1339-1341 N School St 8,268 SF 73% Leased Retail Building Honolulu, HI 96817 $5,800,000 ($701.50/SF) 5.49% Cap Rate

Offered for sale is a fully renovated, stabilized multi-tenant retail property located in the Kalihi submarket of Honolulu, an infill location with strong local demand and limited new supply. The asset is 100% leased to a roster of established local food-and-beverage tenants, including Rainbow Drive-In, Kale’s Hale, and DT Steakhouse, providing durable cash flow supported by daily-use tenancy.
The property generates a current Net Operating Income of $318,631.56, with contractual annual rent escalations, offering immediate income with predictable growth. Ownership has completed a comprehensive renovation program, including new grease trap infrastructure, upgraded windows and façade, new mechanical systems, and new plumbing, materially reducing deferred maintenance and near-term capital requirements.
The offering includes two additional contiguous parcels totaling 9,483 square feet, presently utilized as overflow parking. These parcels represent a covered land component with future redevelopment or densification potential, providing long-term optionality beyond in-place income (subject to zoning and approvals). This opportunity is well-suited for investors seeking stable, inflation- resistant cash flow, minimal capital exposure, and embedded upside in a supply-constrained Honolulu infill market.