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26-Unit Multifamily Asset - Stable Cash Flow 1917 Algaroba St 26 Unit Apartment Building $6,950,000 ($267,308/Unit) Honolulu, HI 96826
Investment Highlights
- Supply-constrained Honolulu rental market
- 18 on-site parking stalls plus laundry income
- Central location near Waikiki, UH Manoa, and the H-1 Freeway
- 26 units across 3 buildings; diversified unit mix (studio – 3BR)
- Long-term redevelopment upside via Bill 7 or 201H programs
Executive Summary
1917 Algaroba Street presents a rare opportunity to acquire a 26-unit, high-density apartment property in Honolulu's supply-constrained McCully-Moiliili submarket, just minutes from Waikiki, UH Manoa, and the H-1 Freeway. The property spans three buildings on a 14,400 SF parcel and offers a diversified unit mix — including studios, one-, two-, and three-bedroom configurations — providing multiple income strategies and broad tenant appeal.
The asset delivers stable in-place cash flow with a projected NOI of approximately $414,000 annually, alongside meaningful upside through operational efficiencies and continued rental growth in a market defined by durable, strong tenant demand. Investors should also note the long-term redevelopment potential the large land parcel offers for a higher-density apartment project under Honolulu's Bill 7 or 201H affordable housing programs.
The asset delivers stable in-place cash flow with a projected NOI of approximately $414,000 annually, alongside meaningful upside through operational efficiencies and continued rental growth in a market defined by durable, strong tenant demand. Investors should also note the long-term redevelopment potential the large land parcel offers for a higher-density apartment project under Honolulu's Bill 7 or 201H affordable housing programs.
Property Facts
| Price | $6,950,000 | Apartment Style | Low-Rise |
| Price Per Unit | $267,308 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Sale Condition | Redevelopment Project | Building Size | 12,714 SF |
| No. Units | 26 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.18/1,000 SF |
| Zoning | A-2 | ||
| Price | $6,950,000 |
| Price Per Unit | $267,308 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 12,714 SF |
| No. Stories | 3 |
| Year Built | 1960 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | A-2 |
Amenities
Unit Amenities
- Heating
- Kitchen
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | $1,500 | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
50/100
Good public transit
60/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 1-2-3-029-041-0000 | Improvements Assessment | $689,800 |
| Land Assessment | $2,952,300 | Total Assessment | $3,642,100 |
Property Taxes
Parcel Number
1-2-3-029-041-0000
Land Assessment
$2,952,300
Improvements Assessment
$689,800
Total Assessment
$3,642,100
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26-Unit Multifamily Asset - Stable Cash Flow | 1917 Algaroba St
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