Waikele Towers Apartments

Transcription

1 Waikele Towers Apartments FARRINGTON HIGHWAY, WAIPAHU, HAWAII RARE 50-UNIT MULTIFAMILY HOUSING INVESTMENT OPPORTUNITY Prime location in the heart of the Waipahu Walking distance to new rail station and neighborhood retail centers Located within a rail station transit-oriented development (TOD) area, which may provide the opportunity to convert to business mixed-use zoning All units renovated in 2017/2018 Elevator modernized in 2018 On-site laundry and management office Separate electric meter for all units Eligible for agency financing Basic Allowance for Housing (BAH) is increasing significantly in 2019, driving area rent growth Rarely available asset in a perpetually supply-constrained high barrier to entry market Interior/exterior improvements completed, this is an EXCELLENT TURN-KEY INVESTMENT! Exclusively listed by

2 SUPERB LOCATION, A SHORT WALK FROM NEW RAIL STATION & NEIGHBORHOOD RETAIL Waikele Towers Apartments is situated in West Oahu, and benefits from the strong demand for rental apartments in the area. Centrally located, a short walk/drive from a wide selection of neighborhood retail centers, rail station, bus lines and H-1 Freeway. The surrounding topography provides beautiful views of the Waianae mountains and ocean views to Waikiki/Diamond Head, with cool tradewind breezes year-round. INVESTMENT SUMMARY PRICE Open Bid LOCATION Farrington Highway Waipahu, Hawaii TAX MAP KEY ZONING A-2 (Medium Density Apartmt) TENURE Fee Simple, Free and Clear NUMBER OF UNITS 50 2-bedroom 1-bath units 660 to 743 square feet Renovated in 2017/2018 PARKING 60 stalls YEAR BUILT 1973 (Concrete/Masonry) LAND AREA 32,176 Square Feet BUILDING AREA 36,242 Square Feet NET RENTABLE AREA 34,494 Square Feet NUMBER OF FLOORS 9 ELEVATOR 1 (Modernized in Sep 2018) NET OPERATING INCOME $792,389 (Pro forma) Waikele Towers West Loch Rail Station

3 Waipahu Town Center CVS/Longs Drugs Seafood City Supermarket Starbucks Coffee Various eateries H-1 Freeway Don Quijote Zippy s Rail Station Waipahu Shopping Plaza Pacific Supermarket Savers Various eateries Rent-A-Center Walgreens Pharmacy Westgate Center Various eateries Service retail Waikele Towers Apartments Commercial Asset Advisors is pleased to present the opportunity to acquire the fee simple interest in the Waikele Towers Apartments, comprised of fifty 2-bedroom 1-bath apartments, in a prime location in the heart of the Waipahu retail corridor within walking distance of the new rail station, supermarkets, drug stores, service retail and a variety of local eateries. Originally constructed in 1973, the property was fully renovated in 2017/2018. Interior improvements include new kitchen cabinets, countertops, and appliances, bathroom and light fixtures, ceiling fans and vinyl plank flooring. A $251K modernization of the passenger elevator was completed in September Other recent improvements include full exterior painting, lighting, roof coating, parking lot repair and landscaping. INVESTMENT HIGHLIGHTS Due to Oahu s perpetually supply-constrained market, the Waikele Towers Apartments has consistently maintained high occupancy and short unit turnover times between tenants Located just minutes away from retail centers On-site coin operated laundry facility (owned equip.) Close proximity to bus lines and major thoroughfares A short walk away from the new West Loch rail station, with service from East Kapolei to Aloha Stadium commencing in All units have individual electric meters and open air lanai Opportunity for Buyer to increase value by adding a 1-bedroom unit on the ground floor Rare opportunity to acquire a fee simple property in the heart of Waipahu at below replacement cost Strong employment in the immediate vicinity

4 Schofield Barracks Wheeler Army Air Field (North of subject) Honolulu CBD Diamond Head Waikiki Joint Base Pearl Harbor-Hickam Waikele Towers Apartments PROXIMITY TO NUMEROUS MILITARY BASES DRIVES ONGOING AREA RENT GROWTH Military housing allowance, known as the Basic Allowance for Housing (BAH), is continuing to increase significantly in Honolulu County in Apartment rental rates in Honolulu County have historically grown faster when BAH increases year-over-year. Some ranks with income levels that correspond to higher propensity to rent received a significantly higher housing allowance increase for Honolulu County BAH vs 2018 BAH All ranks Average Change - With Dependents Average Change - Without Dependents Overall Average Change E01 - E09 Average Change - E01 - E09 - With Dependents Average Change - E01 - E09 - Without Dependents Overall Average Change - E01 - E09 Nearby Military Presence by Installation (2013) Base Branch Hickam AFB Air Force Schofield Barracks Army Pearl Harbor Naval Shipyard Navy Barbers Point NAS Navy Total Increase 5.22% 7.83% 6.41% Personnel 13,257 41,355 18, , % 9.29% 8.76% Dependents 7,834 24,251 10, ,389

5 Elevator Modernized in September 2018

6 On-Site Management Office Exclusively listed by David Asakura (B), CCIM Topa Financial Center 745 Fort Street, Suite 1420 Honolulu, Hawaii Commercial Asset Advisors, LLC This information has been obtained from sources believed to be reliable. Commercial Asset Advisors makes no representations or warranties, expressed or implied, as to its accuracy and completeness; and said information is subject to change and/or offer subject to withdrawal without notice.