437 Namahana Street, Honolulu, HI 96815

$4,000,000
List Price
$4,000,000
Status
ACTIVE
Type
Multifamily
MLS#
202415757
Days on Market
5
Land Area
4,500
Year Built
1966
Neighborhood
Waikiki
Land Tenure
FS - Fee Simple

Property Description

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.

Additional Information

Island
Oahu
Stories Type
Three
Utilities
Cable, Internet, Overhead Electricity, Public Water
View
None
Easements
None
Parking Total
6
Tenants Responsibilities Include
Cable TV, Electricity, Other, Parking
Sqft Building
6067
Elementary School
Ala Wai
Middle School
Washington
High School
Mckinley
Lot Size
4,500
Unit One Bed Number Of
12
Construction Materials
Hollow Tile
Mls Area Major
Metro
Neighborhood
Waikiki
Frontage
Other
Year Built
1966
Tax Amount
$592
Total Income
186000
Sewer
Connected
Roof
Composition
Recreation Facilities
None
Parking Features
Covered
Lot Features
Other
Amenities
None
Total Annual Operating Expenses
40486
Lease Fee Month
400
Lease Expiration Date
2025-01-01
Assessed Total
2030500
Assessed Improvement
342400
Assessed Land
1688100
Zoning
X2 - Apartment Precinct

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

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Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Standard Management LLC.

Based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on . Information is deemed reliable but not guaranteed. Copyright: 2024 by HiCentral MLS, Ltd. IDX information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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