Liliha Professional Building

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.

• 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