200 Waiehu Beach Rd, Wailuku, 96793

Commercial - Commercial-For Sale For Sale in NONE

$8,695,000

Beds
Baths
265,999Sqft
6.11Acres
Built
68DOM
MLS® #: 384188
Active, 68 Days on Market

ATTENTION DEVELOPERS AND INVESTORS. 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 Footage: 265,999
Acres: 6.11
Type: Commercial
Sub-Type: Commercial-For Sale
Land Tenure: Fee Simple
Style: Industrial
Status: Active

Community Information

Address: 200 Waiehu Beach Rd
Area: Wailuku
Subdivision: NONE
City: Wailuku
State: Hawaii
Zip Code: 96793

Amenities

Amenities: Private Restrooms, Fire Sprinker System, High Ceiling, Raised Floor, Chill Room, Freezer Room
Utilities: Light Electricity, Small Water Meter
Parking: Unassigned
View: Mountain/Ocean
Is Waterfront: Yes
Waterfront: OceanFront

Interior

Cooling: Individual
# of Stories: 2

Additional Information

Listed By: eXp Realty
Date Listed: September 12th, 2019
Days on Market: 68
Zoning: Urban, M-1 Light Industrial
Monthly Maintenance Fees: $0.00
Division: 2
Zone: 3
Section: 4
Plat: 027

Financials

$/SqFt: $33

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.


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