Waikiki Gateway "Covered Land" Play: 46,580 SF Buildable Density with Holding Income ($167/BSF) Executive Summary: NY Avenue Resource Corp is pleased to present 1694 Kalakaua Avenue, a high-density development site located at the "Gateway to Waikiki" in Honolulu, HI. This unique offering combines an income-producing retail asset (1948 construction) with massive vertical potential. Through an approved "Joint Development" calculation combining the BMX-3 commercial frontage with the adjacent A-2 parcel, the site unlocks 46,580 SF of buildable density. The property is offered with a "Mostly Approvable" architectural concept for a 135-foot, 10-story mixed-use tower comprising 40 residential units, street-level retail, and a market-leading parking ratio. Priced at $7,800,000, this asset trades at roughly $167 per Buildable Square Foot—well below the $200+ institutional benchmark for entitled land in the Kapiolani corridor. With a current 3.7% Cap Rate from existing tenants, this is a textbook "Covered Land Play" ideal for 1031 Exchange buyers or developers seeking to mitigate carrying costs during the entitlement phase. Investment Highlights massive Density Bonus: Joint development of BMX-3 and A-2 lots allows for 46,580 SF of total floor area (FAR), significantly higher than standard standalone lots. Income-Producing Asset: Currently 100% leased to retail tenants generating ~$288,657 in Net Operating Income (NOI), covering property taxes and carry costs while you permit. Shovel-Ready Concept: Sale includes architectural massing and schematic designs for a high-efficiency tower:40 Residential Units (30 One-Bed / 10 Two-Bed).4,870 SF Ground Floor Commercial.31 Assigned Parking Stalls (Rare 0.77 ratio for urban Honolulu). Arbitrage Opportunity: Current design utilizes only ~48% of the allowable envelope. Significant upside exists to increase density for a hotel-condo or micro-unit project. Prime Location: High-visibility frontage on Kalakaua Avenue (34,000+ VPD), the primary artery connecting the Hawaii Convention Center and Ala Moana Center to Waikiki. Property Details Asking Price: $7,800,000 Address: 1694 Kalakaua Avenue, Honolulu, HI Land Area: 20,429 SF Total (Combined Lots)Main Lot (BMX-3): 12,932 SF Stream Lot (A-2): 7,497 SF Zoning: BMX-3 (Community Business Mixed-Use) & A-2 (Medium Density Apt)Max Height: 135 Feet (estimated with bonuses) Tenancy: Multi-tenant Retail (Short-term termination clauses available) Current NOI Note: Stable holding income from 100% leased retail tenants. Effectively covers property taxes and carrying costs during the entitlement/permitting phase ('Covered Land Play') Pro Forma NOI Note: Projected stabilized income based on the proposed 10-story mixed-use concept (40 Residential Units + Ground Floor Retail) at conservative 2026 market rates. Demographics: High density of renters, students, and tourism workers ensures near-zero vacancy for future residential units. Broker Contact: Charlie Chen: Principal | NY Avenue Resource Corp A Licensed Real Estate Broker (NY) 347-348-5527 vestwise@icloud.com Buyer's Broker Commission: 2.5% (paid by Seller at closing) Setup and full architectural plans available upon request.