1104 Palama St offers investors a rare value-add opportunity in the heart of Honolulu's Kalihi corridor. The fee-simple property spans two buildings totaling 3,296 SF on a 3,849 SF lot, combining occupied residential units with a vacant commercial space ready for lease-up — giving buyers a clear, near-term path to increase income.

The property sits within a Transit-Oriented Development (TOD) zone, directly benefiting from the ongoing Kapalama Canal redevelopment area and Honolulu's rail expansion, both of which are expected to drive long-term demand and appreciation along this corridor. At a 7.57% pro forma cap rate, the deal offers meaningful upside for investors focused on occupancy and rent growth in one of Oahu's fastest-evolving neighborhoods.

Whether you're expanding a Kalihi-area portfolio or entering the market for the first time, 1104 Palama St combines an attractive basis, flexible R-5/CUP zoning, and strong transit-oriented fundamentals.