1415 Kinau St Honolulu, HI 96814

Property Details for 1415 Kinau St

Year built

1989

Property size

6,667 SF

Property type

Residential income homes

Property subtype

Dormitories

Description

This exceptional multifamily investment opportunity presents a 22-unit property located at 1415 Kinau Street, Honolulu, HI 96814. The property consists of two buildings, one concrete and one wood, both two stories high, totaling 6,667 square feet on an 8,334 square foot lot. The property features a mix of seven one-bedroom/one-bathroom units and fifteen studio units, all currently at 100% occupancy. Four parking spaces are available. Built in 1989 and renovated in 2020, the property offers a blend of modern updates and prime location advantages. The zoning is BMX-3, although currently taxed as residential, presenting potential for redevelopment under Bill 7. The asking price is $3,500,000, representing a price per square foot of $524.97 and a price per unit of $159,090.91. The current net operating income (NOI) is $156,502, yielding a 4.47% cap rate, with a pro forma NOI of $169,176 and a 4.8% cap rate. This property boasts a prime urban location within walking distance of grocery stores, medical facilities, restaurants, parks, the University of Hawaii, Ala Moana Center, Waikiki, and major employers, offering significant potential for rental income growth. Most units have undergone upgrades, and common areas have also been improved. This is a rare opportunity to acquire a stabilized, high-performing multifamily asset in a highly desirable Honolulu location.

Location Insight

City

Honolulu

County

Honolulu

State

Hawaii

Longitude

-157.83864908

Latitude

21.30095839