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1694 Kalakaua Ave 0.47 Acres of Commercial Land Offered at $10,752,300 CAD in Honolulu, HI 96826
INVESTMENT HIGHLIGHTS
- The "Covered Land" Safety Net (Risk Mitigation)
- Below-Market Entry Price ($167/BSF)
- 1031 Exchange Eligibility
- Massive Density Bonus via Joint Development
- Strategic "Gateway" Location
- Shovel-Ready Concept (Speed to Market)
EXECUTIVE SUMMARY
Executive Summary:
NY Avenue Resource Corp is pleased to present 1694 Kalakaua Avenue, a high-density development site located at the "Gateway to Waikiki" in Honolulu, HI.
This unique offering combines an income-producing retail asset (1948 construction) with massive vertical potential. Through an approved "Joint Development" calculation combining the BMX-3 commercial frontage with the adjacent A-2 parcel, the site unlocks 46,580 SF of buildable density.
The property is offered with a "Mostly Approvable" architectural concept for a 135-foot, 10-story mixed-use tower comprising 40 residential units, street-level retail, and a market-leading parking ratio.
Priced at $7,800,000, this asset trades at roughly $167 per Buildable Square Foot—well below the $200+ institutional benchmark for entitled land in the Kapiolani corridor. With a current 3.7% Cap Rate from existing tenants, this is a textbook "Covered Land Play" ideal for 1031 Exchange buyers or developers seeking to mitigate carrying costs during the entitlement phase.
Investment Highlights massive Density Bonus:
Joint development of BMX-3 and A-2 lots allows for 46,580 SF of total floor area (FAR), significantly higher than standard standalone lots. Income-Producing Asset: Currently 100% leased to retail tenants generating ~$288,657 in Net Operating Income (NOI), covering property taxes and carry costs while you permit.
Shovel-Ready Concept: Sale includes architectural massing and schematic designs for a high-efficiency tower:40 Residential Units (30 One-Bed / 10 Two-Bed).4,870 SF Ground Floor Commercial.31 Assigned Parking Stalls (Rare 0.77 ratio for urban Honolulu).
Arbitrage Opportunity:
Current design utilizes only ~48% of the allowable envelope. Significant upside exists to increase density for a hotel-condo or micro-unit project. Prime Location: High-visibility frontage on Kalakaua Avenue (34,000+ VPD), the primary artery connecting the Hawaii Convention Center and Ala Moana Center to Waikiki.
Property Details Asking Price: $7,800,000
Address: 1694 Kalakaua Avenue, Honolulu, HI Land Area: 20,429 SF Total (Combined Lots)Main Lot (BMX-3): 12,932 SF Stream Lot (A-2): 7,497 SF Zoning: BMX-3 (Community Business Mixed-Use) & A-2 (Medium Density Apt)Max Height: 135 Feet (estimated with bonuses)
Tenancy: Multi-tenant Retail (Short-term termination clauses available)
Current NOI Note:
Stable holding income from 100% leased retail tenants. Effectively covers property taxes and carrying costs during the entitlement/permitting phase ('Covered Land Play')
Pro Forma NOI Note:
Projected stabilized income based on the proposed 10-story mixed-use concept (40 Residential Units + Ground Floor Retail) at conservative 2026 market rates.
Demographics: High density of renters, students, and tourism workers ensures near-zero vacancy for future residential units.
Broker Contact:
Charlie Chen: Principal | NY Avenue Resource Corp
A Licensed Real Estate Broker (NY) 347-348-5527
vestwise@icloud.com
Buyer's Broker Commission: 2.5% (paid by Seller at closing)
Setup and full architectural plans available upon request.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER AC (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per AC | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per AC | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per AC | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per AC | $9.99 |
PROPERTY FACTS
1 LOT AVAILABLE
Lot
| Price | $10,752,300 CAD | Lot Size | 0.47 AC |
| Price Per AC | $22,931,244.19 CAD |
| Price | $10,752,300 CAD |
| Price Per AC | $22,931,244.19 CAD |
| Lot Size | 0.47 AC |
Property Details Asking Price: $7,800,000 Address: 1694 Kalakaua Avenue, Honolulu, HI Land Area: 20,429 SF Total (Combined Lots)Main Lot (BMX-3): 12,932 SF Stream Lot (A-2): 7,497 SF Zoning: BMX-3 (Community Business Mixed-Use) & A-2 (Medium Density
DESCRIPTION
THE OPPORTUNITY: WAIKIKI GATEWAY ASSEMBLAGE 1694 Kalakaua Avenue represents a rare "Covered Land" acquisition opportunity located at the strategic gateway to Waikiki. This 20,429 SF (0.47 Acre) assemblage combines high-visibility frontage on Kalakaua Avenue with significant vertical development rights. Unlike typical raw land sites that carry negative cash flow, this property features an existing 7,800 SF retail commercial building that is 100% leased, generating approximately $288,657 in Net Operating Income (NOI). This income stream effectively subsidizes the carrying costs (taxes and insurance) while the developer finalizes permits and entitlements, offering a low-risk entry into the Honolulu urban core market. SITE SPECIFICATIONS: Address: 1694 Kalakaua Avenue, Honolulu, HI 96826 Total Land Area: 20,429 SF (0.47 Acres) Parcel 1 (Frontage): 12,932 SF (TMK: [Insert TMK if known, otherwise leave blank]) Parcel 2 (Rear): 7,497 SF Shape/Topography: Level, rectangular assemblage with dual street access capability. Flood Zone: Zone X (Low Risk) – Ideal for financing and insurance. ZONING & DEVELOPMENT DENSITY: The property benefits from a powerful Joint Development potential, combining two complementary zoning codes to maximize buildable density: Zoning Designations: BMX-3 (Community Business Mixed-Use) & A-2 (Medium Density Apartment). Total Allowable Density (FAR): 46,580 SF Height Limit: 135 Feet (Approx. 10–12 Stories). Permitted Uses: Mixed-Use Residential (Condo/Rental), Hotel/Condotel, Retail, Medical Office, and Commercial Services. UTURE DEVELOPMENT CONCEPT (PRO FORMA): The sale includes schematic architectural designs for a "Shovel-Ready" concept that fits within the existing zoning envelope: Project Type: 10-Story Mixed-Use Tower over Podium. Residential Density: 40 Units (Mix of 1-Bedroom & 2-Bedroom layouts). Commercial Component: ~4,870 SF of Ground Floor Retail. Parking: 31 Stalls (Market-leading 0.77 ratio). Value-Add Note: The current concept utilizes only ~48% of the maximum allowable density (22,370 SF utilized vs. 46,580 SF allowable). A sophisticated developer has the opportunity to redesign the interior to recapture the remaining ~24,000 SF of air rights, potentially doubling the unit count or significantly increasing the sellable floor area.
Presented by
NY AVENUE RESOURCE CORP.,
1694 Kalakaua Ave
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