating asset in a supply-constrained, high-barrier-to-entry market.
PROPERTY FACTS
| Total Building Size | 64,703 SF | Typical Floor Size | 64,703 SF |
| Property Type | Retail | Year Built | 1965 |
| Property Subtype | Restaurant | Lot Size | 4.72 AC |
| Building Class | B | Parking Ratio | 3.4/1,000 SF |
| Floors | 1 | ||
| Zoning | B-1 - Neighborhood Business District | ||
| Total Building Size | 64,703 SF |
| Property Type | Retail |
| Property Subtype | Restaurant |
| Building Class | B |
| Floors | 1 |
| Typical Floor Size | 64,703 SF |
| Year Built | 1965 |
| Lot Size | 4.72 AC |
| Parking Ratio | 3.4/1,000 SF |
| Zoning | B-1 - Neighborhood Business District |
AMENITIES
- 24 Hour Access
- Bus Line
- Dedicated Turn Lane
- Restaurant
- Signage
- Air Conditioning
- Smoke Detector
2 UNITS AVAILABLE
Unit B4
| Unit Size | 2,484 SF | Sale Type | Investment |
| Price | $1,850,000 | Cap Rate | 6.10% |
| Price Per SF | $744.77 | NOI | $112,913 |
| Condo Use | Retail | APN/Parcel ID | (1) 3-7-10:53, CPR No. 2 |
| Unit Size | 2,484 SF |
| Price | $1,850,000 |
| Price Per SF | $744.77 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| NOI | $112,913 |
| APN/Parcel ID | (1) 3-7-10:53, CPR No. 2 |
SALE NOTES
Positioned in one of East Honolulu’s most affluent corridors, Unit B4 offers investors a stabilized, fee simple retail asset leased to Hangang Korean Grill House, a premium full-service Korean barbecue restaurant. The tenant has a long-term lease in place with a five-year renewal option, ensuring consistent income and minimal turnover risk. Located within the Niu Valley Center, the unit benefits from high visibility along Kalanianaole Highway, which sees over 56,800 vehicles daily. The surrounding trade area is supply-constrained and boasts exceptional demographics, with average household incomes exceeding $229,000 within a one-mile radius. This unit is ideal for investors seeking a high-performing retail asset in a tightly held submarket with strong tenant retention and long-term upside.
Unit B6
| Unit Size | 2,920 SF | Sale Type | Investment |
| Price | $1,800,000 | Cap Rate | 6.61% |
| Price Per SF | $616.44 | NOI | $119,029 |
| Condo Use | Retail | APN/Parcel ID | (1) 3-7-10:53, CPR No. 4 |
| Unit Size | 2,920 SF |
| Price | $1,800,000 |
| Price Per SF | $616.44 |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 6.61% |
| NOI | $119,029 |
| APN/Parcel ID | (1) 3-7-10:53, CPR No. 4 |
SALE NOTES
Unit B6 presents a compelling opportunity to acquire a fee simple retail condo leased to Beastside Kitchen, a Hawaiian Pacific fusion restaurant known for its vibrant atmosphere and live entertainment. The tenant operates under a lease with nearly three years remaining and a renewal option for four years and eleven months. Located in the Niu Valley Center, the unit benefits from strong co-tenancy and exceptional exposure along Kalanianaole Highway. The East Oahu trade area is one of the most desirable in Hawaii, with affluent households and limited retail availability. This asset offers investors a well-located, income-generating property with a dynamic tenant and strong market fundamentals.
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549 Halemaumau St - Niu Valley Center
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