| Description | An exceptional investment opportunity to acquire a well-maintained 5-unit multifamily property in the desirable Punchbowl neighborhood of Honolulu. The property features a diverse unit mix consisting of one studio, one 1-bedroom/1-bathroom, one 2-bedroom/1-bathroom, one 3-bedroom/2bathroom, and one 4-bedroom/2-bathroom unit, along with five covered garage parking stalls. Designed for operational efficiency, all units except the Studio & 1bd/1ba units are separately metered for electricity, making the property easy to self-manage while helping minimize operating expenses. The asset generates strong in-place cash flow with an annual Net Operating Income (NOI) of approximately $110,243. Ideally located just minutes from Downtown Honolulu, Queen’s Medical Center, Kaka'ako, Ala Moana, the University of Hawai'i at Manoa, Roosevelt High School, and Punahou School, the property offers convenient access to major employment centers, shopping, dining, healthcare, and education. This is a rare opportunity for investors seeking a stable, income-producing asset in one of Honolulu’s most centrally located neighborhoods. |
|---|---|
| Status | Active since 08-10-2026 |
| MLS# | 202615380 |
| Price | $2,680,000 |
| Original Price | $2,680,000 |
| Price Change | (0.00%) |
| Studio Units | 1 |
| One Bed Units | 1 |
| Two Bed Units | 1 |
| Three Bed Units | 2 |
| Living Sq Ft | 3,509 |
| Land Sq Ft | 4,964 |
| Land Tenure | FS - Fee Simple |
| Maintenance Fee | $0 |
| Address | 1559 Magazine Street Honolulu HI 96822 |
| Region | Metro |
| Neighborhood | Punchbowl Area |
| Days on Market | 48 |
| Year Built | 1950 |
| Year Remodeled | 2016 |
| Condition | Excellent |
| View | Other |
| Parking | Assigned, Covered |
| Zoning | 12 - A-2 Medium Density Apartme |
| Flood Zone | Zone X |
| Elementary | Lincoln |
| Middle | Stevenson |
| High | Roosevelt |
| Tax Amount | $469 |
| Assessed Land | $1,017,600 |
| Assessed Building | $589,900 |
| Assessed Total | $1,607,500 |
| Assessed Ratio | 167% |
| Utilities | Cable, Internet, Overhead Electricity, Sewer Fee, Water |
| Construction | Double Wall |
| Lot Features | Clear |
| Disclosures | 1031 Exchange |
| Land Recorded | Regular System |
| Possession | At Closing |
| Sale Conditions | None |
| Topography | Terraced |
| Roofing | Asphalt Shingle |
| Easements | None |
| Parcel # | 1-2-4-016-056-0000 |
| Listing courtesy of | Excel Commercial Realty LLC |
Property History from MLS
| Date | MLS# | Change | Old Value | New Value | List Price | Sold Price | Assessed Total | Land | Building |
|---|---|---|---|---|---|---|---|---|---|
| 08-10-2026 | 202615380 | New Listing | A | $2,680,000 | $0 | $1,607,500 | $1,017,600 | $589,900 | |
| 01-22-2016 | 201509151 | Sold | X | S | $1,790,000 | $1,760,000 | $1,131,200 | $819,100 | $312,100 |
| 01-01-2016 | 201509151 | Expired | C | X | $1,790,000 | $1,760,000 | $1,131,200 | $819,100 | $312,100 |
| 10-28-2015 | 201509151 | Active Continue to Show | A | C | $1,790,000 | $1,760,000 | $1,131,200 | $819,100 | $312,100 |
| 10-15-2015 | 201509151 | Price Decrease | $1,960,000 | $1,790,000 | $1,790,000 | $1,760,000 | $1,131,200 | $819,100 | $312,100 |
| 06-01-2015 | 201509151 | $1,960,000 | $1,790,000 | $1,760,000 | $1,131,200 | $819,100 | $312,100 | ||
| 06-01-2015 | 201509151 | New Listing | A | $1,790,000 | $1,760,000 | $1,131,200 | $819,100 | $312,100 | |
| 04-10-2015 | 201502312 | Withdrawn | A | W | $2,248,000 | $0 | $802,300 | $617,300 | $185,000 |
| 03-24-2015 | 201502312 | Price Decrease | $2,395,000 | $2,248,000 | $2,248,000 | $0 | $802,300 | $617,300 | $185,000 |
| 02-12-2015 | 201502312 | $2,395,000 | $2,248,000 | $0 | $802,300 | $617,300 | $185,000 | ||
| 02-12-2015 | 201502312 | New Listing | A | $2,248,000 | $0 | $802,300 | $617,300 | $185,000 | |
| 02-11-2014 | 201334365 | Sold | P | S | $1,250,000 | $1,150,000 | $784,200 | $636,000 | $148,200 |
| 02-02-2014 | 201334365 | Pending | C | P | $1,250,000 | $1,150,000 | $784,200 | $636,000 | $148,200 |
| 12-27-2013 | 201334365 | Active Continue to Show | A | C | $1,250,000 | $1,150,000 | $784,200 | $636,000 | $148,200 |
| 10-21-2013 | 201334365 | New Listing | A | $1,250,000 | $1,150,000 | $784,200 | $636,000 | $148,200 | |
| 10-21-2013 | 201334365 | $1,250,000 | $1,250,000 | $1,150,000 | $784,200 | $636,000 | $148,200 | ||
| 08-27-2013 | 1304187 | Expired | A | X | $1,250,000 | $0 | $784,200 | $636,000 | $148,200 |
| 04-15-2013 | 1304187 | New Listing | A | $1,250,000 | $0 | $784,200 | $636,000 | $148,200 | |
| 05-10-2007 | 2611735 | Expired | T | X | $1,198,000 | $0 | $577,300 | $467,300 | $110,000 |
| 09-27-2006 | 2611735 | Temporarily Withdrawn | C | T | $1,198,000 | $0 | $577,300 | $467,300 | $110,000 |
| 09-15-2006 | 2611735 | Active Continue to Show | A | C | $1,198,000 | $0 | $577,300 | $467,300 | $110,000 |
| 07-20-2006 | 2611735 | Price Decrease | $1,288,000 | $1,198,000 | $1,198,000 | $0 | $577,300 | $467,300 | $110,000 |
| 06-21-2006 | 2611735 | New Listing | A | $1,198,000 | $0 | $577,300 | $467,300 | $110,000 | |
| 07-30-2001 | 2102484 | Sold | P | S | $399,000 | $399,000 | $317,100 | $297,800 | $19,300 |
| 05-07-2001 | 2102484 | Pending | A | P | $399,000 | $399,000 | $317,100 | $297,800 | $19,300 |
| 03-09-2001 | 2102484 | New Listing | A | $399,000 | $399,000 | $317,100 | $297,800 | $19,300 | |
| 08-11-1999 | 9809191 | Expired | A | X | $389,000 | $0 | $341,500 | $322,700 | $18,800 |
| 02-11-1999 | 9809191 | Price Decrease | $429,000 | $389,000 | $389,000 | $0 | $341,500 | $322,700 | $18,800 |
| 08-10-1998 | 9809191 | New Listing | A | $389,000 | $0 | $341,500 | $322,700 | $18,800 |
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