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805-809 Kinau St 27 Unit Apartment Building $7,777,000 ($288,037/Unit) 4.29% Cap Rate Honolulu, HI 96813
Investment Highlights
- Fee Simple Ownership
- Strong Rental Demand – Central Honolulu has historically experienced consistent demand for workforce housing.
- Operational Upside – New owner can benefit from stabilizing occupancy and improving management.
- Prime Urban Honolulu Location – Close to Downtown, Ala Moana, UH, hospitals, and employment centers.
- Value-Add Opportunity – Ability to increase NOI through lease-up and market rent adjustments.
- Long-Term Land Value – Well-located urban land is difficult to replace.
Executive Summary
Price Improvement! The asking price has been reduced to $7,777,000. This is an excellent opportunity to acquire a centrally located apartment property with significant long-term investment potential.
Offered well below replacement cost, this fee simple apartment property presents an exceptional opportunity to acquire a well-located Honolulu multifamily asset with both stable in-place income and meaningful upside. Investors can benefit from lease-up potential, future rent growth, and the possibility of a condominium conversion, with the property having the potential to achieve a 6% cap rate within the first year of ownership. Located outside the FEMA flood zone, the property does not require flood insurance, reducing operating expenses and enhancing long-term returns. Schedule a tour or contact the listing broker for additional information.
Offered well below replacement cost, this fee simple apartment property presents an exceptional opportunity to acquire a well-located Honolulu multifamily asset with both stable in-place income and meaningful upside. Investors can benefit from lease-up potential, future rent growth, and the possibility of a condominium conversion, with the property having the potential to achieve a 6% cap rate within the first year of ownership. Located outside the FEMA flood zone, the property does not require flood insurance, reducing operating expenses and enhancing long-term returns. Schedule a tour or contact the listing broker for additional information.
Property Facts
| Price | $7,777,000 | Apartment Style | Low-Rise |
| Price Per Unit | $288,037 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.31 AC |
| Cap Rate | 4.29% | Building Size | 11,934 SF |
| No. Units | 27 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1961 |
| Property Subtype | Apartment | Parking Ratio | 1.84/1,000 SF |
| Zoning | A-2 - Apartment-2 zoned (medium density) and Flood Zone X, with no high flood insurance. | ||
| Price | $7,777,000 |
| Price Per Unit | $288,037 |
| Sale Type | Investment |
| Cap Rate | 4.29% |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 11,934 SF |
| No. Stories | 3 |
| Year Built | 1961 |
| Parking Ratio | 1.84/1,000 SF |
| Zoning | A-2 - Apartment-2 zoned (medium density) and Flood Zone X, with no high flood insurance. |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Heating
- Ceiling Fans
- Kitchen
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 27 | - | 440 |
1 1
Exceptionally walkable
100/100
Moderately drivable
70/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 1-2-1-041-014-0000 | Improvements Assessment | $1,268,300 |
| Land Assessment | $2,473,100 | Total Assessment | $3,741,400 |
Property Taxes
Parcel Number
1-2-1-041-014-0000
Land Assessment
$2,473,100
Improvements Assessment
$1,268,300
Total Assessment
$3,741,400
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805-809 Kinau St