1212 Summer Rd. is a magnificent home built on three lots in the exclusive and prestigious Pineapple Hill. This luxurious estate boasts 8,172 square ft with 8 beds and 8.5 baths. A pair of atriums greet you as you walk through the door, located on either side of you, giving you the feeling of being out […]
Unlike many parts of the mainland, there are not very many apartment buildings in Honolulu available with more than 50 units.
This 59 unit apartment building (MLS# 1102100) asking $8,000,000 is under contract
As of now, there are only 3 with 40 units or more listed. Currently, in escrow is a 59 unit property (MLS# 1102100) with an asking price of $8,000,000. A 49 unit building (MLS# 1008610) in Waikiki is listed at $6,988,000, and a typical smaller building of 15 units (MLS# 1015284) is available at $2,450,000.
Typically, the buildings available to investors here are in the 6-12 unit range, with many of them being built 50 years ago or more. From a return standpoint, properties have usually sold in the 5%-7% CAP range. Because of the number of investors that like this type of income, property prices have held up fairly well, even in the slower times.
Another factor that has impacted supply and price has been the conversion of many of the medium to larger buildings to condominiums, which then takes inventory off the market for good. In 2010, there were 34 MLS properties sold with an average of 11 units and an average price $147,800 per unit.
If you have interest in buying or selling apartment buildings in Honolulu, contact me for more information.