Our client was looking to purchase an investment condo in Honolulu. Ideally a property with the possibility to enhance the Cap Rate and long-term appreciation potential.
Our recommendation was to identify a ‘tired’ condo in a building that allows short-term vacation rentals, boasts great ocean views and remodel it. Our client liked the idea and we started the search! The idea was to create a stand out remodel (something that would excite vacationers) while keeping costs low, increase the Cap Rate and be well-positioned for best possible resale pricing in the future.
We suggested our client to purchase a unit in Ilikai; a very popular well-maintained condo hotel in Waikiki with reasonable maintenance fees. Ilikai has a number of units that have been remodeled, but we felt we could create something nicer / more exciting for vacationers, once we found the right unit. We identified Ilikai #2031, which has stunning ocean, Magic Island, Ala Moana Beach Park & sunset views. Our client purchased this unit! We coordinated a total remodel and that included installing 2 queen sized beds, a sleeper sofa, great balcony furniture and overall using a modern and inviting color scheme; a total combination very hard to find in Ilikai.
By the way, if you are looking for a place to stay during your next visit to Hawaii, consider renting this unit. You can book it right here.
Here are some Before and After photos, showcasing the transformation, which occurred within a very short time span after our client took ownership.