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1139 Papaku Place

Honolulu, HI 96814
  • $1,598,000
  • STATUS: Active
  • ON SITE: 115 Days
  • MLS #: 202325040
UPDATED: 51 min ago
$1,598,000
  • 0
    BEDS
  • 0.15
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 680
    SQFT
  • $2,350
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1954
County:
Area:

School Ratings & Info

Description

EXCEPTIONAL INVESTMENT OPPORTUNITY: UNPRECEDENTED A-2 APARTMENT ZONED PROPERTY IN THE HEART OF MAKIKI! THIS EXTRAORDINARY OFFERING IS PRICED WELL BELOW THE 2023 REAL PROPERTY TAX LAND VALUE. FEATURING AN EXISTING WELL KEPT 3 BEDROOM/ 1 BATH HOME, IT ENJOYS A GREAT LOCATION JUST OFF THE MAIN THOROUGHFARE, SHARING A PAVED ROAD WITH THE POST OFFICE.WHAT MAKES THIS PROPERTY TRULY EXCEPTIONAL IS THE POTENTIAL FOR A BILL 7 REDEVELOPMENT PROJECT, ADDRESSING THE PRESSING NEED FOR AFFORDABLE HOUSING.UNDER BILL 7, YOU COULD BENEFIT FROM SUBSTANTIAL INCENTIVES, INCLUDING THE POSSIBILITY OF CITY GRANTS FOR UP TO $15.00 PER SQUARE FOOT UPON PROJECT COMPLETION. MOREOVER, THERE ARE NO PERMITTING OR UTILITY FEES TO WORRY ABOUT, POTENTIALLY EXEPEDIATED PERMITTING & REMARKABLE 10 YEAR PROPERTY TAX EXEMPTION. IN FACT, SELLERS HAVE PLANS SUBMITTED TO DPP FOR A DEVELOPMENT OF A SUBSTANTIAL 33 UNIT PROJECT UNDER BILL 7. FOR FULL DETAILS AND TO EXPLORE THE DEVELOPMENT OPPORTUNITIES THIS PROPERTY HOLDS. BUYERS AND THEIR AGENTS SHOULD PERFORM THEIR DUE DILIGENCE AND REACH OUT TO THE DEPARTMENT OF PLANNING & PERMITTING, LUO AND PROFESSIONALS LICENSED FOR DEVELOPMENT. TO BE CONVEYED AS IS.

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© 2024 HiCentral MLS, Ltd. All rights reserved.
Some of the active listings on this site may be listed by other REALTORS®. If you are interested in those active listings, our company may represent you as the buyer's agent. If the active listing you are interested in is our company's active listing, you may speak to one of our agents regarding your options for representation.

IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Island Life Homes.

Licensed in the State of Hawaii, USA.
www.islandlifehm.com/homes/145014527
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1139 Papaku Place Honolulu, HI 96814

  • Price: $1,598,000
  • Status: Active
  • On Site: 115 Days
  • Updated: 51 min ago
  • MLS #: 202325040
0
Beds
0
Baths
0
½ Baths
0.15
Acres
680
SQFT
$2,350
$/SQFT
1954
Built
Neighborhood:
Makiki Area
County:
Oahu
Area:
Metro
Property Description
EXCEPTIONAL INVESTMENT OPPORTUNITY: UNPRECEDENTED A-2 APARTMENT ZONED PROPERTY IN THE HEART OF MAKIKI! THIS EXTRAORDINARY OFFERING IS PRICED WELL BELOW THE 2023 REAL PROPERTY TAX LAND VALUE. FEATURING AN EXISTING WELL KEPT 3 BEDROOM/ 1 BATH HOME, IT ENJOYS A GREAT LOCATION JUST OFF THE MAIN THOROUGHFARE, SHARING A PAVED ROAD WITH THE POST OFFICE.WHAT MAKES THIS PROPERTY TRULY EXCEPTIONAL IS THE POTENTIAL FOR A BILL 7 REDEVELOPMENT PROJECT, ADDRESSING THE PRESSING NEED FOR AFFORDABLE HOUSING.UNDER BILL 7, YOU COULD BENEFIT FROM SUBSTANTIAL INCENTIVES, INCLUDING THE POSSIBILITY OF CITY GRANTS FOR UP TO $15.00 PER SQUARE FOOT UPON PROJECT COMPLETION. MOREOVER, THERE ARE NO PERMITTING OR UTILITY FEES TO WORRY ABOUT, POTENTIALLY EXEPEDIATED PERMITTING & REMARKABLE 10 YEAR PROPERTY TAX EXEMPTION. IN FACT, SELLERS HAVE PLANS SUBMITTED TO DPP FOR A DEVELOPMENT OF A SUBSTANTIAL 33 UNIT PROJECT UNDER BILL 7. FOR FULL DETAILS AND TO EXPLORE THE DEVELOPMENT OPPORTUNITIES THIS PROPERTY HOLDS. BUYERS AND THEIR AGENTS SHOULD PERFORM THEIR DUE DILIGENCE AND REACH OUT TO THE DEPARTMENT OF PLANNING & PERMITTING, LUO AND PROFESSIONALS LICENSED FOR DEVELOPMENT. TO BE CONVEYED AS IS.
Exterior Features

Construction Materials Above GroundSingle Wall Location Dead End Lot Description Clear Other Parking <10 Spaces Parking Open Parking Total 8 Roof Asphalt Shingle Stories One Topography Level View None

Interior Features

Laundry None Sq Ft Building 680

Property Features

1 Bed Units 0 2 Bed Units 0 3 Or More Bed Units 1 Amenities None Annual Expenses 1.00 Assessed Value Improvements 48900.00 Assessed Value Land 1672800.00 Assessed Value Total 1721700.00 Building Type Other Disclosures Property Disclosure StmtSee Remarks Documents OtherTitle Search Easements ElectricOtherSewer Expenses Include Property Tax Flood Zone Zone X Foreclosure YN No Land Recorded Regular System Land Tenure FS - Fee Simple Listing Financing CashConventional Net Operating Income 1.00 Other Income 1.00 Possession At Closing Property Condition Above Average Recreation Facilities None Set Backs C&COf Record Sewer Connected Special Sale Conditions None Studio Units 0 Tax Amount 503.00 Tax Annual Amount 6036.00 Tax Paid By Seller No Tax Year 2023 Tenant Pays None Total Actual Rent 1.00 Total Income 1.00 Utilities Available Public Water Utilities Meters ElectricWater Zoning 12 - A-2 Medium Density Apartme

Listings provided courtesy of RE/MAX Honolulu: (808) 687-8900.
Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. Listings last updated on 2024-02-28T13:58:50.673. Information is deemed reliable but not guaranteed. Copyright: 2024 by HiCentral MLS, Ltd.


© 2024 HiCentral MLS, Ltd. All rights reserved.
Some of the active listings on this site may be listed by other REALTORS®. If you are interested in those active listings, our company may represent you as the buyer's agent. If the active listing you are interested in is our company's active listing, you may speak to one of our agents regarding your options for representation.

IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Island Life Homes.

Licensed in the State of Hawaii, USA.
 
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