475 Atkinson Dr #807 · Urban Honolulu, HI 96814

$369,999

2 bd · 1.0 ba · 758 sqft · Condo public records · 210 Days on market

Built 1979 $488/sqft · 15% below area Est $434k · 15% under $1680/mo HOA · 48% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +14.1/15.0
• Appreciation +6.0/10.0
• 1% rule +4.4/10.0
• Schools +3.7/10.0
• Cash flow +3.5/30.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Enjoy the convenience of a 2-bedroom, 1-bathroom condominium ideally located near Ala Moana Shopping Center, Ala Moana Beach Park, and Waikiki, placing world-class dining, shopping, and beaches just minutes away. This unit features a remodeled kitchen, in-unit washer and dryer, and a spacious covered lanai with roller shades—perfect for relaxing or entertaining. Atkinson Plaza is popular for its secured entrance, garage, security cameras, and an on-site resident manager for peace of mind. Resort-style amenities include a pool, BBQ area, and tennis court, creating a true urban oasis. Don’t miss this opportunity to own in one of Honolulu’s most desirable locations!

Key facts

• Security cameras
• Remodeled kitchen
• Secured entrance

Tags

• REMODELED KITCHEN
• IN-UNIT WASHER AND DRYER
• SPACIOUS COVERED LANAI
• SECURED ENTRANCE
• SECURITY CAMERAS
• ON-SITE RESIDENT MANAGER

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $370k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (53.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $349k (5.5% below list).
• Recommended offer: $173k (53.2% below list) — sets the bar for cash-flow.
• Cap rate 2.7% vs local median 1.5% in Urban Honolulu — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Hawaii Department Of Education (suburban): math 32% / reading 50% proficiency, ranked #1 of 1 in HI (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.1%/yr); 549 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• At $3,495/mo this rent would consume 54% of the median local household income ($78k/yr) (locally 1641% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($3k loan paydown + $7k appreciation (2.0% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($326k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 28y ago; this cycle's ask has dropped $45k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 48% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $173,185 (53.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 210 days. Have you received any prior offers? Is the seller open to a 53% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 2.68%
• Cash-on-cash: -12.90%
• DSCR: 0.43
• GRM: 8.8

CMA / ARV

• ARV (median comp): $433,813
• List price: $369,999
• Delta: -14.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.98% appreciation · 3.1% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.57×
• Total profit: $-44,820
• Equity at exit: $145,466

10-year hold

• IRR: -2.3%
• Equity multiple: 0.68×
• Total profit: $-32,866
• Equity at exit: $209,111

Cash invested: $103,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 37 Tenant-Leaning
• State Hawaii: 37 Tenant-Leaning · D+13
• County: — inherits STATE
• City: — inherits STATE

Honolulu has source-of-income protections; warranty of habitability strong.

Methodology + full state rankings →

ZIP-level market 96814

• Home prices YoY: 0.5%
• Rents YoY: 3.1%
• Active inventory: 549
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $3,495 high
• Mortgage (P&I): −$1,940
• Tax from tax record: −$101 /mo · $1,207/yr
• Insurance: −$154
• HOA: −$1,680
• Vacancy / Maint / Mgmt: −$734
• Net cashflow: $-1,114

Break-even live

Break-even rent $4,905

Max offer price $173,185

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$3,000	$3.51	23d	2	0.01mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$3,000	$3.76	21d	3	0.01mi
1631 Kapiolani Blvd #3511 Honolulu, HI	2.0	2.0	895	$3,750	$4.19	43d	1	0.10mi
1631 Kapiolani Blvd #3301 Honolulu, HI	2.0	2.0	892	$3,675	$4.12	3d	1	0.10mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	15d	1	0.11mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	16d	2	0.11mi
1650 Ala Moana Blvd #1611 Honolulu, HI	1.0	1.0	930	$3,100	$3.33	3d	1	0.16mi
1645 Ala Wai Blvd #1002 Honolulu, HI	2.0	1.5	1000	$3,400	$3.40	15d	1	0.17mi
1551 Ala Wai Blvd Unit 1327707P Honolulu, HI	2.0	2.0	1108	$5,868	$5.30	1d	1	0.17mi
1551 Ala Wai Blvd Honolulu, HI	2.0	2.0–3.0	1140	$5,750	$5.04	15d	6	0.18mi
1750 Kalakaua Ave #2704 Honolulu, HI	2.0	2.0	1065	$3,300	$3.10	23d	1	0.18mi
1717 Ala Wai Blvd Honolulu, HI	2.0	2.0	922	$3,350	$3.63	44d	1	0.21mi
1717 Ala Wai Blvd Honolulu, HI	2.0–3.0	2.0	1026	$2,750	$2.68	3d	2	0.21mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	11d	1	0.22mi
1676 Ala Moana Blvd Honolulu, HI	2.0	1.5	801	$3,350	$4.18	2d	2	0.22mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	0.24mi
1555 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1719	$12,750	$7.42	3d	4	0.24mi
1555 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	1006	$9,500	$9.44	43d	4	0.24mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	11d	1	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	3d	4	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	43d	2	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	44d	3	0.25mi
343 Hobron Ln Unit 1327706P Honolulu, HI	2.0	2.0	947	$4,437	$4.69	11d	1	0.28mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1365	$4,800	$3.52	13d	2	0.28mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1301	$4,575	$3.52	43d	2	0.28mi
343 Hobron Ln Honolulu, HI	1.0–2.0	1.5–2.5	1220	$5,750	$4.71	19d	4	0.28mi
343 Hobron Ln Honolulu, HI	1.0–2.0	1.5–2.5	1220	$5,750	$4.71	23d	4	0.28mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1282	$4,825	$3.76	15d	2	0.28mi
1800 Kaioo Dr Honolulu, HI	2.0	2.0	837	$3,295	$3.94	10d	1	0.29mi
1837 Kalakaua Ave Honolulu, HI	2.0	2.0	1004	$4,850	$4.83	3d	3	0.29mi
1778 Ala Moana Blvd Unit 1541754P Honolulu, HI	1.0	1.0	721	$4,387	$6.08	14d	1	0.30mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	23d	1	0.31mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$2,990	$2.72	3d	4	0.31mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$3,000	$2.73	16d	3	0.31mi
1810 Kaioo Dr Unit B310 Honolulu, HI	2.0	2.0	837	$3,200	$3.82	23d	1	0.31mi
1778 Ala Moana Blvd #1002 Honolulu, HI	1.0	1.0	769	$2,800	$3.64	23d	1	0.32mi
1778 Ala Moana Blvd #1307 Honolulu, HI	1.0	1.0	683	$2,900	$4.25	23d	1	0.32mi
1778 Ala Moana Blvd #801 Honolulu, HI	1.0	1.0	724	$3,400	$4.70	23d	1	0.32mi
1778 Ala Moana Blvd #1317 Honolulu, HI	1.0	1.0	683	$2,775	$4.06	21d	1	0.32mi
1778 Ala Moana Blvd #2606 Honolulu, HI	1.0	1.0	724	$2,895	$4.00	3d	1	0.32mi

HOA detail condo

• Monthly dues: $1,680 · $20,160/yr
• Likely covers: poolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $369,999 Active 210 DOM
2. 2026-06-17
   days on market $369,999 Active 209 DOM
3. 2026-06-15
   days on market $369,999 Active 207 DOM
4. 2026-06-13
   days on market $369,999 Active 205 DOM
5. 2026-06-13
   days on market $369,999 Active 204 DOM
6. 2026-06-10
   days on market $369,999 Active 202 DOM
7. 2026-06-09
   days on market $369,999 Active 201 DOM
8. 2026-06-08
   days on market $369,999 Active 200 DOM
9. 2026-06-07
   days on market $369,999 Active 199 DOM
10. 2026-06-05
    days on market $369,999 Active 196 DOM
11. 2026-06-03
    days on market $369,999 Active 195 DOM
12. 2026-06-02
    days on market $369,999 Active 194 DOM
13. 2026-06-02
    price $369,999 Active 193 DOM
14. 2026-06-01
    days on market $399,000 Active 193 DOM
15. 2026-05-31
    days on market $399,000 Active 192 DOM
16. 2026-01-13
    price $399,000 689-char remark

    Show marketing remark (689 chars)

    Enjoy the convenience of a 2-bedroom, 1-bathroom condominium ideally located near Ala Moana Shopping Center, Ala Moana Beach Park, and Waikiki, placing world-class dining, shopping, and beaches just minutes away. This unit features a remodeled kitchen, in-unit washer and dryer, and a spacious covered lanai with roller shades—perfect for relaxing or entertaining. Atkinson Plaza is popular for its secured entrance, garage, security cameras, and an on-site resident manager for peace of mind. Resort-style amenities include a pool, BBQ area, and tennis court, creating a true urban oasis. Don’t miss this opportunity to own in one of Honolulu’s most desirable locations!

17. 2025-11-20
    listed $415,000 Active 689-char remark

    Show marketing remark (689 chars)

    Enjoy the convenience of a 2-bedroom, 1-bathroom condominium ideally located near Ala Moana Shopping Center, Ala Moana Beach Park, and Waikiki, placing world-class dining, shopping, and beaches just minutes away. This unit features a remodeled kitchen, in-unit washer and dryer, and a spacious covered lanai with roller shades—perfect for relaxing or entertaining. Atkinson Plaza is popular for its secured entrance, garage, security cameras, and an on-site resident manager for peace of mind. Resort-style amenities include a pool, BBQ area, and tennis court, creating a true urban oasis. Don’t miss this opportunity to own in one of Honolulu’s most desirable locations!

18. 2023-11-29
    historical $2,850
19. 2023-10-23
    listed $2,850
20. 2005-01-19
    soldstatus $4,000,000
21. 2004-12-16
    soldstatus $272,000 400-char remark

    Show marketing remark (400 chars)

    Priced to sell today! Quiet, spacious, well taken care of unit with newer carpet and paint. You gotta see the roof-top pool and rec. area! Secured parking, large lanai, excellent resident manager and security. A luxury type unit with an affordable price, this is the best priced 2-bedrm. in the building. Ask listing agent about fee purchase status. Sold 'As Is'. Use Old Republic, Aiea, Sally A.

22. 2004-12-16
    soldstatus $272,000

    Show marketing remark (400 chars)

    Priced to sell today! Quiet, spacious, well taken care of unit with newer carpet and paint. You gotta see the roof-top pool and rec. area! Secured parking, large lanai, excellent resident manager and security. A luxury type unit with an affordable price, this is the best priced 2-bedrm. in the building. Ask listing agent about fee purchase status. Sold 'As Is'. Use Old Republic, Aiea, Sally A.

23. 2004-10-13
    listed $278,500 400-char remark

    Show marketing remark (400 chars)

    Priced to sell today! Quiet, spacious, well taken care of unit with newer carpet and paint. You gotta see the roof-top pool and rec. area! Secured parking, large lanai, excellent resident manager and security. A luxury type unit with an affordable price, this is the best priced 2-bedrm. in the building. Ask listing agent about fee purchase status. Sold 'As Is'. Use Old Republic, Aiea, Sally A.

24. 2002-09-13
    soldstatus $130,500
25. 2002-09-13
    soldstatus $130,500
26. 2002-07-30
    historical
27. 2002-07-01
    listed $134,900
28. 1999-05-08
    historical
29. 1998-05-08
    listed $128,000
30. 1988-12-23
    soldstatus $170,000
31. 1988-12-15
    soldstatus $170,000
32. 1979-05-01
    soldstatus $76,900
33. 1979-05-01
    soldstatus $99,000
34. 1979-03-01
    soldstatus $99,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast HI · Partial reset (capped growth)

• Current annual tax: $1,207 · $101/mo
• Projected year-2 tax: $1,207 · $101/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $41,939
• − Mortgage interest: −$20,726
• − Property taxes: −$1,207
• − Insurance: −$1,850
• − Repairs & maintenance: −$3,355
• − Management: −$3,355
• − HOA: −$20,160
• − Depreciation: −$10,764
• Taxable loss: −$19,478
• Est. tax savings @ 24.0%: +$4,675
• After-tax cash flow: $-8,695/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hawaii Department Of Education
• NCES district ID: 1500030
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $69,005
• Composite: 37.07/100
• National rank: #4504
• State rank: #1 of 1 in HI

Livability — Urban Honolulu

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Urban Honolulu, HI
• County: Honolulu County · 963,448 people
• City population: 309,956
• Metro: Urban Honolulu, HI
• Population (ZIP): 24,689
• Household income: $77,768
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 1641.0

Population outlook (Honolulu County) Hauer SSP2

• Today (2025): 1,072,641 people
• By 2030: 1,110,460 · +3.5%
• By 2040: 1,181,593 · +10.2%
• By 2050: 1,257,584 · +17.2%
• By 2075: 1,501,120 · +39.9%
• By 2100: 1,764,430 · +64.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Asian 64% Two or more races 14% White 13% Pacific Islander 6% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Russian 1% Lithuanian 1% Italian 1%
• Foreign-born: 35% · China, South Korea, Vietnam
• Languages at home: 58% English-only · Other Asian/Pacific 15% Chinese 10% Korean 9%

Political lean MEDSL · Honolulu

• 2024 margin: Strong D (+21.6) · D 59.9% · R 38.3% · Other 1.8%
• 2008→2024 swing: -19.4pp toward R · 2008: 41.1pp · 2024: 21.6pp
• All cycles: 2024: D+21.6 2020: D+26.9 2016: D+29.9 2012: D+39.1 2008: D+41.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.98%
• Current HPI: 376.4197
• Rent YoY: ▲ 3.10%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+303.0% since first listed

19 events — show timeline

• 2026-01-13 Price Changed $399,000 HiCentral MLS
• 2025-11-20 Listed $415,000 HiCentral MLS
• 2023-11-29 Rental Removed $2,850 Avail
• 2023-10-23 Listed for Rent $2,850 Avail
• 2005-01-19 Sold (Public Records) $4,000,000 Public Records
• 2004-12-16 Sold (Public Records) $272,000 Public Records
• 2004-12-16 Sold (MLS) $272,000 HiCentral MLS
• 2004-10-13 Listed $278,500 HiCentral MLS
• 2002-09-13 Sold (Public Records) $130,500 Public Records
• 2002-09-13 Sold (MLS) $130,500 HiCentral MLS
• 2002-07-30 Listing Removed — HiCentral MLS
• 2002-07-01 Listed $134,900 HiCentral MLS
• 1999-05-08 Listing Removed — HiCentral MLS
• 1998-05-08 Listed $128,000 HiCentral MLS
• 1988-12-23 Sold (Public Records) $170,000 Public Records
• 1988-12-15 Sold (Public Records) $170,000 Public Records
• 1979-05-01 Sold (Public Records) $99,000 Public Records
• 1979-05-01 Sold (Public Records) $76,900 Public Records
• 1979-03-01 Sold (Public Records) $99,000 Public Records

Property tax history

+1.5%/yr

Latest (2022): $1,207 · +11.0% YoY. Source: county tax records.