1778 Ala Moana Blvd
Honolulu, HI 96815 Waikiki

• Unit Size: 36,956 SF
• Condo Use: Retail
• Price: $30,000,000 USD
• Sale Type: Investment
• Price/SF: $811.78 USD

Description

Discovery Bay’s iconic characteristics extend far beyond the rare opportunity
to acquire a fee-simple* asset in Waikiki’s tightly regulated and fully built out
submarket, it reflects Hawaii’s elite investment allure and the long-term stability
that defines generational investment opportunities.

Sale Notes

Institutional Property Advisors (IPA) is pleased to present Discovery Bay to the global
retail investment market. Discovery Bay is a fee-simple*, world-class retail opportunity
located at 1778 Ala Moana Boulevard and where Waikiki retail begins (“Property”).
Discovery Bay is positioned at the intersection of necessity and luxury, serving the
essential needs of 660 residential units while capturing the aspirational spending
of 1.2M tourist beginning their Waikiki experience. Beyond the 660 condominium
units directly above, Discovery Bay sits at the center of a one-block cluster of several
thousand hotel and condo units at Hilton Hawaiian Village, Ilikai, Ala Moana Hotel
and Prince Waikiki, plus additional timeshare development at Ala Moana and Ena
Road and across from the property.
Generating approximately $1.735MM of annual NOI and more than 40 years of
proven operating history, Discovery Bay delivers defensive cash flow with a clear
path to NOI growth through long term parking income optimization. The Property
includes 250 parking spaces in the complex’s parking structure producing
approximately $477,000 annually at below-market rates, offering an immediate NOI
enhancement opportunity. The established, necessity oriented tenancy provides
durable performance across economic cycles.