3588 Waialae Ave - Queen Theater
Retail | 12,497 SqFt
Marketing description
CBRE is pleased to present the opportunity to acquire the Queen Theater, an iconic fee simple commercial property located at 3588 Waialae Avenue in the Kaimukī neighborhood of Honolulu, Hawaii. Originally constructed in 1936, the Queen Theater is a long-standing and well-recognized asset situated along Waialae Avenue, Kaimukī's primary commercial corridor.
The Property comprises approximately 12,497 square feet of improvements on a 10,396-square-foot land parcel and is zoned B-2 (Community Business District). The asset is positioned as a covered land investment, with existing improvements supporting interim use while preserving long-term flexibility for adaptive reuse or repositioning.
Offered fee simple and as-is, the Queen Theater represents a rare opportunity to control a prominent commercial site within a built-out, supply-constrained Honolulu neighborhood. The offering is well suited for investors seeking long-term ownership of a legacy asset with durable location fundamentals and future optionality.
Investment highlights
- ICONIC FEE SIMPLE OWNERSHIP IN A HIGH BARRIERS-TO-ENTRY MARKET - Opportunity to acquire a long-standing, well-recognized commercial property held in fee simple within one of Honolulu's most established neighborhood corridors, where fee simple assets of scale are rarely available.
- COVERED LAND INVESTMENT IN A SUPPLY-CONSTRAINED SUBMARKET - Positioned as a covered land investment in Kaimukī, a built-out and supply-constrained submarket characterized by limited new commercial development and high barriers to entry.
- ADAPTIVE REUSE AND LONG-TERM OPTIONALITY - Existing improvements support interim use while preserving long-term flexibility for adaptive reuse or repositioning, subject to applicable approvals, allowing an investor to control timing and strategy.
- ESTABLISHED URBAN INFILL LOCATION ALONG WAIALAE AVENUE - Prominent frontage along Waialae Avenue, Kaimukī's primary commercial spine, within a dense residential trade area and a corridor defined by enduring demand and limited replacement opportunities.
- RARE AVAILABILITY OF LEGACY ASSETS - Opportunities to acquire iconic, fee simple properties of this nature in Kaimukī are infrequent, underscoring the asset's long-term ownership relevance for investors seeking durable location fundamentals.
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