This property in Wailuku is a 14 unit two story mixed use commercial building. There are six commercial units on the first floor eight residential units on the second floor. With all units rented, there is a total potential rent of $16,572/mo. Based upon an estimate of the operating expenses, this building is being offered at an approximate cap rate of 8%. The electrical service includes 8 sub-meters corresponding with the commercial units. Currently there are 32 parking spaces. A proposed widening of Lower Main Street plan would move back the existing retaining wall by 10 feet. While this still allows for two rows of parking stalls, the change in the angle of the stalls will reduce the total number of stalls by approximately 6-8 stalls. In anticipation of this, the formerly commercial use of the second floor was converted to residential use. Since the residential tenants use the parking lot at times different than the commercial tenants, this mixed use should allow sufficient parking even when the road gets widened. This property is offered by Maui Island Properties for $1,995,000. This property sold!
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