Open house pick of the week: Waikiki

September 2, 2011

Melissa Chang,

Remember the cluster of old, dilapidated apartment buildings at the end of the Ala Wai? Built around 1950, they had fallen into extreme disrepair and had become an eyesore for the area.

Fast forward to just a few years ago: The neighboring Watermark project bought one of the low rises to help extend their property, and extensive renovations commenced on the remaining four. The exteriors were painted and colorful landscaping was installed to create a park-like setting. (Click here for details.)

Two of the buildings comprise Hawaiiana Gardens and two make up Marina Gardens. The project will open to the public this Sunday, September 4, with several models available for viewing. East Oahu Realty is providing the sales team.

Most (but not all) of the 72 one-bedroom units were upgraded and are already rented out, so if you are looking for an investment property, the tenants are already built in. Although they are all identical 445-square-foot units, the prices—starting at $199,000—vary depending on location and the amount of renovations done.

As you can see, the transformation has been quite dramatic to the upgraded units. People who remember the previous condition of these buildings are visiting the models just to see what could be done with small spaces in older buildings.

“The residents here say it’s a close-knit community,” says Jim Meuer, one of the realtors on the sales team. “It’s like its own neighborhood-within-a-neighborhood.” 

Every unit comes with an HO6 insurance policy (basically, condo insurance) and upgrade packages to renovate are available.