HONOLULU (KHON2) — Two apartment buildings in Honolulu are up for sale in a package deal in what’s being called a “rare opportunity”. Some interesting history, President Barack Obama lived in one of them.
But this opportunity for an investor could force dozens of renters to look for a new home.
Those who live in Punahou Circle say it’s a great building.
“I like the cleanliness, the safety and perfect location to get to any place you want to,” said Paul Robotti, a Makiki resident.
“We got a nice breeze that can depend on, close to work, close to the stores,” said Al Chaves, a Makiki resident.
Those are some of the highlights the current owners are hoping will attract a buyer, as both Punahou Circle on Beretania and Citron Circle in McCully are available for sale together. The entire building. All 195 total units.
The asking price isn’t advertised. The listing broker did not return our request for comment.
But in the listing online, it states “rents approximately 60 percent below market, providing an investor with the ability to make renovations and increase rents immediately.”
Residents at Punahou Circle say that all 97 units here are rentals, and many of the tenants are on a fixed income, like people on social security. So they say any type of increase in rent would be extremely difficult.
Neither Robotti nor Chaves wanted to share what they’re currently paying for rent. But both said it was enough for them to stay there.
KHON spoke to several residents at Citron Circle who did not want to appear on camera. They told us their rent was about $1,600 a month for a one-bedroom. Maybe a little more for a renovated unit.
“It’s what goes on, what goes on in Hawaiʻi now,” said Robotti. “Nothing you can fight over, nothing you can cry over. It’s part of it.”
“I’m okay for now, but if it bumps up, I will fly on,” said Chaves.
For now, residents say they will just go with the flow. They say this isn’t the first time the building has been up for sale. So they can’t worry about what might happen.
“If’s are tough,” said Robotti. “You know that’s the way it is. Wait to see what happens. Go from there. Am I worried about it? Of course, everybody’s worried about their money and things like that.”