904 Piikoi St Honolulu, HI 96814
- Commercial real estate
- 3,183 SF
Current Use by Public Records
- Ohana Massage Center / Massage Therapist
Property Details for 904 Piikoi St
- Year built
- 1940
- Property size
- 3,183 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a six-unit apartment building located at 904 Piikoi Street in Honolulu, Hawaii, within the desirable Kakaako Special District. The property boasts a prime corner lot on a main thoroughfare, just blocks from the Ala Moana Center, offering unparalleled convenience and accessibility. The building comprises three structures, two stories high, encompassing a total of 3,183 square feet on a 5,911 square foot lot. The six units consist of one three-bedroom unit, three two-bedroom units, and two one-bedroom units. Currently operating at 100% occupancy, the property offers immediate cash flow, although the provided NOI and Cap Rate are based on pro forma figures reflecting a significant upside potential. The current low property taxes are a result of the non-profit tenant's occupancy. The seller may consider a leaseback arrangement. The building features existing laundry facilities easily convertible to coin-operated machines for increased revenue. Utilities are separately metered for electricity (all units), gas (multiple meters), and water (one meter). Four parking spaces are available. Built in 1940 with various renovations throughout its history, this property presents a compelling value-add opportunity for a savvy investor. The asking price is $1,800,000, translating to $300,000 per unit and $565.50 per square foot. Detailed pro forma income/expense statements, rental comparables, and sales comps are available upon request. This is a 1031 exchange eligible property.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Honolulu
- County
- Honolulu
- State
- Hawaii
- Longitude
- -157.844835
- Latitude
- 21.298867
