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Lofts East at Waikoloa

Big Island – Hawaii

Executive Summary

Waikoloa Plaza, LLC owns a 1.215-acre, fee simple parcel with newly constructed loft-style apartments (the “Property”) located in the upscale residential community of Waikoloa Village, Hawaii. Lofts East at Waikoloa will be fully developed by 4/1/23 and is currently 100% leased to national corporate tenants including Mauna Lani Auberge Resort and the historic Rosewood Kona Village Resort. The Property consists of (11) three-story walk-up buildings comprising thirty-three (33) two-bedroom/one-bath units at 692 square feet each and is adjacent to Foodland-anchored Waikoloa Plaza and the future Holiday Inn Express┬« hotel. The Property is zoned to allow short-term vacation rentals (STR) which combined with corporate housing will benefit the Borrower with higher yields than traditional long term market leases.

Lofts East at Waikoloa

Asset Overview

Value:
$19,600,000
Cap Rate:
4.75%
Address
68-1820 Waikoloa Road
Waikoloa Village, Hawaii 96738
County
Hawaii
Building Area
22,836 SF
No. of Buildings
11
No. of Units
33
Unit Mix
All 2-Bed/1-Bath
Land Area
1.215 AC
Tax Map Key
(3) 6-8-003:015 Lot 1-A-2
Completion Date
4/1/2023
Price Per SF
$858.29
Occupancy
100%
Net Operating Income
$930,600

Valuation Brochure