Hobron Apartments - Leasehold | 331-333 Hobron Ln
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Hobron Apartments - Leasehold 331-333 Hobron Ln
18 Unit Apartment Building $2,700,000 ($150,000/Unit) 8.10% Cap Rate Honolulu, HI 96815
Investment Highlights
- 18 all-concrete units with 18 parking stalls
- Renovated units feature granite counters, AC, dishwashers and vinyl hardwood flooring
- In-place net cashflow after ground lease: $220,600!
- New roof in 2023 with warranty
- Secured building with lush landscaping, courtyards, management office and coin op laundry room
- 8.1% cap rate with in-place rents
Executive Summary
INCREDIBLE CASHFLOW OPPORTUNITY IN WAIKIKI priced at only $150,000 per unit. 18 solid concrete renovated units with 18 parking stalls on a total of 12,914 SF of land in world-famous Waikiki. The property has no trouble staying rented, and Waikiki typically has higher rent appreciation than other neighborhoods due to the year-round global demand. This property is leasehold with 40 years remaining on the ground lease and 5 years of known rent. Ideal for a buyer looking to achieve a great return on their money for at least the next 40 years. Separately metered for electricity and tenants are billed back for water.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,700,000 | Apartment Style | Mid Rise |
| Price Per Unit | $150,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 8.10% | Building Size | 10,000 SF |
| Sale Conditions | Ground Lease (Leasehold) | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1949/2006 |
| Property Subtype | Apartment | Parking Ratio | 1.8/1,000 SF |
| Price | $2,700,000 |
| Price Per Unit | $150,000 |
| Sale Type | Investment |
| Cap Rate | 8.10% |
| Sale Conditions | Ground Lease (Leasehold) |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 10,000 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built/Renovated | 1949/2006 |
| Parking Ratio | 1.8/1,000 SF |
Unit Amenities
- Dishwasher
- Ceiling Fans
- Refrigerator
- Oven
- Tub/Shower
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 311 |
| 1+1 | 13 | - | 428 |
| 2+1 | 2 | - | 850 |
| 2+2 | 1 | - | 1,000 |
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Walk Score ®
Walker's Paradise (92)
Transit Score ®
Excellent Transit (72)
Bike Score ®
Very Bikeable (83)
zoning
| Zoning Code | U/X2/13 (APART) |
| U/X2/13 (APART) |
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Hobron Apartments - Leasehold | 331-333 Hobron Ln
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