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Hale Wai Nani 287 Wai Nani Way 13 Unit Apartment Building $6,865,776 CAD ($528,137 CAD/Unit) 5.99% Cap Rate Honolulu, HI 96815
Investment Highlights
- Turnkey 3 story walk-up with 13 units, nine 2BD/1BA plus four 1BD/1BA
- Exceptional rental income and low operating costs
- Community laundry, separate HECO meters, ample parking
Executive Summary
Contact co-lister Pauline Michelman (808) 454-3438 or pauline@collectivehawaii.com for info or showing requests. Exceptional rental income and low operating costs make this a rare investment opportunity in Waikiki’s residential neighborhood. This turnkey 3-story walk-up comprises 13 units: nine 2BD/1BA plus four 1BD/1BA, each with a private lanai. Well-kept and low-maintenance, the property is positioned in one of Honolulu’s most reliable rental markets. Features include community coin-operated laundry, individual electrical metering for tenant-paid power. Parking is available with a three-car front carport, plus two tandem spaces in a secondary carport accessed via the driveway. Units have been updated upon turnover, ensuring the building remains in excellent condition with strong occupancy, consistent rental income, and long-term tenants. Set in the quieter, less trafficked section of Waikiki, residents enjoy walkable access to world-class beaches, dining, shopping, and recreation, as well as convenient transit connections. This combination of stable income, efficient operations, and an unbeatable location makes the property a standout investment in Honolulu’s steady multifamily market.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$474,797
|
$65.04
|
| Other Income |
$5,824
|
$0.80
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$480,621
|
$65.84
|
| Taxes |
$14,294
|
$1.96
|
| Operating Expenses |
$55,010
|
$7.54
|
| Total Expenses |
$69,304
|
$9.49
|
| Net Operating Income |
$411,317
|
$56.34
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $474,797 |
| Annual Per SF | $65.04 |
| Other Income (CAD) | |
|---|---|
| Annual | $5,824 |
| Annual Per SF | $0.80 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $480,621 |
| Annual Per SF | $65.84 |
| Taxes (CAD) | |
|---|---|
| Annual | $14,294 |
| Annual Per SF | $1.96 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $55,010 |
| Annual Per SF | $7.54 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $69,304 |
| Annual Per SF | $9.49 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $411,317 |
| Annual Per SF | $56.34 |
Property Facts
| Price | $6,865,776 CAD | Building Class | C |
| Price Per Unit | $528,137 CAD | Lot Size | 0.13 AC |
| Sale Type | Investment | Building Size | 7,300 SF |
| Cap Rate | 5.99% | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1963/2023 |
| Property Subtype | Apartment | Parking Ratio | 0.96/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | X2 - X2 - Apartment Precinct | ||
| Price | $6,865,776 CAD |
| Price Per Unit | $528,137 CAD |
| Sale Type | Investment |
| Cap Rate | 5.99% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 7,300 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1963/2023 |
| Parking Ratio | 0.96/1,000 SF |
| Zoning | X2 - X2 - Apartment Precinct |
Amenities
Unit Amenities
- Balcony
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Deck
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 9 | - | 650 |
| 1+1 | 4 | - | 550 |
Very walkable
80/100
Moderately drivable
60/100
Good public transit
60/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 1-2-6-028-043-0000 | Total Assessment | $4,075,454 CAD |
| Land Assessment | $3,037,123 CAD | Annual Taxes | $14,294 CAD ($1.96 CAD/SF) |
| Improvements Assessment | $1,038,331 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
1-2-6-028-043-0000
Land Assessment
$3,037,123 CAD
Improvements Assessment
$1,038,331 CAD
Total Assessment
$4,075,454 CAD
Annual Taxes
$14,294 CAD ($1.96 CAD/SF)
Tax Year
2025
Contacts
-
Hawaii Collective Real Estate Pauline Michelman -
Julian
Young
- Hawaii Collective Real Estate
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Hale Wai Nani | 287 Wai Nani Way
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