Preheat the oven to 350°F and grease a 9x13-inch pan.
In a large mixing bowl, combine the cake mix, eggs, coconut extract, vegetable oil, coconut milk, and sour cream. Beat with an electric mixer for 4 minutes.
Pour the batter into the prepared pan and bake for 30-35 minutes until a toothpick comes out clean.
Let the cake cool completely before frosting.
In a bowl, mix the softened cream cheese, butter, vanilla extract, coconut extract, and coconut milk until creamy.
Gradually add the powdered sugar, one cup at a time, and beat until smooth.
Generously frost the cooled cake and sprinkle shredded coconut on top.
Notes
Store any leftovers of this cake in the refrigerator to maintain freshness. Cover it tightly to prevent the frosting from drying out.