King Kalakaua Plaza Parking Condominium
This offering represents a rare opportunity to acquire a modernized, fee simple, two-level 201-stall parking condominium plus an additional 35 potential valet spaces, located within the newly redeveloped Marriott Vacation Club Waikiki on world-renowned Kalakaua Avenue. The parking condominium is accessed via a single, controlled vehicle ingress/egress point from Kalaimoku Street, providing efficient circulation and operational control. Situated in the heart of Waikiki, one of Hawaii’s most supply-constrained and high-demand submarkets, the Property benefits from exceptional visibility and built-in demand generated by surrounding hotels, luxury retail, restaurants, beaches, and high-density residential development.
The Property generates approximately $1 million in annual net operating income, delivering stable in-place cash flow with clear upside potential through rate optimization, monthly contract parking expansion, valet growth, and demand-based pricing strategies. Parking assets of this scale are exceptionally rare in Waikiki, particularly those available for individual fee simple ownership. Supported by strong tourism fundamentals, high barriers to new development, and sustained commercial activity, this offering presents an ideal opportunity for private capital, family offices, or 1031 exchange buyers seeking a resilient, low-management asset in one of the most proven hospitality-driven markets in the United States.
PROPERTY HIGHLIGHTS
• Rare Fee Simple Ownership in the heart of Waikiki, one of the most supply-constrained and high-visibility urban resort markets in the world.
• 201 parking stalls plus 35 potential valet spaces, offering scale rarely available for individual ownership in Waikiki.
• Located within the newly redeveloped 110-unit King Kalakaua Plaza (KKP) at the Marriott Vacation Club Waikiki, providing built-in demand from hotel guests and surrounding retail.
• Situated along Kalakaua Avenue in Waikiki’s premier commercial and tourist corridor.
• Approximately $1M in current NOI, supported by strong daily and overnight demand.
• Significant value-add potential through rate optimization, valet expansion, EV charging revenue, and operational efficiencies.
• Ideal for private capital or 1031 exchange buyers seeking immediate income with long-term growth potential in a global travel destination.
Basic Facts
| Purchase Type: Fee Simple | Area: 62697 sq ft | Year built: 1997/2024 Renovated | Zoning: Resort Mixed Use Precinct |
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- Senior Vice President, Retail Market Expert
Andrew Starn, Senior Vice President and Retail Market Expert with Cushman & Wakefield ChaneyBrooks, specializes in Waikiki and resort markets throughout the state of Hawaii. For the past 18 years, he has brought unsurpassed knowledge of Waikiki and Hawaii’s resort retail environment to support his clients’ goals. Mr. Starn focuses on sales and retail leasing in Waikiki and Hawaii’s unique resort retail landscape. His wealth of market knowledge allows both Landlords and Tenants to succeed and complete transactions in the very difficult to penetrate Urban Honolulu and Waikiki markets. He also coordinates tenant representation services including new site acquisitions and full market tenant roll-outs for clients such as Saint Laurent, Prada, Spectrum, and Volcom. This scope of services includes the negotiation of new leases, lease terminations, renewals and extensions for existing tenants, retail consulting services, market analysis and property sales. Having completed over 253 resort sale and lease transactions in his career, with a total deal consideration of $339.5 million, Mr. Starn continues to provide his clients with unparalleled insight into the Hawaii market. | MAJOR SALES TRANSACTIONS • Sale Chrome Hearts - $30M • Sale Meadow Gold Site $24M | Current & Previous Landlord Leasing Assignments • Hilton Hawaiian Village • The Shops at Wailea • Laylow Hotel • Lilia | Select Kalakaua Tenant Representation Assignments • Saint Laurent – Royal Hawaiian Center • Tiffany – Royal Hawaiian Center • Tory Burch – Royal Hawaiian Center • MiuMiu – Luxury Row | CLIENTS SERVED • Richemont • Kering Group • Saint Laurent • Prada • MiuMiu • Valentino • Tiffany • Tory Burch • Volcom • BlackSand Capital • Blackstone Group • Brookfield • Burberry, Ltd. • Goldman Sachs • Hilton Worldwide • Kobayashi Group • L&B Realty • Microsoft • Outrigger Enterprises, Inc. • Queen Emma Land Co. • Shidler/Petty • Spectrum | Professional Affiliations • International Council of Shopping Centers (ICSC) • Rotarian (Rotary Club of Honolulu) • Licensed Real Estate Broker, State of Hawaii | Community Leadership • President of HIWP (Water Polo non-profit) | EDUCATION • Bachelor of Science, Finance and Entrepreneurship, University of Colorado, Colorado
- Licensed Real Estate Broker, State of Hawaii: RB-19525
- (808) 544-1888
- astarn@chaneybrooks.com
