turnkey development opportunity $5,250,000...business district. it is also one of the most...

TURNKEY DEVELOPMENT OPPORTUNITY | $5,250,000 + PERMITTING FEES

KAILUA LOFTS | 614 WAILEPO STREET | KAILUA | HAWAII 96734

INVESTMENT HIGHLIGHTS• Turnkey project with plans available and CPR in-place, allow an

investor to purchase the property and begin construction with minimum downtime

• Over $400,000 in design work and building plans are included with the sale at no expense to an investor

• Near proximity to the Kailua business district including numerous restaurants, retail, medical and office amenities

• High-demand for residential housing in Kailua supports a multifamily rental or condominium development

• Kailua is one of the most affluent trade areas in the United States, with average household income in the city of Kailua reaching an incredible $142,323

PROPERTY SUMMARY Price $5,250,000 (land) + $558,000 (DPP & other fees)Tax Map Key 1-4-3-59-95Property Address 614 Wailepo Street, Kailua, Hawaii 96734Tenure Fee simpleZoning A-2 (Medium-density Apartment)Land Area 20,000 square feet (approximately)Building Area 5,468 square feet (existing)Property Type Land/Apartment ZonedHeight Limit 40 feet# of Proposed Units 42

PROPERTY DESCRIPTIONThe offering consists of the extremely rare opportunity to acquire the land, building plans, other fees, and application with the City and County for building permits for the Kailua Lofts, a turnkey 42-unit condominium development project in the heart of Kailua. The project has already received the majority of approvals needed to start construction and the condominium map is already in-place. A buyer can pay the few remaining fees, pick up the permits, and start construction!

The property’s level site, size, and great location make it an excellent development opportunity. Kailua’s high demand for housing and supply constraints are idea for a developer. In addition, inventory of available residential condominiums for sale is extremely limited in the area. There is currently a flat vacant lot and two existing vacant apartment buildings on the site with 7 units (no electric meters/power currently).

Seller will sell the land only in the event a buyer wants to complete a different development and not assume the project fees that have already been paid.

201 Merchant Street | Suite 2228Honolulu | Hawaii 96813O 808 208 8100 | F 808 208 8109standardcommercial.com

Ian P. Clagstone (B) CCIMPresidentD 808 208 [email protected]

KOA RIDGEMASTER

PLANNED COMMUNITY3,500 New Residential

Housing Units

KAISERPERMANENTE

LOCATION DESCRIPTIONThe property is located in the heart of Kailua, a highly desirable coastal town on the Windward side of Oahu which sits in one of the most appealing trade areas in the United States. Income statistics for the region reveal one of the most affluent trade areas in the United States with average household income within the city of Kailua reaching a phenomenal $142,323. Households with near proximity to the business district. It is also one of the most widely-recognized visitor destinations in Hawaii, with Kailua’s Lanikai Beach being consistently recognized as one of the top rated beaches in the world.



DEMOGRAPHICS 1 MILE 3 MILE 5 MILE

Median Household Income $111,199 $124,246 $110,822Average Household Income $136,108 $147,484 $133,612

Population 15,025 47,076 91,883



PROPOSED 42-UNIT CONDOMINIUM(plans & permit drawings available)

# OF TYPE UNIT SALE PRICE SQ FT TOTAL PRICE PER TOTAL MONTHLY TOTAL UNITS UNIT DESCRIPTION PER UNIT PER UNIT SQ FT SQ FT REVENUE RENT RENT

12 1/1R 2 Bed/2 Bath 2 Park $545,000 689 8,268 $791 $6,540,000 $2,400 $28,800 5 2/2R 2 Bed/1 Bath 1 Park $495,000 699 3,495 $708 $2,475,000 $2,100 $10,500 1 2B 1 Bed/1 Bath 1 Park $395,000 583 583 $678 $395,000 $1,600 $1,600 18 3/3R 1 Bed/1 Bath 1 Park $395,000 541 9,738 $730 $7,110,000 $1,600 $28,800 6 4/4R Studio/1 Bath 1 Park $315,000 370 2,220 $851 $1,890,000 $1,200 $7,200 42 24,304 $18,410,000 $76,900

The information contained herein has been obtained from sources believed to be reliable. While we know of no reason to doubt its accuracy, we make no guarantee, warranty or representation as to its accuracy or completeness. It is the responsibility of you and your advisors to independently verify the information and conduct a careful independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 8/26/20



COMPARABLE SALES | RESIDENTIAL CONDOMINIUMS IN KAILUA

1 BEDROOM/1 BATHROOM ADDRESS BUILDING NAME NEIGHBORHOOD PARKING SQ. FT. LIVING AREA PRICE PRICE PER SQ. FT. SALE DATE YEAR BUILT

361 Kailua Rd #8304 Ka Malanai at Kailua KAILUA TOWN 1 757 $650,000 $859 7/31/20 2014322 Aoloa St #1610 Windward Passage KAILUA TOWN 1 713 $515,000 $722 4/7/20 1979322 Aoloa St #PH-4 Windward Passage KAILUA TOWN 1 713 $548,000 $769 3/27/20 1979437 Kailua Rd #6204 Ka Malanai at Kailua KAILUA TOWN 1 719 $629,000 $875 2/14/20 2014711 Wailepo Pl #204 Hale Makalei COCONUT GROVE 1 437 $367,500 $841 1/15/20 19951030 Aoloa Pl #401B Windward Harbour KAILUA TOWN 1 865 $515,000 $595 1/10/20 1980355 Aoloa St #C104 Hokulani In Kailua KAILUA TOWN 1 588 $380,000 $646 11/4/19 1989350 Aoloa St #B110 Koolau Vista KAILUA TOWN 1 587 $375,000 $639 10/31/19 1985711 Wailepo Pl #304 Hale Makalei COCONUT GROVE 1 437 $350,000 $801 10/17/19 1995350 Aoloa St #C103 Koolau Vista KAILUA TOWN 1 587 $415,000 $707 9/30/19 1985350 Aoloa St #B117 Koolau Vista KAILUA TOWN 1 587 $402,500 $686 9/20/19 1985322 Aoloa St #804 Windward Passage KAILUA TOWN 1 713 $519,000 $728 6/29/19 197975 Kihapai St #13 75 Kihapai COCONUT GROVE 1 480 $285,000 $594 5/8/19 1957322 Aoloa St #1410 Windward Passage KAILUA TOWN 1 713 $499,000 $700 4/30/19 1979322 Aoloa St #908 Windward Passage KAILUA TOWN 1 737 $514,500 $698 4/15/19 1979AVERAGE 642 $464,300 $724 19862 BEDROOM/2 BATHROOM ADDRESS BUILDING NAME NEIGHBORHOOD PARKING SQ. FT. LIVING AREA PRICE PRICE PER SQ. FT. SALE DATE YEAR BUILT

361 Kailua Rd #8306 Ka Malanai at Kailua KAILUA TOWN 2 1,270 $879,000 $692 8/5/20 2014501 Kailua Rd #1106 Ka Malanai at Kailua KAILUA TOWN 2 1,270 $810,000 $638 7/14/20 2014*725 Kihapai Pl #A4 725 Kihapai Pl COCONUT GROVE 1 560 $330,000 $589 6/23/20 1955*333 Aoloa St #219 Gardenia Manor KAILUA TOWN 2 825 $495,000 $600 6/8/20 1974*333 Aoloa St #240 Gardenia Manor KAILUA TOWN 2 825 $523,500 $635 6/8/20 1974*161-1 Oko St #2201 Aikahi Gardens AIKAHI PARK 2 874 $565,000 $646 5/26/20 1971437 Kailua Rd #6105 Ka Malanai at Kailua KAILUA TOWN 2 1,266 $840,000 $664 4/9/20 2014409 Kailua Rd #7106 Ka Malanai at Kailua KAILUA TOWN 2 1,270 $846,000 $666 4/3/20 2014361 Kailua Rd #8107 Ka Malanai at Kailua KAILUA TOWN 2 1,287 $850,000 $660 4/3/20 2014455 Kailua Rd #4209 Ka Malanai at Kailua KAILUA TOWN 2 1,266 $840,000 $664 3/30/20 2014361 Kailua Rd #8309 Ka Malanai at Kailua KAILUA TOWN 2 1,270 $865,000 $681 2/27/20 2014455 Kailua Rd #4205 Ka Malanai at Kailua KAILUA TOWN 2 1,270 $849,000 $669 1/6/20 2014471 Kailua Rd #3306 Ka Malanai at Kailua KAILUA TOWN 2 1,270 $868,800 $684 12/23/19 2014501 Kailua Rd #1304 Ka Malanai at Kailua KAILUA TOWN 2 1,287 $875,000 $680 8/30/19 2014409 Kailua Rd #7308 Ka Malanai at Kailua KAILUA TOWN 2 1,287 $865,000 $672 7/3/19 2014437 Kailua Rd #6101 Ka Malanai at Kailua KAILUA TOWN 2 1,106 $798,000 $722 6/21/19 2014409 Kailua Rd #7307 Ka Malanai at Kailua KAILUA TOWN 2 1,287 $860,000 $668 5/23/19 2014*1015 Aoloa Pl #201 Poinciana Manor KAILUA TOWN 2 825 $518,000 $628 4/18/19 1975*333 Aoloa St #228 Gardenia Manor KAILUA TOWN 2 825 $540,000 $655 4/18/19 1974*323-4 Kuau St #1504 Aikahi Gardens AIKAHI PARK 2 874 $540,000 $618 4/9/19 1971AVERAGE 1,101 $727,865 $656 1999*2 BEDROOM/1 BATHROOM

turnkey development opportunity $5,250,000...business district. it is also one of the most...

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