Bought with Pacific Image Properties
$1,800,000
$1,900,000
5.3%For more information regarding the value of a property, please contact us for a free consultation.
1950 Kalihi ST Honolulu, HI 96819
Key Details
Sold Price $1,800,000
Property Type Commercial
Sub Type Industrial
Listing Status Sold
Purchase Type For Sale
Subdivision Kalihi-Upper
MLS Listing ID 202313267
Sold Date 05/31/24
Construction Status Excellent
Year Built 1961
Annual Tax Amount $26,076
Property Description
EXCELLENT 1031 EXCHANGE OPPORTUNITY WITH IN-PLACE 4.5% CAP RATE WITH $85,558 IN PASSIVE CASH FLOW! LONG-TERM LEASE TO PAR HAWAII, HAWAII'S #1 RANKED COMPANY FOR 2023 (Hawaii Business Magazine). Incredible opportunity for an investor to acquire a fee simple single-tenant retail property with a long-term absolute triple net (NNN) lease to an excellent tenant, Par Hawaii, LLC (“Par Hawaii”). Par Hawaii was ranked the #1 in 2023 by Hawaii Business Magazine for its Top 250 list of Hawaii companies, with an annual revenue of $4.4 billion. Par Hawaii operates over 90 retail locations in Hawaii under the Hele, 76, and nomnom brands, in addition to an oil refinery which provides fuel to the islands. The lease structure allows for a passive management investment, with the tenant solely responsible for all costs of maintaining and operating the property. This property is the only gas station servicing the entire Kalihi Valley, making it high performing location on a busy thoroughfare. There is a clean environmental report as well.
Location
State HI
County Oahu
Area Metro
Interior
Cooling Central Air
Flooring Concrete
Fireplace No
Exterior
Parking Features On Site, On Street
Utilities Available Electricity Available, Sewer Connected
Building
Story 1
Entry Level One
Sewer Connected
Level or Stories One
Construction Status Excellent
Schools
Elementary Schools Kapalama
Middle Schools Dole
High Schools Farrington
Others
Tax ID 1-1-3-028-055-0000
Financing Cash
Special Listing Condition None
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