| Description | Exceptional rental income and low operating costs make this a rare investment opportunity in Waikiki’s residential neighborhood. This turnkey 3-story walk-up comprises 13 units: nine 2BD/1BA plus four 1BD/1BA, each with a private lanai. Well-kept and low-maintenance, the property is positioned in one of Honolulu’s most reliable rental markets. Features include community coin-operated laundry, individual electrical metering for tenant-paid power. Parking is available with a three-car front carport, plus two tandem spaces in a secondary carport accessed via the driveway. Units have been updated upon turnover, ensuring the building remains in excellent condition with strong occupancy, consistent rental income, and long-term tenants. Set in the quieter, less trafficked section of Waikiki, residents enjoy walkable access to world-class beaches, dining, shopping, and recreation, as well as convenient transit connections. This combination of stable income, efficient operations, and an unbeatable location makes the property a standout investment in Honolulu’s steady multifamily market. |
|---|---|
| Status | Sold since 09-09-2025 |
| MLS# | 202519531 |
| Price | $4,980,000 |
| Original Price | $4,880,000 |
| Price Change | $100,000 (2.05%) |
| Studio Units | 0 |
| One Bed Units | 4 |
| Two Bed Units | 9 |
| Three Bed Units | 0 |
| Living Sq Ft | 7,300 |
| Land Sq Ft | 5,760 |
| Land Tenure | FS - Fee Simple |
| Maintenance Fee | $0 |
| Address | 287 Wai Nani Way Honolulu HI 96815 |
| Region | Metro |
| Neighborhood | Waikiki |
| Days on Market | 181 |
| Year Built | 1963 |
| Year Remodeled | 2023 |
| Condition | Above Average,Average |
| View | City |
| Parking | Assigned, Covered, Tandem |
| Zoning | X2 - Apartment Precinct |
| Flood Zone | Zone X |
| Elementary | Jefferson |
| Middle | Washington |
| High | Kaimuki |
| Tax Amount | $864 |
| Assessed Land | $2,207,500 |
| Assessed Building | $754,700 |
| Assessed Total | $2,962,200 |
| Assessed Ratio | 168% |
| Utilities | Cable, Internet, Public Water, Sewer Fee, Telephone, Underground Electricity, Water |
| Construction | Hollow Tile |
| Lot Features | Clear |
| Disclosures | 1031 Exchange, Listor Owner |
| Land Recorded | Regular System |
| Possession | At Closing, Negotiable, Subject |
| Sale Conditions | None |
| Topography | Level |
| Roofing | Custom/Specialty |
| Easements | None |
| Parcel # | 1-2-6-028-043-0000 |
| Listing courtesy of | Real Estate Strategies, LLC |
Property History from MLS
| Date | MLS# | Change | Old Value | New Value | List Price | Sold Price | Assessed Total | Land | Building |
|---|---|---|---|---|---|---|---|---|---|
| 05-05-2026 | 202519531 | Sold | C | S | $4,980,000 | $4,750,000 | $2,962,200 | $2,207,500 | $754,700 |
| 03-27-2026 | 202519531 | Active Under Contract | A | C | $4,980,000 | $4,750,000 | $2,962,200 | $2,207,500 | $754,700 |
| 03-05-2026 | 202519531 | Price Increase | $4,880,000 | $4,980,000 | $4,980,000 | $4,750,000 | $2,962,200 | $2,207,500 | $754,700 |
| 10-14-2025 | 202519531 | Back On Market | C | A | $4,980,000 | $4,750,000 | $2,962,200 | $2,207,500 | $754,700 |
| 09-26-2025 | 202519531 | Active Under Contract | A | C | $4,980,000 | $4,750,000 | $2,962,200 | $2,207,500 | $754,700 |
| 09-09-2025 | 202519531 | New Listing | A | $4,980,000 | $4,750,000 | $2,962,200 | $2,207,500 | $754,700 | |
| 10-26-2024 | 202324400 | Expired | A | X | $4,988,000 | $0 | $3,116,400 | $2,207,500 | $908,900 |
| 09-24-2024 | 202324400 | Price Decrease | $5,150,000 | $4,988,000 | $4,988,000 | $0 | $3,116,400 | $2,207,500 | $908,900 |
| 02-09-2024 | 202324400 | Price Decrease | $5,280,000 | $5,150,000 | $4,988,000 | $0 | $3,116,400 | $2,207,500 | $908,900 |
| 10-25-2023 | 202324400 | New Listing | A | $4,988,000 | $0 | $3,116,400 | $2,207,500 | $908,900 | |
| 06-05-2023 | 202300739 | Sold | P | S | $4,950,000 | $4,500,000 | $2,291,900 | $1,915,200 | $376,700 |
| 02-28-2023 | 202300739 | Pending | C | P | $4,950,000 | $4,500,000 | $2,291,900 | $1,915,200 | $376,700 |
| 02-16-2023 | 202300739 | Active Under Contract | A | C | $4,950,000 | $4,500,000 | $2,291,900 | $1,915,200 | $376,700 |
| 01-12-2023 | 202300739 | New Listing | A | $4,950,000 | $4,500,000 | $2,291,900 | $1,915,200 | $376,700 | |
| 01-12-2023 | 202219222 | Cancelled | A | W | $4,950,000 | $0 | $2,291,900 | $1,915,200 | $376,700 |
| 11-17-2022 | 202219222 | Price Decrease | $5,250,000 | $4,950,000 | $4,950,000 | $0 | $2,291,900 | $1,915,200 | $376,700 |
| 09-19-2022 | 202219222 | New Listing | A | $4,950,000 | $0 | $2,291,900 | $1,915,200 | $376,700 | |
| 01-23-2002 | 2107248 | Price Decrease | $1,088,888 | $925,000 | $1,088,888 | $925,000 | $922,400 | $461,400 | $461,000 |
| 01-23-2002 | 2107248 | Sold | P | S | $1,088,888 | $925,000 | $922,400 | $461,400 | $461,000 |
| 01-17-2002 | 2107248 | Pending | C | P | $1,088,888 | $925,000 | $922,400 | $461,400 | $461,000 |
| 08-23-2001 | 2107248 | Back On Market | P | A | $1,088,888 | $925,000 | $922,400 | $461,400 | $461,000 |
| 08-23-2001 | 2107248 | Pending | A | P | $1,088,888 | $925,000 | $922,400 | $461,400 | $461,000 |
| 07-23-2001 | 2107248 | Price Increase | $988,888 | $1,088,888 | $1,088,888 | $925,000 | $922,400 | $461,400 | $461,000 |
| 07-19-2001 | 2107248 | New Listing | A | $1,088,888 | $925,000 | $922,400 | $461,400 | $461,000 |
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