30 Unit Apartment Building in HONOLULU

$11,000,000

3206 Ala Ilima Street, Honolulu, HI 96818

For Sale

Multifamily Mid High Rise

Active

Last Updated: 10/23/2025

Details:

Cap Rate: 2.74%

Pro Forma Cap Rate : 4.33%

NOI: $356,740

Building Size: 24,288 sqft

Lot Area: 30,375 sqft

Occupancy: 100%

Class: B

Units: 30

Average Room Size: 768 sqft

Year Built: 1973

Price Per Unit: $400,000

Zoning: A-2 Apartment Zoned 150' Height Limit

Floors: 3

Parking Spots: 38

Year Last Renovated: 2024

Parking Ratio: 11

Roof: Pitch/Gravel

Floor: 3

Offered by

Scott Eden

Vice President

NAI | CBI Inc.

#RB 22768

Request Info to Unlock

Highlights:

Trophy location
Under market rents
Over parked (RARE for Honolulu)
Ideal future redevelopment location (150’ height limit)
Additional income streams not yet explored
Bus stop directly across the street
CPR potential
Well kept.

Description:

FIRST TIME ON MARKET. 3-story concrete apartment building in Salt Lake next to Hoa Aloha Neighborhood Park. 30 units (all 2-bedrooms) on 30,375sf of A-2 zoned land (150’ height limit) with 38+ parking stalls. 28 units are 2 bed/1 bath (768sf) and 2 units are larger 2 bed/2 bath (1,184sf) with private lanais. 100% occupied. Rents under market and opportunities exist for additional income streams i.e. utility recapture/pet fees/etc. Concrete spall repairs completed and exterior painting is in progress. Coin Op laundry room on site (6 washers/6 dryers) with secured managers office complete with private bathroom.