Kynan Pang, CCIM, represents first-time multifamily investor in $100,000 below-asking acquisition with built-in value-add upside in Central Oahu.
-- Excel Commercial Realty announced the closed sale of a 7-unit multifamily property at 276 Olive Avenue in Wahiawa, Oahu, for $1,100,000. The transaction, led by Kynan Pang, CCIM, represented a first-time multifamily buyer acquiring the asset for $100,000 below the original list price and below appraised value.
The property consists of a six-unit one-bedroom/one-bathroom apartment building and a separate one-bedroom/one-bathroom cottage situated on a 4,675-square-foot A-2 zoned lot, with 2,868 square feet of total living space. The asset is located in Central Oahu near Schofield Barracks, Wheeler Army Airfield, Wahiawa Shopping Center, and the Dole Plantation.
The acquisition required navigating several complexities. The seller received higher-priced backup offers during escrow, and due diligence identified elevated water and sewer expenses traced to leaking plumbing fixtures throughout the building. Financing was structured through a Debt Service Coverage Ratio (DSCR) loan rather than a conventional bank product, and the buyer used home equity to fund the down payment.
According to Excel Commercial Realty's analysis, the value-add business plan includes re-tenanting units to market rents, projecting an approximately 18.5 percent increase in gross rental income, and completing plumbing repairs to reduce operating expenses and improve net cash flow.
"This transaction reflects a measured, fundamentals-based approach to first-time multifamily investing," said Kynan Pang, CCIM, of Excel Commercial Realty. "The client identified a defined budget and target submarket, completed thorough due diligence, and structured financing appropriately for the asset. The result was an acquisition below both asking price and appraised value, with a clear plan to improve operations."
"We are grateful we were able to navigate the challenges of this deal, and that we secured $100,000 off the list price and the opportunity to build generational wealth for our family," said V. Corbett, the buyer.
Wahiawa is positioned between the Honolulu urban core and Oahu's North Shore. The submarket includes long-term local residents, military households tied to nearby installations, and workforce renters, contributing to consistent occupancy demand in the area.
About the company: Excel Commercial Realty is a Hawaii-based commercial real estate brokerage led by Kynan Pang, CCIM (RB-23513), specializing in multifamily acquisitions, dispositions, 1031 exchanges, and asset advisory services across Oahu and the broader Hawaiian Islands. The firm advises first-time and experienced investors on value-add and income-producing commercial properties.
Contact Info:
Name: Kynan Pang
Email: Send Email
Organization: Excel Commercial Realty
Address: Honolulu Hawaii
Phone: (808) 225-8776
Website: https://excelcommercialrealty.com
Release ID: 89193003
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