Liliha Professional Building
Office | 40,296 SqFt
Marketing description
EXECUTIVE SUMMARY
Standard Commercial LLC is pleased to present a rare opportunity to acquire the fee simple interest in the Liliha Professional Building, a multi-tenant medical office property located in the heart of urban Honolulu, Hawaii. The property totals 40,296 square feet of gross leasable area and is currently 82% leased to seventeen tenants. It offers ample on-site parking with 194 stalls.
The building recently underwent over $1 million in capital improvements, making it a turnkey opportunity for a new owner. An owner-user can secure one of the few outpatient facilities available in urban Honolulu while generating income from existing tenants. Alternatively, a value-add investor can pursue lease-up, repositioning, or condominium conversion, supported by strong in-place cash flow.
Investment highlights
ONE OF ONLY EIGHT MEDICAL OFFICE BUILDINGS in Honolulu which aren’t attached to a hospital campus
STABLE HISTORICAL OCCUPANCY | The Property had previously averaged 94% occupancy for several years, and consists of primarily long-term medical office tenants
VALUE-ADD OPPORTUNITY with upside through increasing rents and occupancy
RECENTLY REMEASURED TO CURRENT BOMA STANDARDS with the rentable area of the property now reflecting a 17.35% load factor
SUBSTANTIAL DISCOUNT TO REPLACEMENT COST based on a projected replacement cost of $600 per sf for new medical office buildings in Honolulu
FINANCEABLE ACQUISITION | Existing in-place cash flow allows an investor to obtain favorable financing terms
LOCATED WITHIN AN OPPORTUNITY ZONE which may provide tax benefits for eligible investors
Property Highlights
FUNCTIONAL FLOOR PLATES with contiguous vacant spaces and ample infrastructure allow an owner-user to easily take occupancy
INDIVIDUAL ELECTRIC METERS for each space
RENOVATED COMMON AREAS | Ground floor lobby was completely redone to accentuate a modern design as well as common area hallways on upper floors which had new paint, carpet, and signage
BUILT-OUT CLINICAL SPACES | Ample in-place plumbing and functional layouts facilitate leasing to medical tenants
AMPLE TENANT & CUSTOMER PARKING | Three-story parking garage plus an exterior surface lot provides adequate parking for tenants and visitors
ADA COMPLIANT RESTROOMS in the common areas
STABLE EXISTING OCCUPANCY home to thriving businesses and respected long-term medical practitioners
ELEVATORS have undergone modernization project
BRAND NEW CHILLER installed in 2020
ON-SITE PHARMACY (WALGREENS) AND LABORATORY (CLINICAL LABS) SERVICES
IRREPLACEABLE LOCATION in the heart of urban Honolulu with immediate access to the H1 freeway
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