Property Details for 865 Akumu St

Year built

1963

Property size

3,740 SF

Property type

Residential income homes

Description

This exceptional multifamily investment property, located at 865 Akumu St, Kailua, HI 96734, presents a compelling opportunity for discerning buyers. The property boasts a fee simple ownership structure and comprises a meticulously renovated, 3,740 square foot main house and two additional units, totaling four units. The main house features four bedrooms and three bathrooms, while the additional units offer a mix of one- and two-bedroom configurations, all with private lanais. A total of five parking spaces are available. Built in 1963 and extensively renovated in 2020, this Class A property sits on a 7,772 square foot lot zoned 05-R-5 Residential District. The property includes state-of-the-art amenities such as automatic lighting, auto-closing skylights, integrated blinds, a gas stove and dryer, and a 13-foot deep pool with a diving board. Furthermore, it features over 40 photovoltaic panels and 4 Tesla batteries, significantly reducing energy costs. Currently operating at 100% occupancy, the property generates a substantial monthly rental income of $14,250, translating to an annual NOI of $153,100 and a current cap rate of 5.89%. Pro-forma NOI is projected at $157,900, resulting in a pro-forma cap rate of 6.07%. The asking price is $2,600,000, representing a price per square foot of $695.19 and a price per unit of $650,000. A 3D walkthrough of a downstairs unit is available online. This turnkey property offers significant potential for owner-users seeking rental income or investors looking for a high-return opportunity in a desirable Kailua location. Seller financing is available.

Location Insight

City

Kailua

County

Honolulu

State

Hawaii

Longitude

-157.7310944

Latitude

21.3776318