437 Namahana St
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437 Namahana St
12 Unit Apartment Building $4,000,000 ($333,333/Unit) Honolulu, HI 96815
INVESTMENT HIGHLIGHTS
- 6 on-site parking stalls with additional street parking in the area
- Secured and gated property
- Extremely supply-constrained submarket with virtually no land available for development
- Well-maintained property could be kept as is or renovated to add additional value and further increase rents
- On-site coin operated laundry
- Located in a strong rental market within Honolulu which has experienced 27% growth in rents over the past 5 years
EXECUTIVE SUMMARY
Fee simple, 12-unit apartment building with 6 parking stalls and coin operated laundry on-site. All tenants on month-to-month leases at an average rent of $1,250, which is low for a nice, one bedroom unit in Waikiki. This prime building recently returned to the ground lessor. Take a look at the photos of each pleasant unit to see the condition – they are all 1 bedroom / 1 bathroom units. The entire property is secured around the perimeter with a gate and there is a separate, gated-off strip of land in the back which could become a garden, outdoor common area, or bark park for pets. This property offers significant value-add opportunities. By adjusting rents to market rates, investors can maximize returns and enhance the property’s overall value.
PLEASE CONTACT MATTHEW J. RAFF FOR PHOTOS OF THE INTERIOR OF EACH UNIT, FOR AN IDEA OF THE CONDITION OF THE PROPERTY.
PLEASE CONTACT MATTHEW J. RAFF FOR PHOTOS OF THE INTERIOR OF EACH UNIT, FOR AN IDEA OF THE CONDITION OF THE PROPERTY.
FINANCIAL SUMMARY (PRO FORMA - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| 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 | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS In Escrow
| Price | $4,000,000 | Building Class | C |
| Price Per Unit | $333,333 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 6,067 SF |
| No. Units | 12 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1966 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Apartment Style | Low-Rise |
| Price | $4,000,000 |
| Price Per Unit | $333,333 |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 6,067 SF |
| No. Stories | 3 |
| Year Built | 1966 |
| Parking Ratio | 0.99/1,000 SF |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | 434 |
Walk Score®
Very Walkable (88)
Bike Score®
Biker's Paradise (91)
ZONING
| Zoning Code | APART (Apartment Precinct - Waikiki Special District) |
| APART (Apartment Precinct - Waikiki Special District) |
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