200 Waiehu Beach Rd, Wailuku

$8,695,000

  • MLS® #: 384188
  • 200 Waiehu Beach Rd
  • Wailuku, Hawaii 96793

200 Waiehu Beach Rd, Wailuku

$8,695,000

  • MLS® #: 384188
  • 200 Waiehu Beach Rd
  • Wailuku, Hawaii 96793
0 Beds
0 Baths
265,999 Sqft
6.11 Acres
0 Garages
  • Overview 265999 SQ. Feet, 6.11 Acres
  • Listing Type Commercial
  • Office: eXp Realty

ATTENTION DEVELOPERS AND INVESTORS. This property is in the ENTERRISE/OPPORTUNITY Zone with all kinds of tax benefits. This is the last large oceanfront development property zoned M-1 which allows B-2 commercial. The plan for this property is to effectuate a section 2372 consolidation and re-subdivision of the 6.10 oceanfront acres and two additional contiguous TMK's owned by the Seller. The plan is to subdivide the 6.10 acres into 4 lots keeping the 26,200sf warehouse and its required parking on one lot (approx. 1-2 acres) and building 200-300 affordable rental apartments or affordable condominiums. Best case scenario would be 50 units in 6 buildings with a 45' height limitation. 3 to 4 buildings can easily be direct oceanfront. Because of the FEMA flood zone in the entire area the parking and commercial spaces would be on the first level and the apartments/condos on levels 2,3,4 and possibly a 5th level; i.e. 4 levels above grade. Since the county is in dire need of workforce housing many concessions could possibly be made; i.e. fast track the SMA permit process, fast track the 2372 subdivision and waive many county requirements market developments must pay. The guaranteed NOI (net operating income) is $400,000 for 24 months from closing. This allows the developer the necessary cash flow to carry to debt service and allow the time needed for the entitlements and permits. If the developer does not want or need the warehouse I can sell that at a 6.5% cap rate and close the sale when the subdivision is complete and ready to close. If the warehouse was sold at $6,000,000 the cap rate is 6.66% and brings the cost basis of the acquisition down exponentially; eg. If the property sold for $8,000,000 which would include the 2 additional TMK's the price for the land drops to $2,000,000. Where on Maui can you buy 4 + - oceanfront acres zoned M-1 for $2m? It gets better. M-1 allows B-2 zoning above the first floor. B-2 allows 20 TVR's (transient vacation rentals) per lot. I don't know how the county would look at the mixed use but with 3 buildable lots would allow 60 TVR's at $125 per night would generate an additional gross income of $2,700,000 a year. The county may say no.

Essential Information

MLS® #384188
Price$8,695,000
Square Footage265,999
Acres6.11
TypeCommercial
Sub-TypeCommercial-For Sale
Land TenureFee Simple
StyleIndustrial
StatusActive

Community Information

Address200 Waiehu Beach Rd
AreaWailuku
SubdivisionNONE
CityWailuku
StateHawaii
Zip Code96793

Amenities

ParkingUnassigned
ViewMountain/Ocean
Is WaterfrontYes
WaterfrontOceanFront

Amenities

Chill Room, Fire Sprinker System, Freezer Room, High Ceiling, Private Restrooms, Raised Floor

Utilities

Light Electricity, Small Water Meter

Interior

CoolingIndividual
# of Stories2

Additional Information

Date ListedSeptember 12th, 2019
Days on Market264
ZoningM-1 Light Industrial, Urban
Description Land TenureFee Simple

Listing Details

OfficeeXp Realty

Wailuku Statistics

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Listings provided courtesy of the REALTORS® Association of Maui.

IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Listings provided courtesy of the REALTORS® Association of Maui.

IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.