Kalihi Zippy's - NNN Investment Opportunity | 904 Mokauea St
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Kalihi Zippy's - NNN Investment Opportunity 904 Mokauea St
3,388 SF Retail Building Honolulu, HI 96819 $3,795,000 ($1,120/SF) 4.18% Cap Rate
Executive Summary
• Current NNN rent: $158,800 (4.2% cap rate)
• 2028 NNN rent: $251,000 (appraiser proforma) (6.6% cap rate)
• Land: 13,161 SF
• Building: 3,388 SF (1990 construction)
• Rare opportunity to purchase the fee simple interest in a single tenant net leased prime retail property in the busy N. King Street corridor, presently leased to Zippy’s through 2033.
• The ground lease is absolute triple net (NNN) with no landlord obligations, a rarely available purely passive income investment, ideal for a 1031 exchange.
• The corporate tenant (not franchisee), Zippy’s, is a well-known local favorite eatery. Founded in 1966, it has become a famous Hawaii institution, growing to 23 locations on Oahu, Maui, Hawaii Island and now recently expanded to Las Vegas.
• The property has ample parking (19 stalls) and is located at a high-visibility, signalized double corner on a major Honolulu thoroughfare.
• 2028 NNN rent: $251,000 (appraiser proforma) (6.6% cap rate)
• Land: 13,161 SF
• Building: 3,388 SF (1990 construction)
• Rare opportunity to purchase the fee simple interest in a single tenant net leased prime retail property in the busy N. King Street corridor, presently leased to Zippy’s through 2033.
• The ground lease is absolute triple net (NNN) with no landlord obligations, a rarely available purely passive income investment, ideal for a 1031 exchange.
• The corporate tenant (not franchisee), Zippy’s, is a well-known local favorite eatery. Founded in 1966, it has become a famous Hawaii institution, growing to 23 locations on Oahu, Maui, Hawaii Island and now recently expanded to Las Vegas.
• The property has ample parking (19 stalls) and is located at a high-visibility, signalized double corner on a major Honolulu thoroughfare.
Property Facts
Sale Type
Investment NNN
Sale Condition
Ground Lease (Leased Fee)
Property Type
Retail
Property Subtype
Building Size
3,388 SF
Building Class
B
Year Built
1990
Price
$3,795,000
Price Per SF
$1,120
Cap Rate
4.18%
NOI
$158,800
Tenancy
Single
Building Height
1 Story
Building FAR
0.26
Lot Size
0.30 AC
Zoning
BMX-3 / R-5 - BMX-3 (~60%, fronting King Street) and R-5 (~40%, portion of rear parking area) with 200- and 25-foot building height limits, respectively.
Parking
19 Spaces (5.61 Spaces per 1,000 SF Leased)
Amenities
- Corner Lot
- Signage
- Signalized Intersection
Walk Score ®
Very Walkable (87)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 1-1-2-001-052-0000 | Improvements Assessment | $491,500 |
| Land Assessment | $2,721,600 | Total Assessment | $3,213,100 |
PROPERTY TAXES
Parcel Number
1-1-2-001-052-0000
Land Assessment
$2,721,600
Improvements Assessment
$491,500
Total Assessment
$3,213,100
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Kalihi Zippy's - NNN Investment Opportunity | 904 Mokauea St
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