1694 Kalakaua Ave 7,869 SF 100% Leased Retail Building Honolulu, HI 96826 $7,800,000 ($991.23/SF) 3.70% Cap Rate

Waikiki Gateway "Covered Land" Play: 46,580 SF Buildable Density with Holding Income ($167/BSF)
Executive Summary:
NY Avenue Resource Corp is pleased to present 1694 Kalakaua Avenue, a high-density development site located at the "Gateway to Waikiki" in Honolulu, HI.
This unique offering combines an income-producing retail asset (1948 construction) with massive vertical potential.Through an approved "Joint Development" calculation combining the BMX-3 commercial frontage with the adjacent A-2 parcel, the site unlocks 46,580 SF of buildable density.
The property is offered with a "Mostly Approvable" architectural concept for a 135-foot, 10-story mixed-use tower comprising 40 residential units, street-level retail, and a market-leading parking ratio.
Priced at $7,800,000, this asset trades at roughly $167 per Buildable Square Foot—well below the $200+ institutional benchmark for entitled land in the Kapiolani corridor. With a current 3.7% Cap Rate from existing tenants, this is a textbook "Covered Land Play" ideal for 1031 Exchange buyers or developers seeking to mitigate carrying costs during the entitlement phase.
Investment Highlights massive Density Bonus:
Joint development of BMX-3 and A-2 lots allows for 46,580 SF of total floor area (FAR), significantly higher than standard standalone lots.Income-Producing Asset: Currently 100% leased to retail tenants generating ~$288,657 in Net Operating Income (NOI), covering property taxes and carry costs while you permit.
Shovel-Ready Concept: Sale includes architectural massing and schematic designs for a high-efficiency tower:40 Residential Units (30 One-Bed / 10 Two-Bed).4,870 SF Ground Floor Commercial.31 Assigned Parking Stalls (Rare 0.77 ratio for urban Honolulu).
Arbitrage Opportunity:
Current design utilizes only ~48% of the allowable envelope. Significant upside exists to increase density for a hotel-condo or micro-unit project.Prime Location: High-visibility frontage on Kalakaua Avenue (34,000+ VPD), the primary artery connecting the Hawaii Convention Center and Ala Moana Center to Waikiki.
Property DetailsAsking Price: $7,800,000
Address: 1694 Kalakaua Avenue, Honolulu, HILand Area: 20,429 SF Total (Combined Lots)Main Lot (BMX-3): 12,932 SFStream Lot (A-2): 7,497 SFZoning: BMX-3 (Community Business Mixed-Use) & A-2 (Medium Density Apt)Max Height: 135 Feet (estimated with bonuses)
Tenancy: Multi-tenant Retail (Short-term termination clauses available)
Current NOI Note:
Stable holding income from 100% leased retail tenants. Effectively covers property taxes and carrying costs during the entitlement/permitting phase ('Covered Land Play')
Pro Forma NOI Note:
Projected stabilized income based on the proposed 10-story mixed-use concept (40 Residential Units + Ground Floor Retail) at conservative 2026 market rates.
Demographics: High density of renters, students, and tourism workers ensures near-zero vacancy for future residential units.
Broker Contact:
Charlie Chen: Principal | NY Avenue Resource Corp
A Licensed Real Estate Broker (NY) 347-348-5527
vestwise@icloud.com
Buyer's Broker Commission: 2.5% (paid by Seller at closing)
Setup and full architectural plans available upon request.