Big value in Kapahulu

Whereas yesterday's listing was more of a dream home for most readers, today's property off Kapahulu Ave. is a solid, practical buy. (Click here for details.)

It's listed as a three-bedroom, three-bathroom single family home, but the main house at 3348 George St. has three bedrooms and one bathroom, with two studios in a separate building on the same lot. The combined living area of these three components is 1,306 square feet.

The home was built in 1937, but was renovated in 2007 to bring it up to date. New items include the roof, water heater, appliances (including refrigerators, stoves, and washer/dryers), flooring and paint. There is a huge storage area under the main house, as well.

View of one of the studios

The main house has new plumbing with copper pipes; the front studio has new removable screens, and the back studio has new counter, sink, cabinet handles, and an upgraded bathroom. In addition, both studios are hooked up for gas heating.

"The big plus is the courtyard, surrounded by the structure," says realtor D'Arcy Kerrigan of Island REALTORS. "It's always cool, since it's shaded by a mango tree."

She adds that the most recent comp of a similar home in the area-on Esther St., two blocks away-sold for $888,000; that one had only two units on the property.

This lot is 4,748 square feet and is walking distance to Kapiolani Park, Waikiki Beach and all the restaurants of the area. Kerrigan says, in an ideal situation, one could live in the main home and rent the two studios to KCC students to help with the mortgage.

"It's really a fabulous value," Kerrigan says.

Money talk: $798,800 fee simple
Contact: D'Arcy Kerrigan, Island, REALTORS, 808-371-5123, darcy@homesbythesea.com

Posted on Tuesday, December 6, 2011 in Permalink