Alahou Street Apartments
The Alahou Street Apartments consists of two multifamily apartment buildings located on the property which bears the addresses of 75-5749 and 75-5751 Alahou Street, on the Big Island of Hawaii. The property represents an exciting opportunity to take advantage of the multifamily market with limited acquisition offerings and high demand for investments in the State of Hawaii.
The Alahou Street Apartments offering includes 25 recently constructed apartment units ideally located in the heart of Kailua-Kona town on the Big Island of Hawaii. There are 15 studio units and 10 2-bedroom units. The two-phase development was constructed in 2012 & 2018. Building A which was constructed in 2012 has a building area of 6,288 square feet and Building B has a building area of 12,809 square feet. Both buildings are in excellent condition with no major cap-ex required. It is 100% leased and achieving strong market rents with room for increases. There are a total of 46 parking stalls located on the property for residents.
In addition to capitalizing on a stabilized asset, there are value-add opportunities through converting and selling the units as condominiums, adding windows to select units to increase rents, and generally increasing rents in an incredibly tight rental market.
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