420 Olohana Street, Honolulu, HI 96815

Property Description

Rare opportunity to buy a fee simple, 16-unit apartment building in Waikiki that is zoned Apartment Mixed Use. Great location with a straightforward path to renovating and getting much higher rents like the rest of Waikiki, but it needs work. There are currently 9 vacant units which offers a value-add investor the opportunity to refurbish and lease up over 56% of the building immediately. All units are currently rented at below-market rents. Solid concrete building, separately metered for electricity and large common area spaces with room to add amenities like storage. Add coin operated laundry for additional income. APARTMIX zoning may allow for some commercial uses – please consult your architect to discuss ways to take advantage of this zoning. Sale is subject to Seller executing a 1031 exchange.