4585 Kukui St

Description

Exciting Redevelopment Opportunity in Historic Downtown Kapaa, HIWe are is thrilled to present a unique opportunity in the heart of Downtown Kapaa. The Dragon Shopping Center located at 4504 Kukui St. Offering an exceptional chance for investors & developers to acquire a landmark property facing Kuhio Hwy, the primary arterial road connecting the North Shore with the rest of the island.The center's highly desirable location on the center strip & adjacent to the ABC store, further enhances its appeal. With approximately 14,478 sqft of rentable space, featuring 4 deluxe restrooms & 30 private parking stalls, the property boasts exceptional amenities. It occupies 17,011 sqft of commercial Mix Use zoned land in the Downtown Kapaa Business District.This property is ideally suited for partial conversion into the lucrative residential market. Currently, the property has been used as retail/office space. However, considering the Kapaa median residential sale price at $1.0M & the median rent reaching $3k per month, converting the office space into residential loft units would significantly increase the property's revenue, value & provide a stable source of income. In pursuit of this vision, we have taken initial steps to engage with the planning department & we are delighted to share that they have provided verbal approval for our plans. Our Mix Use Zoning allows us to convert the property into residential lofts while maintaining the downstairs retail units, anchored by the restaurant, art gallery. In addition we have been granted verbal permission to create 15 residential units. Another significant benefit of converting the top units into residential spaces is the substantial reduction in parking requirements. This opens up more possibilities such as renting out excess parking to neighboring buildings that lack parking facilities and generating additional income.