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Liliuokalani Gardens #Apt II2412 (Waikiki)

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300 Wai Nani Way #Apt II2412, Honolulu

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Description
Amazing investment opportunity! This property is not for owner occupants. Owner is selling only the FEE INTEREST. The leasehold interest is owned by a Japanese corporation that consistently pays the current annual lease rent of $10,817 on time. There will be two more lease rent renegotiations, in 2024 and 2034, before the lease expires 10/31/2039. At lease expiration the fee owner will then own the fee simple interest in this 2-bedroom 2-bath unit and can move in, rent, or sell the unit. Recent fee simple 2-bedroom 2-bath units in this community sold between $615,000 and $632,000, and recent rentals have been $3,000 to $3,500 monthly. Great potential for increased lease rent and appreciation in the remaining 15 years of the lease! During those 15 years the fee owner doesn't have to worry about finding tenants or paying for repairs, maintenance/association fees, property taxes, or any assessments because the leasehold owner is responsible for those expenses. There is no access to see the interior of the unit - leasehold owner has no obligation to provide access. The purchase of this unit will need to be cash or high down payment financing.
Recent Activity
  • Jan 15, 2024 Listed at $450,000
Past Sales
  • #1105: Studio | 1 Ba @ $312K (5/15/24)
  • #802-I: 1 Bd | 1 Ba @ $485K (4/19/24)
  • #2414: 1 Bd | 1 Ba @ $415K (3/14/24)
  • #II813: 1 Bd | 1 Ba @ $442K (3/14/24)
  • #II- 1413: 1 Bd | 1 Ba @ $370K (2/29/24)
  • #II320: Studio | 1 Ba @ $303K (1/31/24)
  • #II915: 1 Bd | 1 Ba @ $460K (1/30/24)
  • #806: Studio | 1 Ba @ $300K (1/26/24)
  • #304: 1 Bd | 1 Ba @ $409K (1/26/24)
  • #2212: 2 Bds | 2 Ba @ $620K (1/5/24)
  • #I/2001: 2 Bds | 2 Ba @ $632K (12/29/23)
  • #II-1420: Studio | 1 Ba @ $305K (12/28/23)
  • #1115: 1 Bd | 1 Ba @ $469K (12/18/23)
  • #804 (Queen Tower): 1 Bd | 1 Ba @ $420K (11/21/23)
  • #1005: Studio | 1 Ba @ $305K (11/16/23)
  • #II613: 1 Bd | 1 Ba @ $440K (11/8/23)
  • #I: 2 Bds | 2 Ba @ $221K (11/3/23)
  • #1213: 1 Bd | 1 Ba @ $455K (10/20/23)
  • #II311: 1 Bd | 1 Ba @ $460K (10/17/23)
  • #I1604: 1 Bd | 1 Ba @ $435K (9/29/23)
  • #1117: Studio | 1 Ba @ $319K (9/13/23)
  • #II-1015: 1 Bd | 1 Ba @ $440K (8/31/23)
  • #II-1411: 1 Bd | 1 Ba @ $475K (8/28/23)
  • #I-2402: 2 Bds | 2 Ba @ $615K (8/15/23)
  • #I1907: Studio | 1 Ba @ $325K (7/28/23)
  • #I1704: 1 Bd | 1 Ba @ $415K (7/25/23)
  • #PH15: 2 Bds | 2.5 Ba @ $980K (7/21/23)
  • #1415: 1 Bd | 1 Ba @ $395K (5/22/23)
  • #II411: 1 Bd | 1 Ba @ $411K (5/18/23)
  • #1514: 1 Bd | 1 Ba @ $400K (5/15/23)
  • #II215: 1 Bd | 1 Ba @ $100K (4/17/23)
  • #1913: 1 Bd | 1 Ba @ $412K (4/14/23)
  • #I/1707: Studio | 1 Ba @ $260K (4/6/23)
  • #II/713: 1 Bd | 1 Ba @ $445K (2/10/23)
  • #II618: Studio | 1 Ba @ $312K (2/8/23)
  • #II814: 1 Bd | 1 Ba @ $400K (2/8/23)
  • #2314: 1 Bd | 1 Ba @ $440K (1/25/23)
  • #607 Queen Tower: Studio | 1 Ba @ $300K (1/20/23)
  • #2417: 1 Bd | 1 Ba @ $535K (1/19/23)
  • #2305: Studio | 1 Ba @ $330K (12/22/22)
  • #1715: 1 Bd | 1 Ba @ $410K (12/19/22)
  • #II-1817: 1 Bd | 1 Ba @ $450K (12/1/22)
  • #I2406: Studio | 1 Ba @ $325K (11/4/22)
  • #I1908: Studio | 1 Ba @ $335K (11/2/22)
  • #1216: 1 Bd | 1 Ba @ $475K (10/31/22)
  • #I-703: 1 Bd | 1 Ba @ $400K (9/21/22)
  • #I903: 1 Bd | 1 Ba @ $400K (9/21/22)
  • #2411: 2 Bds | 2 Ba @ $625K (9/16/22)
  • #II620: Studio | 1 Ba @ $290K (9/13/22)
  • #2218: 1 Bd | 1 Ba @ $477K (9/12/22)
Blog
More Details
  • Owner, Tax & Resale History
  • Price / ft²: $477
  • Other Condos Price / ft²
  • Cash vs Financing Buyers
  • HOA Fees Include: AC Central, Cable TV, Hot Water, Internet Service, Sewer, Water, None
  • Zoning: X2 - Apartment Precinct
  • Flood Zone: Zone AE
  • Elementary School: Jefferson
  • Middle School: Washington
  • High School: Kaimuki
  • View: Garden, Marina/Canal
  • Furnished: Partial
  • Property Condition: Excellent
  • Owner Occupancy: 28%
  • Management Company: Touchstone
  • Security Features: Key, Keyed Elevator, Security Patrol, Video
  • Amenities: BBQ, Club House, Community Laundry, Condo Association Pool, Fire Sprinkler, Meeting Room, Pool on Property, Recreation Area, Resident Manager, Security Guard, Tennis Court, Trash Chute, Walking/Jogging Path, Whirlpool
  • TMK: 1-2-6-28-49-370
  • Tax Assessed Land: $192,100
  • Tax Assessed Improvements: $516,300
  • Tax Assessed Total: $708,400
  • Courtesy: Compass / (808) 825-4277
  • MLS: 202400403
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Good to Know
  • Address: 300 Wai Nani Way, Honolulu, HI 96815.
  • Built in 1984, 385 Units on 25 Floors, 1 & 2BR Floor plans, Pets: No.
  • Amenities include Clubhouse, BBQ area, Pool, Tennis Courts, Walking/Jogging  Path, Recration Area, Whirlpool.
  • Liliuokalani Gardens is a mix of both leasehold and fee-simple units, though most  have bought the fee interest.

About Liliuokalani Gardens
The 2 towers of Liliuokalani Gardens in Waikiki are almost a landmark on Ala Wai Blvd. Everyone knows those unique buildings, which stand out among the other square and rectangular structures   .....
Read more.


The MLS properties are based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on May 20, 2024. Information is deemed reliable but not guaranteed.
  • Asking Price: $450,000
Description
Amazing investment opportunity! This property is not for owner occupants. Owner is selling only the FEE INTEREST. The leasehold interest is owned by a Japanese corporation that consistently pays the current annual lease rent of $10,817 on time. There will be two more lease rent renegotiations, in 2024 and 2034, before the lease expires 10/31/2039. At lease expiration the fee owner will then own the fee simple interest in this 2-bedroom 2-bath unit and can move in, rent, or sell the unit. Recent fee simple 2-bedroom 2-bath units in this community sold between $615,000 and $632,000, and recent rentals have been $3,000 to $3,500 monthly. Great potential for increased lease rent and appreciation in the remaining 15 years of the lease! During those 15 years the fee owner doesn't have to worry about finding tenants or paying for repairs, maintenance/association fees, property taxes, or any assessments because the leasehold owner is responsible for those expenses. There is no access to see the interior of the unit - leasehold owner has no obligation to provide access. The purchase of this unit will need to be cash or high down payment financing.
    The MLS properties are based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on May 20, 2024. Information is deemed reliable but not guaranteed.
    • Jan 15, 2024 Listed at $450,000
    • Address: 300 Wai Nani Way, Honolulu, HI 96815.
    • Built in 1984, 385 Units on 25 Floors, 1 & 2BR Floor plans, Pets: No.
    • Amenities include Clubhouse, BBQ area, Pool, Tennis Courts, Walking/Jogging  Path, Recration Area, Whirlpool.
    • Liliuokalani Gardens is a mix of both leasehold and fee-simple units, though most  have bought the fee interest.

    About Liliuokalani Gardens
    The 2 towers of Liliuokalani Gardens in Waikiki are almost a landmark on Ala Wai Blvd. Everyone knows those unique buildings, which stand out among the other square and rectangular structures   .....
    Read more.


    Other Liliuokalani Gardens Listings
    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.
    Leasehold Expiry: 10/31/39
    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.