This eight-unit, two-story walk-up apartment building is ideally located near Kapiolani Blvd and McCully St, offering convenient access to Waikiki, the Kapiolani corridor, public transportation, shopping, and more.Four of the units have been remodeled within the past year, while two have received partial upgrades. The other two units need completed renovations. Significant improvements include copper plumbing conversions, ABS drain line upgrades on the second floor, and a silicone-coated roof completed last year. Additionally, each unit is individually metered for electricity, keeping utility costs low.The building is fully occupied, with all leases on a month-to-month basis. Previously, due to maintenance and probate issues, full occupancy was not maintained, but all concerns have been addressed.Since rental income was lower in previous years and full occupancy has only been achieved recently, I have prepared a pro forma analysis outlining projected income, expenses, and net income. This property is a steady income earner with low maintenance and operational costs, is easy to rent, and does not require an on-site manager.
The MLS properties are based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on February 21, 2026.Information is deemed reliable but not guaranteed.
Sold 2/19/26 at $1,600,000 (List Price: $1,800,000)
Description
This eight-unit, two-story walk-up apartment building is ideally located near Kapiolani Blvd and McCully St, offering convenient access to Waikiki, the Kapiolani corridor, public transportation, shopping, and more.Four of the units have been remodeled within the past year, while two have received partial upgrades. The other two units need completed renovations. Significant improvements include copper plumbing conversions, ABS drain line upgrades on the second floor, and a silicone-coated roof completed last year. Additionally, each unit is individually metered for electricity, keeping utility costs low.The building is fully occupied, with all leases on a month-to-month basis. Previously, due to maintenance and probate issues, full occupancy was not maintained, but all concerns have been addressed.Since rental income was lower in previous years and full occupancy has only been achieved recently, I have prepared a pro forma analysis outlining projected income, expenses, and net income. This property is a steady income earner with low maintenance and operational costs, is easy to rent, and does not require an on-site manager.
The MLS properties are based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on February 21, 2026.Information is deemed reliable but not guaranteed.
You do not own the land, but have the right to use the land until an expiration year. At expiration the ownership typically reverts back to the land owner.
Buyer and Seller have reached an agreement and are under contract. The sale may be subject to one or more contingencies.
We have handled many transactions for clients who purchase Hawaii real estate without visiting. By request, we can prepare thorough property videos to ensure you are familiar with every detail necessary. All documents can be signed remotely.
Buyer and Seller have reached an agreement and are under contract. The sale is expected to close / record soon.
We will be happy to work with you as a Buyer's agent. Call us to learn more: 808-943-9000. Note: A Seller's agent has a fiduciary responsibility towards the Seller. Working with a Buyer's agent objectives and goals are aligned, at no cost to you, the Buyer.
Other fees could be a special assessment, reserve contributions etc.
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Includes estimated monthly mortgage payment, maintenance / HOA fees & property taxes. The estimate does not include insurance premiums.
Property Taxes
Honolulu County Property Tax Info Real property tax rates in Honolulu are based on the property’s tax classification, as determined by the City & County.
Residential (0.35%) Applies to owner-occupied properties with an approved Home Exemption, or to properties with an assessed value under $1,000,000.
Residential A (Tiered) Applies to properties with an assessed value of $1,000,000+ where no Home Exemption is claimed (e.g., second homes, investment properties). First $1,000,000 taxed at 0.40% • Value above $1,000,000 taxed at 1.14%
Home Exemption A fixed deduction ($120,000–$160,000, depending on age) that reduces the taxable assessed value when approved.
