- Address: 1867 Kaio'o Drive, Honolulu, HI 96815.
- Built in 1970, with 4 stories and 40 units of 1BR floor plans.
- Amenities: Swimming Pool, Spa.
- Pets: Ok (verify).
- Interesting: As low-priced as you can go in a Waikiki condo – and all utilities included in your maintenance fee.
Kaio'o Drive is a name few will recognize, even from fellow residents of Waikiki. It's a U-Shaped road, both ends connecting onto the better known Hobron Lane on the western end of the district. That low profile extends to the traffic level, making it one of the quieter streets here. Yet you're just behind where Ala Moana Blvd runs, alive with activity and possibilities.
Another pleasant surprise is the large, open parking lot fronting on it. It's not just that it's more parking than expected for a condo of this size, it's also how it buffers you from the already low traffic of this road.
Inside that protected structure, your home is 1BR/1BA, with 448 sq ft making up its layout. The residents do use Community Laundry, but each floor has one so the competition is not so much for their use.
Although this section of Waikiki doesn't get as much press, relatively, as the eastern part, you enjoy an almost easier walkability, with the close proximity of restaurants, shops, including a stroll over the canal to Ala Moana Center, the shopping mall of all Hawaii.
Then there's the huge expanse of the beach, the largest in Waikiki, that'll be cushioning your bare feet with its soft sands in only a few minutes from your door. Unlike the Kalakaua Ave beaches, it'll never be hard to find an open space for your towel. It's also ground zero to watch the Friday Night Fireworks as they're shot off just yards from you. It's a front row seat you have tickets for every week.
The question is why condos in Waikiki, so close to everything, would go for well under $100K. The reason is that these are Leasehold properties and, more specifically, the lease expires in 2033.
That creates the need for a thought out real estate strategy for both investors and potential owner-occupants. There's no question that the leisure & recreation amenities are among the very best, which you get at a price that is laughably low in today's heated Honolulu real estate market. You just need to figure out if you there's time enough to profit, either in rent income, or in a greatly enriched lifestyle.