254 Kaʻiulani Ave Honolulu, HI 96815

Property Details for 254 Kaʻiulani Ave

Year built

1960

Property size

6,792 SF

Property type

Apartment buildings

Description

This exceptional 15-unit apartment building presents a compelling investment opportunity in the heart of Honolulu, Hawaii. Located at 254 Kaiulani Avenue, this well-maintained property boasts a desirable location and strong financial performance. The building, constructed in 1960 and renovated in 2008, comprises 6,792 square feet of net rentable space, distributed across one four-story building. The property features 14 one-bedroom units and a spacious three-bedroom, two-bathroom penthouse unit, each with its own patio or balcony. All units are individually metered for electricity, sharing a single water meter. The building is constructed of hollow tile, offering durability and sound insulation. Upgrades include refurbished railings, high-end tile throughout, and renovated bathrooms and kitchens. Four parking spaces are available for residents, generating additional income through monthly rentals. Further income is derived from coin-operated laundry machines, leased from WASH. The property sits on a 4,505 square foot lot, zoned X2-Apartment Precinct, allowing for potential redevelopment up to a 260-foot height limit. The building benefits from camera security. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $227,099, representing a 4.63% cap rate. The asking price is $4,900,000, translating to $721.44 per square foot and $326,666.67 per unit. An existing survey conducted by Towill, Shigeoka & Associates Inc. on December 18, 2021, is available for the buyer's review. This is a 1031 exchange eligible property.

Location Insight

City

Honolulu

County

Honolulu

State

Hawaii

Longitude

-157.823

Latitude

21.2785