21 Units: Ten 2bd/1ba, Seven 1bd/1ba, Four Studio/1ba units
List Price: $8,000,000.00 (FS)
Price Per Unit: $380,952.00
Projected Gross Income: $373,726.89
Projected NOI: $229,755.00
Property Type: Multi-Family
Tax Map Key (TMK) / MLS#: 1-2-6-021-047 / 202119790
Zoning: Apartment Precinct
The Ala Wai consists of two (2) multi-family buildings containing twenty-one (21) apartments, ten (10) parking stalls, and coin operated community laundry. Centrally located in Waikiki, the state’s most popular tourist destination, The Ala Wai is located on a highly traveled roadway with convenient access to amenities such as hotels, restaurants, shopping, entertainment, recreational areas and the famed Waikiki Beach.
Building 1: Year Built: 1947 | Effective Year Built: 1970
A three (3) story low-rise masonry/CMU walk-up containing seven (7) apartments numbered A through G. Two (2) one bed, one bath apartments, four (4) studio, one bath apartments, and one (1) two bed, one bath apartment. Approximately 3,120 interior square feet.
Building 2: Year Built: 1953 | Effective Year Built: 1978
A four (4) story low-rise walk-up masonry skeleton/prefab with curtain walls containing fourteen (14) apartments numbered 101 through 404. Currently configured as five (5) one bed, one bath apartments and nine (9) two bed, one bath apartments. Approximately 4,678 interior square feet.
The offering includes fee simple interest in both buildings together with 7,907 square feet of land zoned apartment precinct. With a stable long-term tenant mix, this is a relatively low-risk investment opportunity and priced accordingly with plenty of upside as rents have not been increased since March 2020 due to the Governor’s 21st Proclamation related to Covid-19.