9 Units: 8 1bd/1ba, 1 5bd/2ba w/ basement
List Price: $3,000,000.00 (FS)
Price Per Unit: $333,333.33
Projected Gross Income: $102,538.25
Projected NOI: $62,132.34
Property Type: Multi-Family
Tax Map Key (TMK) / MLS#: 202127080
This property consists of three buildings numbered 48, 50, and 52 North School Street and contains a total of 9 separately metered units, a basement, 13 parking stalls, and a coin operated laundry area. Less than 1 mile to downtown Honolulu and with access to the H-1 freeway, residents are able to conveniently reach all areas of the island.
Building 1: Single-Family, 5 Bedroom, 2 Full Bath + basement
52 North School St is a detached single-family home with a basement containing 3 rooms, a wet bar, and bathroom. The basement is currently unoccupied and does not contribute to the rent roll. Total living area of 1,266 SF. Tax records do not agree.
Building 2: Multi-Family, Low Rise
50 North School St is a multi-family CMU constructed building consisting of 4 one bedroom, 1 bathroom units with 6 covered parking stalls fronting North School St. Total living area of 1,632 SF.
Building 3: Multi-Family, Low Rise
48 North School street is a wood frame walk-up consisting of 4 one bedroom, one bathroom units totaling 2,080 SF.
BILL 7 REDEVELOPMENT OPPORTUNITY:
The purpose of the City and County of Honolulu’s Bill 7 is to establish a temporary program to accelerate the construction of affordable rental housing in the apartment and business mixed use zoning districts by relaxing certain zoning and building code standards, and offering certain financial incentives.
Hawaii Sands Realty contracted with ahl architects to examine the feasibility for Bill 7 application to this property. ahl architects determined that this plot would qualify under Bill 7 and would allow for the development of a 40 to 56 unit apartment building with maximum use of the floor to area ratio. Due to its location off the H-1 freeway, with convenient access to downtown Honolulu and all areas of the island, this is an ideal spot for redevelopment under Bill 7.