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«MLS# 378213
350 Hukilike St
»
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The very best commercial investment in the Kahului and Wailuku area. This property is zoned Light Industrial. "Maui County Ordinance 19.24.020 also allows any use permitted in a B-1,B-2 & B-3 business district' provided, that no building, structure or portion thereof shall be hereafter erected, converted, or moved onto any lot in an M-1 district for dwelling purposes, including hotels and motels, except for dwelling units located above or below the first floor and apartments." The way I interpret this is that dwelling units ARE permitted above the first floor." At the corner of Hukilike and Hoohana the First National Pawn building has the highest visibility with 161 feet frontage on Hoohana and 250 feet on Hukilike. There are 10 parking places and 1 loading zone. The ground floor has 4,915 square feet and the mezzanine level has 3,398 square feet. This building is 100% leased and the tenants with leases expiring want 3 additional years. Tenants are not being charged the .19 cents PSF to offset the expenses. This building should be a triple net lease. Built in 1991 this is a handsome building. There is an exisitng $1,100,000 first mortgage with Pacific Guardian Insurance of Japan @5% interest with 20 remaining years. Possible assumption to a highly qualified buyer with strong financials. Monthly payment is approximately $4,583.33 interest only. Add the principal. Gross monthly rent for the 5 tenants is $12,020 which includes $5,000 from First National Pawn which is owned by the owner of the building and the business is for sale. The annual gross income is $144,240.00. Gross annual expensess are $18,800. There is a 5% escalation in rent annually. The NOI(net operating income) is $125,440.00 before debt service. The new owner should assess a .19 cent CAM charge(common area maintenance) to offset the expenses. The rents are slightly below market so this should not be a problem. This will offset the $18,800 expenses which are as follows: RPT(real property tax): $9,200 annually Insurance: $4,500 annually ELectric and water: $3,600. Maintenance: $1,500. Unit A-Tatoo shop. $1,320.00 per month. Tenant would like a three year extension. Upstairs and in the back. Unit B-LBC Shipping. $2,350.00 per month. Lease expires June 2018. Tenant wants three more years. Unit C. Fresh produce store. $1,800.00. Lease expires April 1, 2021. Units D & E-First National Pawn. $5,000. Owner occupied and includes a huge upstairs mezzanine. The business is for sale as illness is forcing the sale of the building and business. The upstairs could be built out as an apartment or short term rental as the zoning allows all Business uses for B-1, B-1 and B-3. B-2 allows transient short term rentals. aka: hotel/motel. Do your due diligence with the county on this one. Unit F-Earth Runnings.$1,550 which includes an upstairs mezzanine.
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Property Stats
Price:$1,795,000 Fee Simple
List Date: April 18, 2018 (DOM:5)
Type: Commercial-For Sale
Status: ACTIVE
District: Kahului 
Address: 350 Hukilike St
Land Area: 10,476 SF
View: Other 
Maui County Tax Info
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«MLS# 378213
350 Hukilike St
»
This property is listed by McEntire Realty
Randolph M Antonio R(S) may represent you as Buyer's Representative.
This information is believed to be accurate.
It has been provided by sources other than the Realtors Assoc. of Maui
and should not be relied upon without independent verification.
You should conduct your own investigation and consult
with appropriate professionals to determine the accuracy of the information provided
and to answer any questions concerning the property and structures located thereon.
Featured properties may or may not be listed by the office/agent presenting this brochure.
Copyright, 1995-2018, REALTORS® Association of Maui, Inc. All Rights Reserved.


   

 

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