*You are not currently logged in. Please Login or Register to see all information about this listing.

HAHPI

No Image
Description

INVESTMENT SUMMARY

  

CBRE has been retained by the City and County of Honolulu (the “Seller”) as the exclusive consultant for the sale of the long term leasehold interest in its Affordable Housing Projects (the “Projects” or the “Properties”), comprised of 12 distinctive apartment buildings containing 1,257 rental units, commercial space and parking areas. This one of a kind offering will provide the purchaser with long term, stable cash flow in a market containing high barriers to entry and high demand by tenants, while ensuring the City and County of Honolulu can continue providing its residents with quality affordable housing.


Significant barriers to entry -
The combination of a growing local population and continual in-migration of new residents from throughout the Pacific Basin, puts severe stress on Oahu’s land resources that are needed to accommodate affordable housing in its urban areas, making developable land unaffordable and hard to obtain.

Economies of scale -
Acquiring the Portfolio will allow the lessee to operate at high levels of efficiencies with economies of scales thereby positively affecting all facets of operations that grow bottom line profitability.

Long term favorable lease -
The Properties will be offered under long-term ground leases that may be structured with nominal annual lease rents. By operating the Properties as qualifying "housing projects" under regulatory agreements with the City, the acquirer may annually file a claim of exemption from real property taxes. Further, in certain circumstances, nonprofit entities and for-profit entities that carry out new construction or moderate or substantial rehabilitation of eligible housing projects may claim exemptions from Hawaii State General Excise Tax from the Department of Taxation. These opportunities may allow the acquirer to obtain very attractive financing for the Properties while preserving affordability. 

Strong market indicators -
Hawaii is benefitting from an economic resurgence with a strong performance in tourist related industries and tax collections. Federal expenditures have increased as military installations receive continued infrastructure upgrades and redeployment of various specialty divisions to Hawaii bases. Major County and State capital expenditures continue to create momentum in Hawaii’s economy.

 
Strong demandHawaii's high cost of living, combined with the nation's highest median single family home and second highest condominium prices, result in the third lowest home ownership in the nation. This premium cost of housing puts incredible demand on rental housing, as demonstrated by the City and County's 96% occupancy rate in its housing portfolio and the Honolulu market 1 bedroom monthly room rate average of $1,570.

 

 

Portfolio Items
AddressAddress2Address3CityListing IDZipStateGoogle Map OverrideMap Zoom LevelIs ActiveIs PrivateCrm Opportunity IdCrm Property IdIs AuctionIs Net LeasedIs DeletedRegion GuidMarket GuidTenancy Type GuidSizeListing PriceEvent StartEvent EndRegionMarketCountryFormatted AddressMap AddressHtml Formatted AddressModified DateNameTypeSub TypeCountry GuidCrm Item IdIDInternal Rate Of ReturnIs DistressedOccupancySize AcresSize RoomsSize Square FeetSize UnitsState GuidDescriptionIs Portfolio ItemIs Primary Portfolio ItemPhoto UrlListing NameIs LoanDocument Center GuidBid Round GuidList Item IdKeyCache KeyCache CAS
12
Page size:
select
 12 items in 2 pages
Harbor Village
901 River Street
Honolulu, 96817, Hawaii
Product Type:Multi-Housing Units: 90 Tenancy Type: Multi-Tenant
Description
Harbor Village is an 8 story mixed use project containing 60 one bedroom units and 30 two bedroom units surrounded by a interior atrium, 9,676 square feet of commercial space and 134 parking stalls. The Property is situated on the edge of the Chinatown District and offers tenants a variety of views from Honolulu Harbor to the Ko’olau Mountains. The property is within walking distance to public transportation points, shopping and dining alternatives.
 
BachelorsQuarters
91-1216 Renton Road
Ewa Beach, 96706, Hawaii
Product Type:Multi-Housing Units: 10 Tenancy Type: Multi-Tenant
Description
Bachelors Quarters is a one story, 10 unit building with 19 on-grade parking spaces. The Property is situated in the historical plantation section of Ewa. The property is being sold with redevelopment possibilities.
 
Marin Tower
60 N. Nimitz Hwy
Honolulu, 96817, Hawaii
Product Type:Multi-Housing Units: 236 Tenancy Type: Multi-Tenant
Description
Marin Tower is a 28 story mixed use project consisting of 19 studio units, 108 one-bedroom units, 109 two-bedroom units, 13,681 square feet of commercial space and 414 parking stalls in an attached 8 level parking garage with an elevated garden area on its roof deck as a tenant amenity. The property sits in the heart of the Chinatown District on the edge of Honolulu’s CBD and offers tenants spectacular Honolulu, Harbor, Pacific Ocean and mountain views. The property provides easy access to public transportation and is in walking distance to a wide variety of shopping and dining alternatives.
 
Chinatown Gateway Plaza
1031 Nuuanu Avenue
Honolulu, 96817, Hawaii
Product Type:Multi-Housing Units: 200 Tenancy Type: Multi-Tenant
Description
Chinatown Gateway Plaza is a 27 story mixed use project consisting of 199 one-bedroom units and 1 studio, 20,306 square feet of commercial space and 274 stalls located on three sub-terrain floors. The property is located in the heart of the Chinatown District on the edge of Honolulu’s CBD and offers tenants spectacular Honolulu, Harbor, Pacific Ocean and mountain views. The property provides tenants with easy access to public transportation and is within walking distance to a wide variety of shopping and dining alternatives.
 
Chinatown Manor
175 N. Hotel Street
Honolulu, 96817, Hawaii
Product Type:Multi-Housing Units: 90 Tenancy Type: Multi-Tenant
Description
Chinatown Manor is a mixed use project situated in the heart of the Chinatown District and adjacent to a vibrant open marketplace. The property is a 4 story mixed use project containing 90 studio units and 4,660 square feet of commercial space. The property provides tenants with easy access to public transportation and is within walking distance to a wide variety of shopping and dining alternatives.
 
Winston Hale
1055 River Street
Honolulu, 96817, Hawaii
Product Type:Multi-Housing Units: 94 Tenancy Type: Multi-Tenant
Description
Winston Hale is a mixed use project situated in the Chinatown District. The property is four stories containing 94 studio units surrounding an interior garden area and has 6.194 square feet of commercial space.
 
Pauahi Hale Dormitory
126 N. Pauahi Street
Honolulu, 96817, Hawaii
Product Type:Multi-Housing Units: 77 Tenancy Type: Multi-Tenant
Description
Pauahi Hale Dormitory is situated in the Chinatown District. The property is a 4 story structure containing 77 single room occupancy units with common area restrooms and a shared kitchen. The property is being offered with the ability of the purchaser to redevelop the current site.
 
Manoa Gardens
2790 Kahaloa Drive
Honolulu, 96822, Hawaii
Product Type:Multi-Housing Units: 41 Tenancy Type: Multi-Tenant
Description
Manoa Gardens is a senior living project consisting of 8 two story buildings containing 48 studios and 32 one-bedroom units. The project has a community center and 55 on-grade parking stalls. Included in this offering are ONLY 41 of the project’s units and operational control of the entire project the terms of which are to be certified by the City with Pacific Housing Assistance Corporation, which holds a long-term lease of the remaining 39 units. The lease expires in 2047, and the lessee is responsible to pay the pro-rata share of the property’s expenses. At the end of the lease the units control and leasehold ownership will pass to the buyer of the 41 units. The property is located in the heart of beautiful Manoa Valley, a residential neighborhood on the outskirts of downtown Honolulu and a mile from the University of Hawaii. The property provides public transportation, shopping and dining alternatives within walking distance.
 
Kulana Nani
46-229 Kahuipa Street
Honolulu, 96744, Hawaii
Product Type:Multi-Housing Units: 160 Tenancy Type: Multi-Tenant
Description
Kulana Nani consists of 8 individual buildings containing 160 units consisting of 40 two-bedroom units, 80 three-bedroom units, and 40 four-bedroom units. The buildings are attached to a 206 stall multi level parking facility. The property is located in the district of Kaneohe on Oahu’s Windward side. The property provides easy access to public transportation and a wide variety of shopping and dining alternatives.
 
Kanoa Apartments
846 Kanoa Street
Honolulu, 96817, Hawaii
Product Type:Multi-Housing Units: 14 Tenancy Type: Multi-Tenant
Description
Kanoa Apartments consists of two detached structures. One is a two story walk up containing 8 two-bedroom units. The second structure is a three story walk up containing 3 three-bedroom units and 3 four- bedroom units. The property has 17 on-grade parking stalls. The property is located in the district of Kalihi a block off a major thoroughfare with public transportation. The property is adjacent to a public park.