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Hale Wai Nani 287 Wai Nani Way 13 Unit Apartment Building $4,880,000 ($375,385/Unit) 6.11% Cap Rate Honolulu, HI 96815
Investment Highlights
- Turnkey 3 story walk-up with 13 units, nine 2BD/1BA plus four 1BD/1BA
- Exceptional rental income and low operating costs
- Community laundry, separate HECO meters, ample parking
Executive Summary
Contact co-lister Pauline Michelman (808) 454-3438 or pauline@collectivehawaii.com for info or showing requests. Exceptional rental income and low operating costs make this a rare investment opportunity in Waikiki’s residential neighborhood. This turnkey 3-story walk-up comprises 13 units: nine 2BD/1BA plus four 1BD/1BA, each with a private lanai. Well-kept and low-maintenance, the property is positioned in one of Honolulu’s most reliable rental markets. Features include community coin-operated laundry, individual electrical metering for tenant-paid power. Parking is available with a three-car front carport, plus two tandem spaces in a secondary carport accessed via the driveway. Units have been updated upon turnover, ensuring the building remains in excellent condition with strong occupancy, consistent rental income, and long-term tenants. Set in the quieter, less trafficked section of Waikiki, residents enjoy walkable access to world-class beaches, dining, shopping, and recreation, as well as convenient transit connections. This combination of stable income, efficient operations, and an unbeatable location makes the property a standout investment in Honolulu’s steady multifamily market.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$344,388
|
$47.18
|
| Other Income |
$4,224
|
$0.58
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$348,612
|
$47.76
|
| Taxes |
$10,368
|
$1.42
|
| Operating Expenses |
$39,901
|
$5.47
|
| Total Expenses |
$50,269
|
$6.89
|
| Net Operating Income |
$298,343
|
$40.87
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $344,388 |
| Annual Per SF | $47.18 |
| Other Income | |
|---|---|
| Annual | $4,224 |
| Annual Per SF | $0.58 |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $348,612 |
| Annual Per SF | $47.76 |
| Taxes | |
|---|---|
| Annual | $10,368 |
| Annual Per SF | $1.42 |
| Operating Expenses | |
|---|---|
| Annual | $39,901 |
| Annual Per SF | $5.47 |
| Total Expenses | |
|---|---|
| Annual | $50,269 |
| Annual Per SF | $6.89 |
| Net Operating Income | |
|---|---|
| Annual | $298,343 |
| Annual Per SF | $40.87 |
Property Facts
| Price | $4,880,000 | Building Class | C |
| Price Per Unit | $375,385 | Lot Size | 0.13 AC |
| Sale Type | Investment | Building Size | 7,300 SF |
| Cap Rate | 6.11% | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2023 |
| Property Subtype | Apartment | Parking Ratio | 0.96/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | X2 - X2 - Apartment Precinct | ||
| Price | $4,880,000 |
| Price Per Unit | $375,385 |
| Sale Type | Investment |
| Cap Rate | 6.11% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 7,300 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1963/2023 |
| Parking Ratio | 0.96/1,000 SF |
| Zoning | X2 - X2 - Apartment Precinct |
Amenities
Unit Amenities
- Balcony
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Deck
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 9 | - | 650 |
| 1+1 | 4 | - | 550 |
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (85)
Property Taxes
| Parcel Number | 1-2-6-028-043-0000 | Total Assessment | $2,962,200 |
| Land Assessment | $2,207,500 | Annual Taxes | $10,368 ($1.42/SF) |
| Improvements Assessment | $754,700 | Tax Year | 2025 |
Property Taxes
Parcel Number
1-2-6-028-043-0000
Land Assessment
$2,207,500
Improvements Assessment
$754,700
Total Assessment
$2,962,200
Annual Taxes
$10,368 ($1.42/SF)
Tax Year
2025
Contacts
-
Hawaii Collective Real Estate Pauline Michelman -
Julian
Young
- Hawaii Collective Real Estate
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Hale Wai Nani | 287 Wai Nani Way
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