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1218 King Street

20 Unit Block of Flats £3,608,286 (£180,414/Unit) 4.91% Net Initial Yield Honolulu, HI 96817

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Investment Highlights

Total Buildings: 2
Parking: 17 *3 tandem, not including stalls fronting the building
Year Built: 1970

Units: 9 One-Bed, 4 Two-Bed, 1 Three-Bed, 1 Warehouse, 4 Retail
Zoning: BMX-3
Land SQFT: 9,507 & Interior SQFT: 10,785

Executive Summary

Excellent opportunity to manage up to market rents and earn a 6.55% cap! Well maintained three-story BMX-zoned building with mixed use, retail on the bottom front floor. 2 structures connected by a warehouse with 1:1 parking (9 ones, 4 twos, 1 three, and 4 retail [2 of which combine 2 spaces]). Additional parking on the King Street side of the property is used by customers and NOT counted in 17 space total. Owner recently fixed spalling and painted, and has taken excellent care of the building. Located across from King St. Post Office and a block from Farrington HS, so easy access to downtown and freeway in all directions.

Financial Summary (Actual - 2023)	Annual	Annual Per SF
Gross Rental Income	-	-
Other Income	-	-
Vacancy Loss	-	-
Effective Gross Income	£247,089	£22.91
Taxes	-	-
Operating Expenses	-	-
Total Expenses	£70,097	£6.50
Net Operating Income	£176,992	£16.41

Financial Summary (Actual - 2023)

Gross Rental Income
Annual	-
Annual Per SF	-

Other Income
Annual	-
Annual Per SF	-

Vacancy Loss
Annual	-
Annual Per SF	-

Effective Gross Income
Annual	£247,089
Annual Per SF	£22.91

Taxes
Annual	-
Annual Per SF	-

Operating Expenses
Annual	-
Annual Per SF	-

Total Expenses
Annual	£70,097
Annual Per SF	£6.50

Net Operating Income
Annual	£176,992
Annual Per SF	£16.41

Property Facts

Price	£3,608,286	Building Class	C
Price Per Unit	£180,414	Lot Size	0.22 AC
Sale Type	Investment	Building Size	10,785 SF
Net Initial Yield	4.91%	Average Occupancy	95%
No. Units	20	Number of Floors	3
Property Type	Residential	Year Built/Renovated	1970/2022
Property Subtype	Apartment General Retail Storefront Retail/Residential	Parking Ratio	1.58/1,000 SF
Apartment Style	Low Rise

Price	£3,608,286
Price Per Unit	£180,414
Sale Type	Investment
Net Initial Yield	4.91%
No. Units	20
Property Type	Residential
Property Subtype	Apartment General Retail Storefront Retail/Residential
Apartment Style	Low Rise
Building Class	C
Lot Size	0.22 AC
Building Size	10,785 SF
Average Occupancy	95%
Number of Floors	3
Year Built/Renovated	1970/2022
Parking Ratio	1.58/1,000 SF