1139 Papaku Place, Honolulu, HI 96814

$1,598,000
List Price
$1,598,000
MLS#
202324523
Price Change
▲ $1,438,200 1705243674
Days on Market
123
Status
ACTIVE
Type
Land
Land Area
6,750
Land Tenure
FS - Fee Simple
Neighborhood
Makiki

Property 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, POTENTIAL EXPEDITED PERMITTING & REMARKABLE 10 YEAR PROPERTY TAX EXEMPTION. SELLERS HAVE COPIES OF BUILDING PLANS SUBMITTED TO DPP FOR A 33 UNIT-6 STORY AFFORDABLE HOUSING PROJECT AND ARE AVAILABLE FOR REVIEW DURING SHOWINGS. BUYERS AND THEIR AGENTS SHOULD PERFORM THEIR DUE DILIGENCE AND REACH OUT TO THE DEPARTMENT OF PLANNING & PERMITTING AND HCDC.

Additional Information

Island
Oahu
Utilities
Electricity, Public Water, Sewer
View
None
Easements
Electric, Sewer
Lot Size
6,750
Mls Area Major
Metro
Neighborhood
Makiki
Tax Amount
$503
Sewer
Connected
Restrictions
None
Assessed Total
1721700
Assessed Improvement
48900
Assessed Land
1672800
Zoning
12 - A-2 Medium Density Apartme

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of RE/MAX Honolulu.

Based on information from the Multiple Listing Service of Hicentral MLS, Ltd. Listings last updated on . Information is deemed reliable but not guaranteed. Copyright: 2024 by HiCentral MLS, Ltd. IDX information is provided exclusively for consumers' personal, non-commercial use. It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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