Waikiki Multi-Family

437 Namahana Street, Honolulu, Oahu 96815 Get Directions

$4,000,000

 

Total SqFt
6,067
Lot Size Area
4,500 SqFt
Land Tenure
Fee Simple
MLS #
202415757
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Overview

Unique opportunity to acquire fee simple ownership of a strategically located parcel of land in Waikiki which is improved with a 12-unit apartment building and 6 parking stalls. This prime property is currently near the end of the ground lease term which is set to expire on January 1, 2025, presenting an investor the rare chance to own a fee simple apartment building in Waikiki. This distinguished property features a well-maintained, fully leased 12-unit apartment building, generating steady rental income. The approaching expiration of the ground lease provides a timely opportunity for investors to unlock further value through redevelopment or enhancement of the existing improvements. Ideal for investors looking to capitalize on the ground lease expiration, this property offers significant value-add opportunities. By renovating the apartment building and adjusting rents to market rates, investors can maximize returns and enhance the property’s overall value.

Property Details

Building Type
Apartments
Construction Materials
Hollow Tile
Location
Other
Neighborhood
Waikiki
Net Operating Income
145514.00
Number Of Units Total
12
Parking Features
Covered
Parking Total
6
Property Frontage
Other
Property Type
Multi-Family
Building SqFt
6,067
Total SqFt
6,067
Status
Active
Stories
3
Total Actual Rent
$176,400
Total Annual Operating Expenses
$40,486
Total Income
$186,000
Year Built
1966

Additional Property Info

Disclosures
None, Call Listor, See Remarks
Days on Market
60
Elementary School
Ala Wai
Flood Zone
Zone AO
High School
Mckinley
Laundry Facilities
Coin
Lease Expiration Date
01/01/2025
Lease Fee Month
$400
Middle/Junior School
Washington
Property Condition
Average
Roof
Composition
Tax Amount
$592
Tax Assessed Value
$2,030,500
Tax Assessed Value Improvements
$342,400
Tax Assessed Value Land
$1,688,100
Topography
Level
Utilities
Cable, Internet, Overhead Electricity, Public Water
Zoning
X2 - Apartment Precinct

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Listing Courtesy of Standard Management LLC Courtesy of Michael M Okamoto, Standard Management LLC.
Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. Information is deemed reliable but not guaranteed. Copyright 2024 by HiCentral MLS, Ltd.

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