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219 Kalihi St 6 Unit Apartment Building $2,688,000 ($448,000/Unit) 3.41% Cap Rate Honolulu, HI 96819
Investment Highlights
- Fee-simple, I-2 zoned property with current residential income and commercial parking lease.
- Situated within reach of Downtown Honolulu, future Skyline transit stations, and major highways.
- Flexible property uses with potential for redevelopment or continued income-producing operations.
- Located near Honolulu Harbor, major distribution hubs, and Daniel K. Inouye International Airport.
- Utilities are separately metered, and washer/dryer hookups enhance tenant convenience.
- Corner lot with accessible parking and ingress/egress advantages in Kalihi Kai.
Executive Summary
This fee-simple multifamily asset offers an exceptional investment opportunity within Honolulu’s established Kalihi Kai neighborhood. The property features six existing residential units and an adjacent parking lot currently leased to a transportation business, enabling immediate income generation while providing flexibility for long-term redevelopment. Zoned I-2, this site allows for a range of commercial or industrial uses, making it attractive for investors seeking adaptability and potential growth.
Located near Honolulu Harbor, Amazon’s new distribution facility, and the future Skyline rail system, the property benefits from strategic connectivity to major economic drivers. It is situated close to Daniel K. Inouye International Airport, downtown Honolulu, and principal thoroughfares, supporting both strong tenant demand and operational synergy. Utilities are separately metered, washer/dryer hookups are available, and the corner lot adds easy ingress and egress.
With a land area of 9,514 square feet and a building footprint of nearly 3,000 square feet, this asset presents multiple exit strategies, including continued multifamily cash flow, mixed-use adaptation, or redevelopment for industrial purposes. Investors can secure a property positioned for consistent returns in one of Honolulu’s most dynamic submarkets.
Located near Honolulu Harbor, Amazon’s new distribution facility, and the future Skyline rail system, the property benefits from strategic connectivity to major economic drivers. It is situated close to Daniel K. Inouye International Airport, downtown Honolulu, and principal thoroughfares, supporting both strong tenant demand and operational synergy. Utilities are separately metered, washer/dryer hookups are available, and the corner lot adds easy ingress and egress.
With a land area of 9,514 square feet and a building footprint of nearly 3,000 square feet, this asset presents multiple exit strategies, including continued multifamily cash flow, mixed-use adaptation, or redevelopment for industrial purposes. Investors can secure a property positioned for consistent returns in one of Honolulu’s most dynamic submarkets.
Property Facts
| Price | $2,688,000 | Building Class | C |
| Price Per Unit | $448,000 | Lot Size | 0.22 AC |
| Sale Type | Investment | Building Size | 2,904 SF |
| Cap Rate | 3.41% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1960 |
| Property Subtype | Apartment | Parking Ratio | 1.13/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | I-2 - Zoning: I-2 (Intensive Industrial District) Intended for a wide range of heavy and light industrial uses. | ||
| Price | $2,688,000 |
| Price Per Unit | $448,000 |
| Sale Type | Investment |
| Cap Rate | 3.41% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.22 AC |
| Building Size | 2,904 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.13/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | I-2 - Zoning: I-2 (Intensive Industrial District) Intended for a wide range of heavy and light industrial uses. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 1-1-2-006-068-0000 | Improvements Assessment | $164,500 |
| Land Assessment | $2,307,100 | Total Assessment | $2,471,600 |
Property Taxes
Parcel Number
1-1-2-006-068-0000
Land Assessment
$2,307,100
Improvements Assessment
$164,500
Total Assessment
$2,471,600
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219 Kalihi St
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