| Description | Rarely available apartment building in Waikiki, offering strong income potential and long-term value in one of Honolulu’s most desirable rental markets. Current rents are below market, creating excellent upside potential. This well-maintained solid hollow-tile structure features a classic tiled exterior and covered parking. Each unit is individually metered for electricity with a shared water meter. All residences offer generous interior space with private lanais or patios. The property consists of one expansive 3-bedroom, 2-bath penthouse and fourteen 1-bedroom units. Interior upgrades have been completed throughout, including durable high-quality tile flooring, updated kitchens, modernized bathrooms, and newly refurbished railings. Additional monthly revenue is generated from leased coin-operated laundry machines and parking income. Pro forma rental income analysis is available. In 2025, the entire property underwent a plumbing inspection and repair process. |
|---|---|
| Status | Active since 03-02-2026 |
| MLS# | 202603620 |
| Price | $4,900,000 |
| Original Price | $4,900,000 |
| Price Change | (0.00%) |
| Studio Units | 0 |
| One Bed Units | 14 |
| Two Bed Units | 0 |
| Three Bed Units | 1 |
| Land Sq Ft | 4,505 |
| Land Tenure | FS - Fee Simple |
| Maintenance Fee | $0 |
| Address | 254 Kaiulani Avenue Honolulu HI 96815 |
| Region | Metro |
| Neighborhood | Waikiki |
| Days on Market | 209 |
| Year Built | 1960 |
| Condition | Excellent |
| View | None |
| Frontage | Other |
| Parking | Assigned, Covered, Open |
| Zoning | X2 - Apartment Precinct |
| Flood Zone | Zone AE |
| Elementary | Jefferson |
| Middle | Washington |
| High | Kaimuki |
| Tax Amount | $884 |
| Assessed Land | $1,689,500 |
| Assessed Building | $1,341,400 |
| Assessed Total | $3,030,900 |
| Assessed Ratio | 162% |
| Utilities | Cable, Gas, Internet, Overhead Electricity, Public Water, Sewer Fee, Telephone, Water |
| Construction | Concrete, Hollow Tile |
| Lot Features | Other |
| Disclosures | None |
| Land Recorded | Land Court |
| Possession | At Closing |
| Sale Conditions | None |
| Topography | Level |
| Roofing | Composition, Other |
| Easements | Drainage, Water |
| Parcel # | 1-2-6-021-014-0000 |
| Listing courtesy of | Locations LLC |
Property History from MLS
| Date | MLS# | Change | Old Value | New Value | List Price | Sold Price | Assessed Total | Land | Building |
|---|---|---|---|---|---|---|---|---|---|
| 09-22-2026 | 202603620 | Back On Market | C | A | $4,900,000 | $0 | $3,030,900 | $1,689,500 | $1,341,400 |
| 09-14-2026 | 202603620 | Active Under Contract | A | C | $4,900,000 | $0 | $3,030,900 | $1,689,500 | $1,341,400 |
| 03-02-2026 | 202603620 | New Listing | A | $4,900,000 | $0 | $3,030,900 | $1,689,500 | $1,341,400 | |
| 05-24-2025 | 202423781 | Expired | A | X | $4,900,000 | $0 | $3,010,200 | $1,689,500 | $1,320,700 |
| 10-17-2024 | 202423781 | New Listing | A | $4,900,000 | $0 | $3,010,200 | $1,689,500 | $1,320,700 | |
| 10-09-2024 | 202411849 | Cancelled | A | W | $4,900,000 | $0 | $3,010,200 | $1,689,500 | $1,320,700 |
| 09-07-2024 | 202411849 | Price Decrease | $5,100,000 | $4,900,000 | $4,900,000 | $0 | $3,010,200 | $1,689,500 | $1,320,700 |
| 05-23-2024 | 202411849 | New Listing | A | $4,900,000 | $0 | $3,010,200 | $1,689,500 | $1,320,700 | |
| 05-23-2024 | 202319069 | Cancelled | A | W | $5,300,000 | $0 | $2,962,000 | $1,666,400 | $1,295,600 |
| 10-27-2023 | 202319069 | Price Decrease | $5,500,000 | $5,300,000 | $5,300,000 | $0 | $2,962,000 | $1,666,400 | $1,295,600 |
| 08-11-2023 | 202319069 | New Listing | A | $5,300,000 | $0 | $2,962,000 | $1,666,400 | $1,295,600 | |
| 08-11-2023 | 202313470 | Cancelled | T | W | $5,800,000 | $0 | $2,962,000 | $1,666,400 | $1,295,600 |
| 07-10-2023 | 202313470 | Hold | A | T | $5,800,000 | $0 | $2,962,000 | $1,666,400 | $1,295,600 |
| 06-13-2023 | 202313470 | New Listing | A | $5,800,000 | $0 | $2,962,000 | $1,666,400 | $1,295,600 | |
| 04-27-2009 | 2809841 | Withdrawn | A | W | $2,900,000 | $0 | $1,674,500 | $1,149,200 | $525,300 |
| 02-27-2009 | 2809841 | Price Decrease | $3,500,000 | $2,900,000 | $2,900,000 | $0 | $1,674,500 | $1,149,200 | $525,300 |
| 02-27-2009 | 2809841 | Back On Market | W | A | $2,900,000 | $0 | $1,674,500 | $1,149,200 | $525,300 |
| 12-03-2008 | 2809841 | Withdrawn | A | W | $2,900,000 | $0 | $1,674,500 | $1,149,200 | $525,300 |
| 11-25-2008 | 2809841 | Price Increase | $3,100,000 | $3,500,000 | $2,900,000 | $0 | $1,674,500 | $1,149,200 | $525,300 |
| 06-30-2008 | 2809841 | Price Decrease | $3,888,000 | $3,100,000 | $2,900,000 | $0 | $1,674,500 | $1,149,200 | $525,300 |
| 06-12-2008 | 2809841 | New Listing | A | $2,900,000 | $0 | $1,674,500 | $1,149,200 | $525,300 | |
| 05-16-2007 | 2706351 | Withdrawn | A | W | $3,750,000 | $0 | $0 | $0 | $0 |
| 03-30-2007 | 2706351 | New Listing | A | $3,750,000 | $0 | $0 | $0 | $0 | |
| 07-13-2005 | 2503904 | Sold | P | S | $2,400,000 | $2,200,000 | $1,175,900 | $726,600 | $449,300 |
| 07-02-2005 | 2503904 | Pending | C | P | $2,400,000 | $2,200,000 | $1,175,900 | $726,600 | $449,300 |
| 05-17-2005 | 2503904 | Active Continue to Show | A | C | $2,400,000 | $2,200,000 | $1,175,900 | $726,600 | $449,300 |
| 03-16-2005 | 2503904 | New Listing | A | $2,400,000 | $2,200,000 | $1,175,900 | $726,600 | $449,300 |
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