Kahala Avenue, an coveted address on the island of Oahu just opened up for business exclusively through Sotheby's International Realty for the sale of 27 properties.
In an off-market transaction, A&B Properties, the real estate subsidiary of Alexander & Baldwin, has paid approximately $98 million to acquire a portfolio of 31 residential properties from Japanese real estate investor Genshiro Kawamoto. Twenty-seven of the properties are located on Kahala Avenue, Honolulu’s premier residential address, which spans the ocean from Diamond Head to Waialae Country Club, home of the Sony Open, and the world-famous Kahala Hotel & Resort.
Values for the Kahala Avenue properties have been tied to the square footage of the land, as most of the homes are in poor or below average conditions. While it is unfortunate that Kawamoto allowed these homes to deteroriate, it presents a rare opportunity for buyers to get a great deal on a Kahala Avenue address.
Pricing is as follows: $150 per square foot of land for Mauka side properties (mountain side of Kahala Avenue) and $250 per square foot of land for Makai side properties (ocean side of Kahala Avenue as well as sandy beachfront). At these prices, it is possible that many of the properties could be sold for below market value. If you are interested in a great deal, as well as a solid investment on Kahala Avenue, now is the time to make an offer.
For details or inquiries, please contact me: Cassie.Daughtrey@SothebysRealty.com or 206.403.8548