Hawaii Living

702 Prospect St (Punchbowl)

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702 Prospect St, Honolulu
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Description
Special A2 zoned development opportunity. Located contiguous to the corner of Alapai/Prospect Sts, this property is being sold together with 1617 Alapai St, MLS #202121143 for a total of 10,732 sq ft as part of an estate sale. These properties have not been marketed since 1953 and represent an ideal opportunity for redevelopment into higher density residential/apartment use and development under Bill 7. 702 Prospect and 1617 Alapai each contain 2 dwellings with 3 rental units each for a total of 6 rental units. The location is ideally located on the slope of Punchbowl. Buyer to do their own due diligence as to development ability. These properties are a very rare chance to own A2 zoned land in probably the most premier A2 zoned land on Oahu. A beautiful residential area with close proximity to Downtown and skyrocketing land values. Some of the units are on month to month rental agreements significantly below market value. Please do not disturb the occupants.
Past Activity
  • Jul 05, 2022 Sold for $2,400,000
  • Mar 09, 2022 In Escrow
  • Aug 21, 2021 Listed at $3,300,000
Blog
More Details
Good to Know
See our video of Punchbowl homes.

About Punchbowl Homes
Punchbowl homes have the very enviable location just behind the prime sections of Honolulu, mauka of both the city's modern and historical centers. One thing that needs to be understood first, however, is that there are 2 sections that make up the whole, Upper and Lower Punchbowl.

Lower Punchbowl takes in the properties hugging the base of the volcanic cone, especially the eastern side, where it runs into Makiki. At certain points, those two neighborhoods blur together so either or both labels are sometimes applied to the same plac  .....
Read more.
The MLS properties are based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on March 28, 2024. Information is deemed reliable but not guaranteed.
Other Punchbowl Homes
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2120 Star Rd
5 Bds | 4 Ba
3,107 ft²
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2485 Booth Rd
6 Bds | 3 Ba
2,810 ft²
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1840 Lusitana St
6 Bds | 5 Ba
3,146 ft²
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2011 Puowaina Dr
4 Bds | 2.5 Ba
1,802 ft²
Other Honolulu Homes
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2111 Rocky Hill Pl
5 Bds | 4 Ba
2,159 ft²
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2962 Manoa Rd
3 Bds | 4.5 Ba
3,428 ft²
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23 Old Pali Pl
3 Bds | 3.5 Ba
4,268 ft²
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1968 Makiki Hts Dr
4 Bds | 3 Ba
2,147 ft²
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3141 Paty Dr
4 Bds | 4 Ba
2,229 ft²
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2326 Sonoma St
5 Bds | 4 Ba
1,981 ft²
  • Sold 7/1/22 at $2,400,000
    (List Price: $3,300,000)
Description
Special A2 zoned development opportunity. Located contiguous to the corner of Alapai/Prospect Sts, this property is being sold together with 1617 Alapai St, MLS #202121143 for a total of 10,732 sq ft as part of an estate sale. These properties have not been marketed since 1953 and represent an ideal opportunity for redevelopment into higher density residential/apartment use and development under Bill 7. 702 Prospect and 1617 Alapai each contain 2 dwellings with 3 rental units each for a total of 6 rental units. The location is ideally located on the slope of Punchbowl. Buyer to do their own due diligence as to development ability. These properties are a very rare chance to own A2 zoned land in probably the most premier A2 zoned land on Oahu. A beautiful residential area with close proximity to Downtown and skyrocketing land values. Some of the units are on month to month rental agreements significantly below market value. Please do not disturb the occupants.
    The MLS properties are based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on March 28, 2024. Information is deemed reliable but not guaranteed.
    • Jul 05, 2022 Sold for $2,400,000
    • Mar 09, 2022 In Escrow
    • Aug 21, 2021 Listed at $3,300,000
    See our video of Punchbowl homes.

    About Punchbowl Homes
    Punchbowl homes have the very enviable location just behind the prime sections of Honolulu, mauka of both the city's modern and historical centers. One thing that needs to be understood first, however, is that there are 2 sections that make up the whole, Upper and Lower Punchbowl.

    Lower Punchbowl takes in the properties hugging the base of the volcanic cone, especially the eastern side, where it runs into Makiki. At certain points, those two neighborhoods blur together so either or both labels are sometimes applied to the same plac  .....
    Read more.
    Other Punchbowl Homes
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    2120 Star Rd
    5 Bds | 4 Ba
    3,107 ft²
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    2485 Booth Rd
    6 Bds | 3 Ba
    2,810 ft²
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    1840 Lusitana St
    6 Bds | 5 Ba
    3,146 ft²
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    2011 Puowaina Dr
    4 Bds | 2.5 Ba
    1,802 ft²
     
    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. However, the sale is still 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.
    DOM = Days On Market. Our site shows listings immediately. A brand new listing may show DOM 2 or 3 days, if listing agent did not upload the same day listing agreement was executed.
    Includes estimated monthly mortgage payment, maintenance / HOA fees & property taxes. The estimate does not include insurance premiums.
    Learn about property tax rates.