Hobron Apartments - Leasehold
18 Unit Apartment Building | $2,700,000 ($150,000/Unit) | 8.10% Cap Rate | Honolulu, HI 96815
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $2,700,000
- Property Type
-
Multifamily
- Square Feet
- 10,000 SF
Listing Contacts
Matt Raff
Verified Profile
- Property Info
Property Overview
INCREDIBLE CASHFLOW OPPORTUNITY IN WAIKIKI priced at only $150,000 per unit. 18 solid concrete renovated units with 18 parking stalls on a total of 12,914 SF of land in world-famous Waikiki. The property has no trouble staying rented, and Waikiki typically has higher rent appreciation than other neighborhoods due to the year-round global demand. This property is leasehold with 40 years remaining on the ground lease and 15 years of known rent, making it financeable and eligible for a 1031 exchange. Ideal for a buyer looking to achieve a great return on their money for at least the next 40 years. Separately metered for electricity and tenants are billed back for water.
Property Details
- Class
- C
- Year Built/Renovated
- 1949/2006
- Stories
- 4
- Lot Size (sq. ft)
- 13,068 SF
- Units
- 18
Highlights
- 18 all-concrete units with 18 parking stalls
- New roof in 2023 with warranty
- Renovated units feature granite counters, AC, dishwashers and vinyl hardwood flooring
- Secured building with lush landscaping, courtyards, management office and coin op laundry room
- In-place net cashflow after ground lease: $220,600!
- 8.1% cap rate with in-place rents
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