WAIKIKI LEASED FEE INTEREST OAHU, HAWAII

2229 KUHIO AVENUE

LEW

ERS

ST

LAU

NIU

ST

KAIO

LU S

T ALOHA DR

MANUKAI ST

LEW

ERS

ST

ROYA

L H

AW

AIIA

N A

VE

KUHIO AVE

KALIA RD

BEA

CH

WA

LK

SARA

TOG

A RD

KALAKAUA AVE

KALAKAUA AVE

KOA AVE

PRINCE EDWARD ST

TUSITALA ST

CLEGHORN ST KAPI

LI S

T

KA

ʻIULA

NI A

VE

KAN

EKA

POLE

I ST

WA

LIN

A S

T

NA

HU

A S

T

NO

HO

NA

NI S

T

SEA

SID

E A

VE

DU

KE’S

LN

KAʻIU LA

NI A

VE

KAʻIU

LAN

I AVE

WAIKOLU WY

LAUULA ST

KUHIO AVE

KUHIO AVE

LAUULA ST

ALA WAI BLVD ALA WAI BLVD

MOUNTAIN VIEW DR

KUHIO BEACH PARK

QUEEN’S BEACH

WAIKIKI BEACH

ALA WAI CANALALA WAI CANAL

D ON HO ST

PACIFIC OCEAN

CARTWRIGHT RD

LEMON RD

KUHIO AVE

KAPA

HULU

AVE

NUE

KEA

LOH

ILA

NI A

VE

LILIʻU

OKA

LAN

I AVE

KAPU

NI S

T

TUSITALA ST

LILIʻU

OKA

LAN

I AVE

‘OH

UA

AVE

PAO

AKA

LAN

I AVE

KUA

MO

O S

T

KEO

NIA

NA

ST

PAU

ST

NIU

ST

KALAKAUA AVE

ALA M

OANA

BLVD

KALIA RD

ALA MOANA BLVD

HOBRON LANE

HO

BRO

N L

N

KALIA RD

PAO

A PL

ACE

ENA

RD

FORT DERUSSEY PARK

FORT DERUSSEY BEACH PARK

2229 KUHIO AVEOHANA WAIKIKI

MAILA

ROYALKUHIO

COURTYARDWAIKIKI

RITZCARLTONWAIKIKITOWER

280 BEACHWALK

AQUA SKYLINEAT ISLANDCOLONY

HILTONGARDEN INN

WAIKIKI BEACH

TGALLERIA

BY DFS,HAWAII

WAIKIKISHOPPING

PLAZA

THE LAYLOW,AUTOGRAPHCOLLECTION

INTERNATIONALMARKETPLACE

SHERATONPRINCESSKAIULANI HYATT REGENCY

WAIKIKI BEACH RESORT & SPA

WYNDHAMWAIKIKI

HALEKULANI

THESHERATON

WAIKIKI

THEROYAL

HAWAIIANHOTEL

ROYAL HAWAIIAN CENTER OUTRIGGERWAIKIKI

MOANA SURF RIDER

KING’S VILLAGESHOPPING CENTER

WAIKIKIBUSINESS

PLAZAWAIKIKI

BEACHCOMBERBY OUTRIGGER

OHANAEAST

HYATT CENTRICWAIKIKI BEACH

KALA

IMO

KU S

T

OLO

HA

NA

ST

NA

MA

HA

NA

ST

MARINE SURF

WAIKIKI

SURFJACKHOTEL

KING KALAKUA PARK

FOSTERTOWER

EWA HOTELWAIKIKI

HYATT PLACEWAIKIKI BEACH

ASTONWAIKIKI SUNSET

QUEEN KAPIOLANIHOTEL

HOTELRENEW

PARKSHOREWAIKIKI

ASTON WAKIKIBEACH HOTEL

HONOLULU ZOO

WAIKIKIRESORTHOTEL

ASTON WAIKIKI BEACH TOWER

WAIKIKI BEACHSIDE

HOTELALOHILANI

RESORTWAIKIKIBEACH

WAIKIKI CIRCLE HOTEL

ASTONAT THEWAIKIKIBANYAN

WAIKIKIBEACH

MARRIOTTRESORT &

SPA

THE SHOPS ATWAIKIKIBEACH

MARRIOTT

HILTONWAIKIKIBEACH

AQUA PALMS WAIKIKI

THE MODERN HONOLULU

ILIKAI HOTEL & LUXURY SUITES

ALA WAI BOAT HARBOUR

THE PRINCE HOTEL

KAHANAMOKU BEACH

THE BAREFOOT BAR

LANIKAI JUICE

LUANA WAIKIKI HOTEL & SUITES

AMBASSADOR HOTEL WAIKIKI

HAWAIIAN VILLAGE WAIKIKI BEACH RESORT

HAWAIIAN VILLAGE WAIKIKI BEACH RESORT

PROPERTY SUMMARYLocation: 2229 Kuhio Avenue, Honolulu

Parcel(TMK): 1-2-6-019-008

Year Built: 1920

Building Area*: 2,920 SF

Land Area: 3,515 SF

Tenure: Leased Fee Interest

Zoning: Resort Mixed Use

PITT Code: 3-Commercial

DARREN LAKE (B)*, PRINCIPAL (808) 469-4332 DARREN@THEBEALLCORPORTION.COM

*The rentable building area is estimated to be 2,920 square feet. County Records indicate the building to be 2,180 square feet. All prospects should independtly verify the square footage of the building.

The estimates provided here within cannot be relied upon.

DARREN LAKE (B)*, PRINCIPAL (808) 469-4332 DARREN@THEBEALLCORPORTION.COM

INVESTMENT HIGHLIGHTS

PROMINENT WAIKIKI CORNER PROPERTY The property is at the busy corner of Kuhio Avenue and Royal Hawaiian Avenue. Royal Hawaiian is one of the primary mauka-makai streets in Waikiki and includes the main shuttle stop for Duty Free Shops. While Kalakaua Avenue is viewed as the face of Waikiki, Kuhio Avenue is the often referred to as the spine. Kuhio runs parallel to Kalakaua Avenue and has significant hotel and apartment density on both sides. This development cycle has seen the repositioning of several hotels in this corridor including the Hilton Garden Inn, The Laylow, Hyatt Centric, Surfjack Hotel, the White Sands Hotel, The Holiday Inn Exrpess Waikiki and The Ritz-Carlton Residences. The ground floor retail on Kuhio has also transformed during this cycle, led by The Taubman Company’s International MarketPlace project.

RARE WAIKIKI RESORT ZONED POTENTIAL ASSEMBLAGE OPPORTUNITY There are very few unassembled parcels within the Waikiki Resort precinct and it is extremely rare for these properties to trade on the open market. Resort Mixed Use Zoning permitted uses include a large range of commercial and multi-family residential uses, including but not limited to hotel, bar/ restaurant, transient vacation units, retail, apartment, school, medical, daycare facilities and travel agency.

POTENTIAL RENT UPSIDE WHEN GROUND LEASE EXPIRESThe current ground lease expires in 2025. Once the building is returned to the fee simple owner in 2025 the total net income project market rents is projected to produce an NOI of $564,300, which represents a 5.4% cap rate on the Offering Price.

STRONG HAWAII VISITOR MARKET GREW STRONGER IN 2019Hawaii is projected to reach 10 million annual visitor arrivals for the first time at the end of 2019. Total visitor arrivals increased 5.5% in the first three quarters of 2019. Airlift capicity has been expanding over several years and increased again in 2019. Southwest Airlines entered the Hawaii market in March 2019 and has announced up to five daily non-stop flights to the Islands with additional flight routes expected to be unveiled. Other airlines added routes from the mainland and Japan. Visitors to hawaii spent a total of $13.35 billion in the first three quarters of 2019. The majority of visitor days are spent on Oahu, and Waikiki is the heart of Hawaii’s visitor industry. The property is centrally located in Waikiki of a prominent corner.

DARREN LAKE (B)*, PRINCIPAL (808) 469-4332 DARREN@THEBEALLCORPORTION.COM

Scan or visit eepurl.com/c2rzHH to sign up for The Beall Corporation Newsletters and stay on top of Hawaii’s Commerical Real Estate News

1120 12TH AVENUE, SUITE 301HONOLULU, HI 96816WWW. THEBEALLCORPORATION.COM

*Lake Pacific Realty Corp. is exclusively contracted to The Beall Corporation. This document has been prepared by The Beall Corporation for advertising and general information only. The Beall Corporation makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. The Beall Corporation excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of The Beall Corporation and/or its licensor(s). © Copyright 2019, All rights reserved.

AERIAL

AERIAL

GROUND FLOOR

INTERIOR