A vacant, boarded up 6-unit multifamily property consisting of one (4 bd/2ba) house, 2 (2bd/1ba) units, and 3 (1bd/1ba) units on a corner parcel on Wilder Avenue in desirable Makiki, Honolulu. 

Challenge:
The owner of 1223 Wilder Ave., Honolulu, HI 96822, a vacant, boarded-up 6-unit multifamily property, was eager to sell. Over recent years, the property had garnered attention in the news due to squatter activity and use by the homeless population, posing risks to the structures and neighboring businesses. The property required extensive repairs and renovations. The owner sought a buyer with a proven track record who could take on a distressed property and successfully close the deal.

Simultaneously, the buyer was actively seeking a value-add multifamily investment opportunity. Their goal was to renovate, secure tenancy, and align rents with the market to increase cash flow and equity.

Action:
We worked closely with the buyer to understand their investment objectives, focusing on off-market opportunities that aligned with their goals. After an in-depth consultation and market analysis, we identified this 6-unit property located on Wilder Ave. in Makiki, one of Honolulu’s most tenant-friendly and desirable neighborhoods.

Our team facilitated every step of the process, from negotiations to due diligence, ensuring the buyer was confident in the property's potential and its strategic location.

Result:
The buyer successfully acquired 1223 Wilder Ave. at an attractive price point, allowing for renovations and strategic management to improve its value. The property's location near key Honolulu landmarks and amenities, such as Punahou School, the University of Hawaii at Manoa, Ala Moana Center, and downtown Honolulu, made it highly desirable for tenants.

By improving the property’s condition and aligning rents with the market, the buyer not only enhanced cash flow but also significantly increased equity, strengthening their real estate portfolio with a high-performing asset.

Testimonial:
"Working with Kynan and his team was a game-changer for us. They not only helped us identify a fantastic off-market property in a prime location but also guided us through every step of the acquisition process. The results speak for themselves – we’ve turned a distressed property into a cornerstone of our portfolio. We couldn’t have done it without Excel Commercial Realty’s expertise and dedication."