- Rare fee simple parking structure with ground floor retail spaces and basement storage space
- Stable parking cash flow with historically high occupancy
- Located in the densely populated area of downtown Honolulu
- Value-add through below market commercial lease rates
- Opportunity to increase NOI through leasing basement storage
- Surrounded by several residential high-rise buildings, the Hawaii Theatre, established restaurants and boutiques
- Situated between Honolulu’s Central Business District (“CBD”) and the Chinatown (restaurant) District
- Daytime parking demand derived from 7 million square feet of office space in the CBD
- Nighttime parking demand generated by the Hawaii Theatre, restaurants, bars, boutiques, galleries and nightlife in the restaurant/arts district
- Parking is not required in Chinatown or CBD, therefore the Property benefits by providing parking to CBD employees/
- Many CBD employees/customers park at Mark’s Garage due to its central location
- The property is subject to the interim Transit-Oriented Development (TOD) zoning ordinance being located near the Chinatown rail station. Interim TOD zoning guidelines allow for increased density on the property with a 7.5 floor area ratio (FAR).
- Flexible mixed use zoning allows for a wide variety of potential uses including office buildings, medical clinics, retail establishments, financial institutions, multi-family dwellings, hotels, art galleries, colleges, schools, theatres and automobile service stations.
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