448 Kaiolu St Honolulu, HI 96815

Property Details for 448 Kaiolu St

Year built

1953

Property size

5,258 SF

Property type

Commercial real estate

APN

1-2-6-017-065-0000

Description

This exceptional investment opportunity presents an 11-unit apartment building located at 448 Kaiolu Street in Honolulu, Hawaii, 96815. The property, a completely renovated Class B building, boasts 5,258 square feet of net rentable space across two stories, situated on a 6,241 square foot lot. Built in 1953 and extensively renovated in 2024, this stabilized multifamily property offers a compelling return. All eleven one-bedroom units are currently 100% occupied, generating a Net Operating Income (NOI) of $227,904, with a pro-forma NOI of $235,420. The asking price is $3,988,000, representing a current cap rate of 5.36% and a pro-forma cap rate of 5.54%, and a price per unit of $362,364. The property includes four parking spaces, generating additional income included in the rent. Each unit features separate electricity meters, with tenants responsible for their own utility costs. The building also features an income-producing coin-operated laundry. The property is zoned X2 - Apartment Precinct. A buyer will accept the existing survey provided during due diligence. This turnkey investment is ideally located in the heart of Waikiki, offering excellent walkability to shops, restaurants, transportation, and Waikiki Beach.