Building Analysis - Waikiki Banyan: The twin towers of the Waikiki Banyan is a popular investor choice for a condotel in Waikiki. The building is just few blocks from the beach and since the units have full kithcens they tend to be easier to finance than some other condotels. Aston manages the hotel program but owners are free to manage the unit themselves, hire a 3rd party manager, or live in the unit.
Waikiki Banyan was originally zoned has a hotel but has since been rezoned as a residential building. As a result, only owners that have maintained a non conforming use certificate to allow for overnight rentals may legally rent their units out for less than one month, Honolulu's Department of Planning and Permitting maintains a list of Non Conforming Use Certificates here: http://www.honoluludpp.org/Portals/0/pdfs/HotIssues/NUCreport.pdf
Lender Statistics - Waikiki Banyan
Management Co: Hawaiiana 593-9100
Owner Occupancy: 9%
Condo Type: Condotel/Lodging
Typical Loan Options and Down Payment Requirements:
100% down - Lenders are currently not lending on studios without a full kitchen (hotel rooms)
Condotel unit with Full Kitchen:
30% down with minimum credit score of 680
Jonathan Ford Realtor (R) RB 20279 Honolulu Property Finds
Paul C. Ford
Condominium Configurations - Waikiki Banyan
599 - 661 SF
There are little differences between the 877 units in the Banyan. The corner units ending in "13" and "14" have the largest floor plan and a seperate dining area.
Found in units: A, B, C, D, 01, 02, 03, 04, 05, 06, 07, 08, 09, 10, 11, 12, 13, 14
The above active listings are based on information from the Multiple Listing Service of the Hicentral MLS, Ltd. Active listings last updated on 4/27/2017. Information is deemed reliable but not guaranteed. Copyright: 2017 by the Hicentral MLS, Ltd. more.