THE OPPORTUNITY: WAIKIKI GATEWAY ASSEMBLAGE
1694 Kalakaua Avenue represents a rare "Covered Land" acquisition opportunity located at the strategic gateway to Waikiki. This 20,429 SF (0.47 Acre) assemblage combines high-visibility frontage on Kalakaua Avenue with significant vertical development rights.
Unlike typical raw land sites that carry negative cash flow, this property features an existing 7,800 SF retail commercial building that is 100% leased, generating approximately $288,657 in Net Operating Income (NOI). This income stream effectively subsidizes the carrying costs (taxes and insurance) while the developer finalizes permits and entitlements, offering a low-risk entry into the Honolulu urban core market.
SITE SPECIFICATIONS:
Address: 1694 Kalakaua Avenue, Honolulu, HI 96826
Total Land Area: 20,429 SF (0.47 Acres)
Parcel 1 (Frontage): 12,932 SF (TMK: [Insert TMK if known, otherwise leave blank])
Parcel 2 (Rear): 7,497 SF
Shape/Topography: Level, rectangular assemblage with dual street access capability.
Flood Zone: Zone X (Low Risk) – Ideal for financing and insurance.
ZONING & DEVELOPMENT DENSITY:
The property benefits from a powerful Joint Development potential, combining two complementary zoning codes to maximize buildable density:
Zoning Designations: BMX-3 (Community Business Mixed-Use) & A-2 (Medium Density Apartment).
Total Allowable Density (FAR): 46,580 SF
Height Limit: 135 Feet (Approx. 10–12 Stories).
Permitted Uses: Mixed-Use Residential (Condo/Rental), Hotel/Condotel, Retail, Medical Office, and Commercial Services.
UTURE DEVELOPMENT CONCEPT (PRO FORMA):
The sale includes schematic architectural designs for a "Shovel-Ready" concept that fits within the existing zoning envelope:
Project Type: 10-Story Mixed-Use Tower over Podium.
Residential Density: 40 Units (Mix of 1-Bedroom & 2-Bedroom layouts).
Commercial Component: ~4,870 SF of Ground Floor Retail.
Parking: 31 Stalls (Market-leading 0.77 ratio).
Value-Add Note: The current concept utilizes only ~48% of the maximum allowable density (22,370 SF utilized vs. 46,580 SF allowable). A sophisticated developer has the opportunity to redesign the interior to recapture the remaining ~24,000 SF of air rights, potentially doubling the unit count or significantly increasing the sellable floor area.
Charlie Chen
NY AVENUE RESOURCE CORP.,
