Private Fact Sheet
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DESCRIPTION: The bottom space is leased to Castle Resorts, the property management company for the resort association. Castle also uses this office space as its "check-in" location to tourists staying in condominium units under their rental management. Seller says this space has never been vacant since the construction of the development. The upstairs space was previously leased to Saffron Restaurant which closed in mid-2009, the victim of the closing of the Princeville Sheraton Hotel for renovation and the renovation of the Princeville Golf courses. Fortunately, the hotel has re-opened as a St. Regis and all of the golf courses should re-open by Dec. 2009 - For a restaurant operator, there are two opportunities. They can lease the restaurant space for a base rent of $3,000 per month or they can buy the condominium. On a sale basis, the inclusion of the rental income from the downstairs space brings the cost per square foot to approximately $1.82 per square foot including real property taxes, CAM, Water/Sewer and loan principal repayment. The space also includes a significant amount of valuable restaurant leasehold improvements. It is doubtful that there is any similar restaurant space on Kauai's north shore offered at a price even close to this level. If you would like to lease the space, the landlord is willing to "discount" the initial months of rent to assist you in getting the restaurant up and running and profitable.

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