1552 Young Street boasts a broad unit mix with studios, one, two and three-bedroom units with large lanais and pleasant city and mountain views. The property has historically had a very high occupancy and offers tremendous upside revenue potential growth through a renovation of the units and strategic repositioning of the asset. Rents at the property are approximately ±13% below market. A new owner is presented with the opportunity to immediately increase rents to market upon unit renovations in this non-rent controlled property. Previous ownership had also gone through the Condominium Property Regime (CPR) process and presents a new owner with the option to sell off units individually. The Property is located in lower Makiki, one of Oahu’s most densely populated and highly sought out residential markets conveniently located to all echelons of education, medical facilities, commercial and retail centers. The Property is steps from the public bus line and has numerous street access points to major thoroughfares and H-1 freeway. Makiki is an affluent neighborhood with an average household income in excess of $95,000 in 2018.
Oahu’s high cost of living combined with the nation’s highest median single-family home and second-highest condominium prices, result in the states ranking as the third lowest in homeownership in the nation, further exacerbating the demand for rentals.
Given the property’s outstanding real estate fundamentals including a dense infill location, broad unit mix, upside potential through renovation and a mark to market, and the option to sell off units individually, 1552 Young Street presents an unmatched investment opportunity for an investor seeking growth, stability, and multiple exit strategies.
