30 Unit Apartment Building in HONOLULU

3206 Ala Ilima Street, Honolulu, HI

$11,000,000

Price

2.74%

Cap Rate

4.33%

Pro Forma Cap Rate

Gallery
Street
Map
Overview
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
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.

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.
Documents
Title
3206_Ala_Ilima_FACT_SHEET.pdf
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Location
Gallery