$1.48M Value-Add Multifamily Acquisition in Makiki, Honolulu

The seller of a distressed 6-unit multifamily property in Makiki, Honolulu, needed a buyer capable of revitalizing a vacant, boarded-up building that had attracted squatters and required extensive renovations. With our expertise, we connected an investor seeking a value-add opportunity to acquire and transform the property into a high-performing asset.

Project Highlights

• Property Type & Size: A 6-unit multifamily property featuring one 4-bedroom, 2-bathroom house, two 2-bedroom, 1-bathroom units, and three 1-bedroom, 1-bathroom units on a corner lot.
• Prime Location: Situated in Makiki, Honolulu, a tenant-friendly neighborhood known for its accessibility and strong rental demand.
• Acquisition Price: $1,480,000.
• Nearby Landmarks: Close to Punahou School, the University of Hawaiʻi at Manoa, Ala Moana Center, and downtown Honolulu, providing excellent access to employment centers and amenities.

Challenges Faced:

• Distressed Property Condition: The building was vacant, boarded up, and had been a site for squatter activity and homelessness.
• Extensive Renovation Needs: The property required significant repairs and updates to be market-ready.
• Off-Market Transaction: Finding a buyer with the experience and capability to handle a complex acquisition and redevelopment project.

Advantages Secured:

• Exclusive Off-Market Opportunity: We connected the buyer with a high-potential investment that wasn’t available on the open market.
• Strategic Value-Add Plan: The buyer implemented a renovation strategy to enhance the property’s condition, attract tenants, and optimize rental income.
• Prime Location for Long-Term Growth: The property's proximity to top schools, retail centers, and business districts ensures consistent demand and strong appreciation potential.

About Makiki, Honolulu

Makiki is a centrally located neighborhood in Honolulu, offering a blend of residential and urban conveniences. Known for its proximity to top schools, major shopping centers, and government offices, Makiki attracts a diverse tenant base, from students to professionals. Its strong rental demand and access to public transportation make it a desirable location for multifamily investments. With ongoing infrastructure improvements and urban renewal efforts, Makiki remains a prime market for value-add real estate opportunities.

Client Testimonial:

"Working with Kynan and his team was a game-changer for us. They not only helped us identify a fantastic off-market property in a prime location but also guided us through every step of the acquisition process. The results speak for themselves – we’ve turned a distressed property into a cornerstone of our portfolio. We couldn’t have done it without Excel Commercial Realty’s expertise and dedication."