Waikiki Gateway Development Site: 46,580 SF Buildable Density with Holding Income

Highlights:

• Rare "Covered Land" Opportunity"
• Massive "Joint Development" Density Bonus
• Below-Market Entry Basis ($167/BSF
• Strategic "Gateway to Waikiki" Location
• Shovel-Ready "Tower Concept" Included
• Superior Parking Advantage
• Massive Efficiency Upside
• Clean "Teardown" Asset
• Flexible Zoning (BMX-3)

Description:

Waikiki Gateway "Covered Land" Play: 46,580 SF Buildable Density with Holding Income ($167/BSF)
Executive Summary:

NY Avenue Resource Corp is pleased to present 1694 Kalakaua Avenue, a high-density development site located at the "Gateway to Waikiki" in Honolulu, HI.

This is unique offering combines an income-producing retail asset (1948 construction) with massive vertical potential.Through an approved "Joint Development" calculation combining the BMX-3 commercial frontage with the adjacent A-2 parcel, the site unlocks 46,580 SF of buildable density.

The property is offered with a "Mostly Approvable" architectural concept for a 135-foot, 10-story mixed-use tower comprising 40 residential units, street-level retail, and a market-leading parking ratio.Priced at $7,800,000, this asset trades at roughly $167 per Buildable Square Foot—well below the $200+ institutional benchmark for entitled land in the Kapiolani corridor.

With a current 3.7% Cap Rate from existing tenants, this is a textbook "Covered Land Play" ideal for 1031 Exchange buyers or developers seeking to mitigate carrying costs during the entitlement phase.

Investment Highlightsmassive Density Bonus:
Joint development of BMX-3 and A-2 lots allows for 46,580 SF of total floor area (FAR), significantly higher than standard standalone lots.Income-Producing Asset: Currently 100% leased to retail tenants generating ~$288,657 in Net Operating Income (NOI), covering property taxes and carry costs while you permit.

Shovel-Ready Concept:
Sale includes architectural massing and schematic designs for a high-efficiency tower:40 Residential Units (30 One-Bed / 10 Two-Bed).4,870 SF Ground Floor Commercial.31 Assigned Parking Stalls (Rare 0.77 ratio for urban Honolulu).

Arbitrage Opportunity:
Current design utilizes only ~48% of the allowable envelope. Significant upside exists to increase density for a hotel-condo or micro-unit project.Prime Location: High-visibility frontage on Kalakaua Avenue (34,000+ VPD), the primary artery connecting the Hawaii Convention Center and Ala Moana Center to Waikiki.Property DetailsAsking Price: $7,800,000Address: 1694 Kalakaua Avenue, Honolulu, HILand Area: 20,429 SF Total (Combined Lots)Main Lot (BMX-3): 12,932 SFStream Lot (A-2): 7,497 SFZoning: BMX-3 (Community Business Mixed-Use) & A-2 (Medium Density Apt)Max Height: 135 Feet (estimated with bonuses)

Tenancy:
Multi-tenant Retail (Short-term termination clauses available). Financial SnapshotMetricCurrent (Holding)Pro Forma (Developed)Gross Revenue$486,906, $2,065,380Net Operating Income$288,657, $1,275,372Cap Rate / Yield3.70%16.35% (Yield on Cost)

Pro Forma Value:
Upon completion, the stabilized asset is estimated to have a sellout value of $27M – $30M based on current Kapiolani corridor comps ($1,100–$1,300 PSF).
Location OverviewLocated in the rapidly transforming Pawaa/McCully neighborhood, the site sits directly in the path of progress between the Ala Moana Transit Oriented Development (TOD) zone and Waikiki.Walk Score: 92 (Walker's Paradise)Transit: Direct bus lines to UH Manoa and Waikiki; close proximity to future Rail stations.

Demographics:
High density of renters, students, and tourism workers ensures near-zero vacancy for future residential units.

Broker Contact:
Charlie Chen, Principal | NY Avenue Resource CorpLicensed Real Estate Broker (NY) 347-348-5527
vestwise@icloud.com

Cooperating brokers protected.
Buyer's Broker Commission: 2.5% (paid by Seller at closing)
Setup and full architectural plans available upon request.

Documents: