437 Namahana St
Honolulu, HI 96815

For Sale
Active
List Price
$4,000,000 (FS)
Property Type:
Multi-Family
Studio Units:
0
1-Bed Units:
12
2-Bed Units:
0
3-Bed Units:
0
Land Area (sf):
4,500
Living (sf):
--
Lanai (sf):
--
Other (sf):
--
Parking Stalls:
6 - Covered
MLS #:
202415757
Island:
Oahu
Region:
Metro Oahu
Neighborhood:
WAIKIKI
TMK:
1-2-6-016-055-0000
List Date:

REMARKS:

Unique opportunity to acquire fee simple ownership of a strategically located parcel of land in Waikiki which is improved with a 12-unit apartment building and 6 parking stalls. This prime property is currently near the end of the ground lease term which is set to expire on January 1, 2025, presenting an investor the rare chance to own a fee simple apartment building in Waikiki. This distinguished property features a well-maintained, fully leased 12-unit apartment building, generating steady rental income. The approaching expiration of the ground lease provides a timely opportunity for investors to unlock further value through redevelopment or enhancement of the existing improvements. Ideal for investors looking to capitalize on the ground lease expiration, this property offers significant value-add opportunities. By renovating the apartment building and adjusting rents to market rates, investors can maximize returns and enhance the property’s overall value.

PROPERTY INFORMATION:

Zoning:
X2 - Apartment Precinct
Furnished:
--
Year Built:
1966
Year Remodeled:
--

FINANCIAL INFORMATION:

Assd. Val. Land:
$1,688,100
Assd. Val. Imprv:
$342,400
Assd. Val. Total:
$2,030,500
Tax Year:
2024
Monthly Taxes:
$592
Home Exempt.:
--

SCHOOLS:

Elem. School:
Ala Wai
Middle School:
Washington
High School:
Mckinley

OTHER PROPERTY FEATURES:

Frontage:
Other
View:
None
Pool:
--
Amenities:
None
Inclusions:
--
Security:
--
Assn. Fee Inclusions:
--
Other Fee Inclusions:
--
Lot Description:
Other
Topography:
Level
Number of Stories:
Three
Building Style:
--
Property Condition:
Average
Construction:
Hollow Tile
Roofing:
Composition
Floor Covering:
--
Disclosures:
None, Call Listor, See Remarks
Possession:
At Closing
Terms Accept.:
1031 Exchange, Cash, Conventional
Land Recorded:
Land Court
Exclusions:
--
Easements:
None
Set-Backs:
Of Record
Compensation*:
2.5
Compensation Type:
%

* The offer of compensation to cooperating brokers is made only to the Participants and MLS Subscribers of HICMLS or Participants and MLS Subscribers of other Reciprocating Boards as set forth in that certain Multiple Listing Service Reciprocal Agreement, as amended from time to time, which is incorporated herein by reference.

Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. listings last updated on Friday, July 12, 2024.  Information is deemed reliable but not guaranteed.  Copyright: 2024 by HiCentral MLS, Ltd.  Listing courtesy of Standard Management LLC