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1104 Palama St Apartment Building $1,500,000 Honolulu, HI 96817
Investment Highlights
- Rare CUP
- Corner lot, Kalihi upside
- Two buildings, three income streams
Executive Summary
Mixed-use investment opportunity in Kalihi featuring two buildings and nine residential rooms. The ground floor commercial unit has a CUP in place with roll-up door access and direct street frontage — suitable for retail, grocery, or light industrial use. Building B is currently occupied generating $4,000/month. Building A is actively under renovation. Priced at $1,500,000 with a stabilized cap rate of 7.8–9.0%. The surrounding Kalihi corridor has strong long-term redevelopment fundamentals.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$168,000
|
$82.43
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$168,000
|
$82.43
|
| Taxes |
$13,523
|
$6.64
|
| Operating Expenses |
$16,000
|
$7.85
|
| Total Expenses |
$29,523
|
$14.49
|
| Net Operating Income |
$138,477
|
$67.95
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $168,000 |
| Annual Per SF | $82.43 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $168,000 |
| Annual Per SF | $82.43 |
| Taxes | |
|---|---|
| Annual | $13,523 |
| Annual Per SF | $6.64 |
| Operating Expenses | |
|---|---|
| Annual | $16,000 |
| Annual Per SF | $7.85 |
| Total Expenses | |
|---|---|
| Annual | $29,523 |
| Annual Per SF | $14.49 |
| Net Operating Income | |
|---|---|
| Annual | $138,477 |
| Annual Per SF | $67.95 |
Property Facts
| Price | $1,500,000 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 2,038 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1905 |
| Building Class | C | ||
| Zoning | R-5 | ||
| Price | $1,500,000 |
| Sale Type | Investment |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 2,038 SF |
| No. Stories | 2 |
| Year Built | 1905 |
| Zoning | R-5 |
1 1
Exceptionally walkable
90/100
Moderately drivable
60/100
Good public transit
70/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 1-1-6-001-019-0000 | Total Assessment | $1,090,600 (2025) |
| Land Assessment | $923,800 (2025) | Annual Taxes | $13,523 ($6.64/SF) |
| Improvements Assessment | $166,800 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
1-1-6-001-019-0000
Land Assessment
$923,800 (2025)
Improvements Assessment
$166,800 (2025)
Total Assessment
$1,090,600 (2025)
Annual Taxes
$13,523 ($6.64/SF)
Tax Year
2026
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1104 Palama St
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