mango court - loopnet · 2019-04-16 · investment summary asking price $3,999,999 address 79-7460...

MANGO COURTRare Fee Simple

Investment Opportunity for Sale79-7460 MAMALAHOA HIGHWAY, CAPTAIN COOK, HAWAII 96750

www.MangoCourt.com

Investment Summary

Asking Price $3,999,999

Address 79-7460 Mamalahoa Highway Captain Cook, Hawaii 96750

Tenure Fee Simple

TMK No. 3-7-9-7-29

Land Area 1.90 acres

Net Rentable Area Total - 17,023 square feet

Retail & Multi-Family (Building A) 12,304 square feet

Office & Multi-Family (Building B) 4,719 square feet

Parking 100 stalls

2018 Actual NOI $213,768

2019 Projected NOI $249,445

Zoning Village Commercial - 10 (CV-10)

Height Limit 30 feet

2 Mango Court Brochure

Investment & Location Highlights

Investment Highlights• Extremely rare fee simple ownership opportunity in the heart of Kona coffee country

• Well maintained cash-flowing asset with no known deferred maintenance issues

• Space 102 available for lease at current market rents, or an owner-user opportunity

• Conveniently located on Mamalahoa Highway, the main thoroughfare of the island with 19,945 cars per day

• Home of Annie’s Fresh Island Burgers - 2019 Winner of the Travel Channel’s Best Burger in the State of Hawaii

• Mixed use property provides stability through diversity of income

• Nostalgic Hawaiiana charm with tropical landscaping and legendary mango tree

Location Highlights• 17 miles from Kona International Airport

• 10 miles from King Kamehameha Marriott Hotel on Ali’i Drive

• 6 miles from Keauhou

• .5 miles from Aloha Theater

• 11.1 miles from Kealakeua Bay and the Captain Cook Monument

3Colliers International Hawaii

This Fee Simple property is located on Mamalahoa Highway, just outside of Kailua-Kona and within the Hawaii Coffee Belt area. The residents living in the southern area of the island drive past the property every day on their commute. Visitors will pass the property several times on their way to tourist attractions on the West side of the island, including Volcano National Park (#1 tourist attraction in the state), Kealakekua Bay, the Captain Cook monument and the City of Refuge or “Ka Lae” which is the southern most point in the United States.

The property includes a diverse tenant mix, including Cliff John’s Fine Art Gallery, Las Vegas Chef and Entrepreneur Thepthikone Keosavang’s TK’s Noodle House, Full Life Adult Care, The Mac Nut Company, and Annie’s Island Fresh Burgers, awarded Hawaii’s best burger by The Travel Channel in 2019, Business Insider Magazine in 2014, and voted “Best Burger” by West Hawaii Today readers 7 years in a row.

Property Information

Property Highlights• The hub of Kona coffee country

• 5 commercial units

• 5 office units

• 11 residential units

• Plenty of onsite parking

Value-Add Opportunities• Additional offices could be converted to residential, or residential unit to office as the market demands

• Reviving former organic garden for lease to local farmer or operation by owner with built-in demand for produce by on-site food establishments

• Residential units are currently on month to month leases. There is an opportunity to raise rents to increase NOI

• Space 102, a fully built-out beautiful sunset view cafe/bar is currently vacant and could be an owner/user opportunity


Site Plans

1.897 Ac.

11

21

05

EX

ISTIN

G S

EP

TIC S

YS

TEM

(1,000 gpd capacity)

MAMALAHOA HIGHWAY

335'

(exstg. hood)

d.w.

(exstg. prep)

(exstg. u.c. refers)

ice

BAR

# 1052,800 SF

Annie's Island Fresh Burgers

HWS

HWS

prep sinkH

WS

HW

SSC

OO

P DIP

HW

S

(exstg. hood)

HW

S

# 104750 SF

Cliff Johns/Aurora King

# 1031,400 SF

# 102

1,777 SF

VACAN

T

# 101

1,592 SF

Thepthikone Keosavang

WALK INREFER

FS

FS

FS

FS

HW

S

FS

FS

FS

FS

HW

S

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ICE M

AKER

scullery sink

prep sink

scullery sink

EX

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EP

TIC S

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TEM


Unit # Unit Size Tenant NameBuilding A - RetailA101 1,777 Thepthikone KeosavangA102 1,592 VacantA103 1,400 Timothy and Sandra HeatonA104 750 Cliff Johns/Aurora KingA105 2,800 Annie's Island Fresh BurgersBuilding A - ResidentialA201 550 Loana LawsonA202 535 Raileen ChingA203 550 Ben HartmanA204 550 Jesse SultanA205-206 1,200 Mitchell, Enos, LlanesA207 600 Brandi KrupnickBuilding B - OfficeB110 360 Terry FujiokaB112 792 Full LifeB212 396 Lance OwensBuilding B - ResidentialB111 360 Mary Beth MoodyB113 291 Daniel ChristensenB114 540 Camacho / AbrahamB210 432 Camacho / SemesB211 432 Andrea Kunz-FulepB213 396 Frangipani Day SpaB214-15 720 Frangipani Day Spa

Building A

Building B


1,000 galconcrete tank

1,000 gal. GREASEINTERCEPTOR (G.I.)

GAS METERS

grease interceptor(#105 Annie's)

grease interceptor(#103 Gelato)

dish washer overgrease interceptor(#101 restaruant)

4" ABS line to G I.4" ABS line to IWS

4" ABS line to G. I.4" ABS line to IWS

2" ABS

1.5" PVC

1.897 Ac.

S ITE PLAN

BL

DG

#1

BLDG #2

11

21

05

EXISTING SEPTIC SYSTEM(1,000 gpd capacity)

MA

MA

LAH

OA

HIG

HW

AY

NTS

335'

(exstg. hood)

d.w.

(exstg. prep)


ice

BAR

# 105

HW

S

HW

S

prep sinkHWS

HWS SCOOP DIP

HWS

(exstg. hood)

HWS

# 104

# 103

# 102

# 101W

ALK

INR

EFER

FS

FS

FS

FS

HWS

FS

FS

FS

FS

HWS

FS

ICE MAKER

scullery sink

prep sink

scullery sink

HW

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FS

FS

FS

HW

S

HW

S

# 10

2

# 104

WALK INREFER

# 103

(exstg. hood)

d.w.

(exstg. prep)


ice

# 10

1

# 105

prep

sin

k

HWS

SCO

OP D

IP

FSHW

S

HW

S

HW

S

FS

FS

ICE

MAK

ER

scullery sink

prep

sin

kscul

lery

si

nk

SODA STAND

FS

SODA STAND

SODA STAND

FS

FS

(exstg. prep)

MAIN LEVEL BUILDING #1NTS

D

D

UPPER L EVEL UNIT S 205 , 206 , 207

SHWR

EXISTING LANAIWALKWAY

UNIT #205

TUB/SHWR

UNIT #206 UNIT #207

NTS

UPPER L EVEL U N IT S 201 - 204NTS

UNIT #206

APT.UNIT #201UNIT #

APT.UNIT #202

APT.UNIT #204

APT.UNIT #203

SINKS AND SHOWERS 1.5" ABS / TOILETS 4" D.I. TO I.W.S. typ.




GAS METERS






2" ABS

1.5" PVC

1.897 Ac.

S ITE PLAN

BL

DG

#1

BLDG #2

11

21

05


MA

MA

LAH

OA

HIG

HW

AY

NTS

335'

(exstg. hood)

d.w.

(exstg. prep)


ice

BAR

# 105

HW

S

HW

S

prep sinkHWS

HWS SCOOP DIP

HWS

(exstg. hood)

HWS

# 104

# 103

# 102

# 101W

ALK

INR

EFER

FS

FS

FS

FS

HWS

FS

FS

FS

FS

HWS

FS

ICE MAKER

scullery sink

prep sink

scullery sink

HW

S

FS

FS

FS

HW

S

HW

S

# 10

2

# 104

WALK INREFER

# 103

(exstg. hood)

d.w.

(exstg. prep)


ice

# 10

1

# 105

prep

sin

k

HWS

SCO

OP D

IP

FSHW

S

HW

S

HW

S

FS

FS

ICE

MAK

ER

scullery sink

prep

sin

kscul

lery

si

nk

SODA STAND

FS

SODA STAND

SODA STAND

FS

FS

(exstg. prep)

MAIN LEVEL BUILDING #1NTS

D

D

UPPER LEVEL U N IT S 205 , 206 , 207

SHWR

EXISTING LANAIWALKWAY

UNIT #205

TUB/SHWR

UNIT #206 UNIT #207

NTS

UPPER L EVEL UNIT S 201 - 204NTS

UNIT #206

APT.UNIT #201UNIT #

APT.UNIT #202

APT.UNIT #204

APT.UNIT #203

SINKS AND SHOWERS 1.5" ABS / TOILETS 4" D.I. TO I.W.S. typ.


Building A - Upper Level 205 - 207

Building A - Upper Level 201 - 204

Building A - Main Level

Retail Tenant HighlightsAnnie’s Island Fresh Burgers - Annie’s Fresh Island Fresh Burgers has earned more than a half a decade of consecutive Best Burger awards in Kona. Travel Channel’s 2019 Best Burger in the state of Hawaii, and Business Insider’s Magazine’s Best Burger in the state of Hawaii in 2014.

Cliff Johns’ Art Gallery - Collection of island treasures with the most comprehensive collection of master woodworkers pieces on the Big Island. Blown glass pieces, metal art, ceramics, hand made jewelry and local artist’s paintings with stories to be told.

TKs Noodle House - Asian Fusion at its finest. TK takes great pride in his fresh farm-to-table concept with a motto of “we won’t cook it until you order it.”

Mac Nut Company - Processes and sells mac nut products along with lotions and accessories for women.

Site Plans

1.897 Ac.

11

21

05

EX

ISTIN

G S

EP

TIC S

YS

TEM


MAMALAHOA HIGHWAY

335'

(exstg. hood)

d.w.

(exstg. prep)


ice

BAR

# 1052,800 SF

Annie's Island Fresh Burgers

HWS

HWS

prep sinkH

WS

HW

SSC

OO

P DIP

HW

S

(exstg. hood)

HW

S

# 104750 SF

Cliff Johns/Aurora King

# 1031,400 SF

# 102

1,777 SF

VACAN

T

# 101

1,592 SF

Thepthikone Keosavang

WALK INREFER

FS

FS

FS

FS

HW

S

FS

FS

FS

FS

HW

S

FS

ICE M

AKER

scullery sink

prep sink

scullery sink

EX

ISTIN

G S

EP

TIC S

YS

TEM



Site Plans

F

F

7'-2

"36

'

24' 24' 24'

3'3'

7'-2

"30

'

3'

12'12'

7'-6

"8'

-10"

19'-9

"

3'

7'-7" 3'-9" 3'-3" 7'-11"

5'-3

"3'

-1"

13'-8

"6"

7'-7" 3'-9" 3'-3" 7'-11"

5'-3

"3'

-1"

13'-8

"6"

8'-1

0"11

'-2"

4'-8

"11

'-4"

24' 24' 24'

12'12'

381.34 sq ft



GAS METERS






1.897 Ac.

M A N G O C O U R T S I T E P L A NB

LD

G #

1

BLDG #2

11

21

05


MA

MA

LAH

OA

HIG

HW

AY

NTS

335'

(exstg. hood)

d.w.

(exstg. prep)


ice

BAR

# 105

HW

S

HW

S

prep sinkHWS

HWS SCOOP DIP

HWS

(exstg. hood)

HWS

# 104

# 103

# 102

# 101

WAL

K IN

REF

ERFS

FS

FS

FS

HWS

FS

FS

FS

FS

HWS

FS

ICE MAKER

scullery sink

prep sink

scullery sink


BUILDING #2 LOWER LEVEL

#110 #111 #112 #113

#114

W H

WOMEN'S

MEN'S

SHWR

SHWR

LANAI

LANAI

LANAI

OFFICE OFFICE OFFICE UNIT

UNIT

BathRoom

Kitchen

LivingRoom

Studio

Bedroom

BathRoom

245 sf

615 sf

2'6x

6'8

2'6x6'8

2'6x

6'8

2'6x

6'8

2'6x6'8

#214 #213

BUILDING #2 UPPER LEVEL

#215

LANAI

LANAI

LANAI

OFFICE OFFICE OFFICE OFFICE

#210

#212

#211

SHWR

SHWR

UNIT UNIT

Kitchen

LivingRoom

Bedroom

615 sf

BathRoom

LivingRoom

Bedroom

cooktop

u.c.fridge

F

F

7'-2

"36

'

24' 24' 24'

3'3'

7'-2

"30

'

3'

12'12'

7'-6

"8'

-10"

19'-9

"

3'

7'-7" 3'-9" 3'-3" 7'-11"

5'-3

"3'

-1"

13'-8

"6"

7'-7" 3'-9" 3'-3" 7'-11"

5'-3

"3'

-1"

13'-8

"6"

8'-1

0"11

'-2"

4'-8

"11

'-4"

24' 24' 24'

12'12'

381.34 sq ft



GAS METERS






1.897 Ac.

M A N G O C O U R T S I T E P L A N

BL

DG

#1

BLDG #2

11

21

05


MA

MA

LAH

OA

HIG

HW

AY

NTS

335'

(exstg. hood)

d.w.

(exstg. prep)


ice

BAR

# 105

HW

S

HW

S

prep sinkHWS

HWS SCOOP DIP

HWS

(exstg. hood)

HWS

# 104

# 103

# 102

# 101

WAL

K IN

REF

ER

FS

FS

FS

FS

HWS

FS

FS

FS

FS

HWS

FS

ICE MAKER

scullery sink

prep sink

scullery sink


BUILDING #2 LOWER LEVEL

#110 #111 #112 #113

#114

W H

WOMEN'S

MEN'S

SHWR

SHWR

LANAI

LANAI

LANAI

OFFICE OFFICE OFFICE UNIT

UNIT

BathRoom

Kitchen

LivingRoom

Studio

Bedroom

BathRoom

245 sf

615 sf

2'6x

6'8

2'6x6'8

2'6x

6'8

2'6x

6'8

2'6x6'8

#214 #213

BUILDING #2 UPPER LEVEL

#215

LANAI

LANAI

LANAI

OFFICE OFFICE OFFICE OFFICE

#210

#212

#211

SHWR

SHWR

UNIT UNIT

Kitchen

LivingRoom

Bedroom

615 sf

BathRoom

LivingRoom

Bedroom

cooktop

u.c.fridge

Building B - Lower Level

Building B - Upper Level

Site Plans


Market Information

Since the end of the Great Recession in 2009, roughly 8,000 non-agricultural wage and salary jobs have been created on the Island of Hawaii. There is a direct correlation between the success of the commercial real estate sector and positive job formation and economic expansion. Of the various employment generators during the past nine years, the office sector created the greatest number of new jobs with 2,050, followed by retail with 1,950, and healthcare with 1,150.

This year alone, employers on the island of Hawaii boosted job counts by a solid 1,200 and continued the positive long term trend for job growth. Posting a gain of 600 positions for the year, the office sector topped the list, followed by 400 new jobs for the retail sector. Unfortunately, the accommodations sector posted a loss of 400 positions however, likely in response to the slowdown in visitor arrivals that resulted from the Puna lava flow, earthquakes and Hurricane Lane) which occured on the opposite side of the island, but nonetheless that negatively impacted the hospitality industry on Hawaii the island as a whole.

During the past year, the number of unemployed increased by 800, bringing the total to 2,600 people. The resulting unemployment rate rose from a December 2017 rate of 2.0% to 2.9% at year-end 2018. Typically, an increase in the number of unemployed is viewed negatively, but in this situation, it appears that the increasing number of jobless is the result of more people returning to the workforce and looking for jobs due to wage increases fueled by the competitive hiring environment that sustained low unemployment rates have created on the island..

Contact UsDEBBIE PARMLEY (B) CCIM808 987 [email protected]

MARK D. BRATTON (R) CCIM*808 523 [email protected]

MIKE PERKINS (S)808 223 [email protected]

*Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2019. All rights reserved.

1-Mile 5-Mile 10-Mile IslandPopulation 2,578 12,122 36,154 202,509Average Household Income $80,049 $86,382 $81,295 $72,306 Median Age 47.2 46.9 45.1 41.6Bachelor Degree Or Higher 596 2,912 8,878 41,716

2018 PYTD* 2017Total Expenditures ($Mil) 2,399.60 2,393.90Visitor Arrivals 1,718,181 1,761,489Per Person Per Trip Spending ($) 1,396.60 1,359.00Average Length Of Stay 7.52 7.34

Demographics

Visitor Demographics

Source: Hawaii Tourism Authority * Preliminary YTD figures

Colliers International Hawaii200 S. King St, #1800,

Honolulu, HI 96813808 524 2666

colliers.com/hawaii

mailto:debbie.parmley%40colliers.com?subject=

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mango court - loopnet · 2019-04-16 · investment summary asking price $3,999,999 address 79-7460...

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