$1,598,000
Beds:
3
Bath:
1
Sqft:
680
Sqft lot:
6,750
Acre lot:
0.15
185 Days On Market -
Courtesy of RE/MAX Honolulu.
Status:
Active
Property Type:
Single Family Residence
Year Built:
1954
Neighborhood:
Makiki Area
Days On Website:
185
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 SINGLE FAMILY 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 AND/OR THE POTENTIAL TO DEVELOP SENIOR CARE FACILITIES FOR OUR KAPUNA. 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, AND A REMARKABLE 10 YEAR PROPERTY TAX EXEMPTION. IN FACT, SELLERS HAVE COPIES OF BUILDING PLANS SUBMITTED TO DPP FOR A 33 UNIT AFFORDABLE HOUSING 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 CONSULT PROFESSIONALS.TO BE CONVEYED AS IS.
Features
Amenities
- Wall/Fence
Bathrooms
- 1 full bathroom
Bedrooms
- 3 bedrooms
Building
- 680 roofed living square feet
- 680 total square feet
- Built in 1954
- Detach Single Family
- Above Ground
- Single Wall
Floors
- Laminate
Interior Features
- Furnished: None
Listing
- Land Tenure: FS - Fee Simple
Location
- Neighborhood: MAKIKI AREA
Lot
- Clear
Parking
- 5 total parking spaces
- 3 Car+
- Boat
Pool
- None
Property
- Condition: Average
Utilities
- Connected
- Water
Property Map
Map View
$1,598,000 - 1139 Papaku Place, Honolulu, HI 96814
Street View
Directions
1139 Papaku Place
Honolulu, HI 96814
Neighborhood: MAKIKI AREA