Top 10 Vacation condos in and near Waikiki

Top 10 Vacation condos in and near Waikiki

Many people love to vacation in Hawaii. Plenty of visitors come regularly to Waikiki for many years. After so many repeat visits, it can make sense to buy a condo to use while vacationing and then enjoy rental income when not in Hawaii.

Quite a few condominiums in and near Waikiki are individually owned and are managed in hotel pools. Under this type of management, it means someone else is taking charge of the management and care of the unit. For people that visit regularly, it is a great way to help pay for annual vacations.

The median sales price of Waikiki condos has increased

Looking at the overall condo market in Waikiki, it has just gone from strength to strength. Over the last 20 years, the median sales price for Waikiki increased approximately 193% from $136.500 to $400,000. During that time, we have had the addition of two high-priced condos: The Trump Waikiki and the Ritz-Carlton Residences, any fee simple condo that you look at in Waikiki has increased dramatically over that time.

Historically, the visitor industry has just gone from strength to strength. Also, the average room rate for Waikiki keeps increasing as well. Typically though, based on sales prices and current room rates any buyer should not expect a big return. Most buyers see price appreciation and also look to enjoy the unit themselves. The primary goal is to cover the costs of the condo, loan, and other expenses and earning any additional funds is a bonus.

Top 10 Vacation Rental condos

Here are the top 10 vacation rental condos in and around Waikiki that most people consider:

1. Ilikai Apartments

Ilikai Apartments is an iconic high rise. It is oceanfront and steps to Waikiki beach and a couple of blocks to Ala Moana Center. With the recent addition of a second pool has elevated the popularity of the condo. The one-bedroom units are 500 square feet. There are also two-bedroom and two-bath units that are 1000 square feet. Guests love this condo because of the location and that the condos have full kitchens, which makes family vacations easier.

2. Waikiki Beach Tower

The Waikiki Beach Tower condo is in a fantastic location. The amenities have all been recently upgraded. The units in the Aston pool have also had a recent facelift. Although this is not on the beach, it is steps away. Located near the Duke Kahanamoku statue. Most of the units are 2-bedroom, 2-bath units and are perfect for families and larger groups. With full kitchens and laundry in the units, it is ideal for extended stays. The occupancy. Units are in fee simple and leasehold.

3. Trump Tower Waikiki condo

The Trump Tower Waikiki condo fronts on Fort DeRussey and is a block to the beach. It is in a central location in Waikiki. Units range from studios to 3-bedroom units. The on-site management manages nearly all the units. The hotel is rated as a 5-star hotel. The value of these have increased in value over the years. The larger units have full kitchens which once again is terrific for visiting families. Many of the larger units also have laundry facilities inside the unit which makes for a more comfortable vacation.

4. Waikiki Grand Hotel condo

The Waikiki Grand Hotel condo is a block to Waikiki Beach and across the street from the Honolulu Zoo. This condo is a boutique hotel, and most units sell for under $400,000. These are tiny condos, and some do have a full kitchen. These units are very popular, in part because of the price and also the location.

5. Waikiki Banyan condo

Waikiki Banyan Condo is located on Kuhio Avenue and just a block from Kalakaua Avenue. The twin tower complex great amenities. The condos are at least 533 square feet each with lanais. The units have full kitchens. Even the small units have separate bedrooms, which is great for visiting families. Aston Resorts is the primary hotel operator in the building, and they have a good occupancy rate.

6. Waikiki Shore condo

The Waikiki Shore condo is right on the beach in Waikiki. This narrow building has been an iconic building on the beach for over 50 years. Most every unit has an ocean view. Every evening you can see the sunset. The smallest units have small kitchens. There are studios, one-bedrooms, two-bedrooms, and three-bedroom units. Many of the units have dated interiors, but others have been remodeled. Most units sell very quickly.

7. The Ritz-Carlton Residences condo

The Ritz-Carlton Residences condo is a massive new luxurious project. There are two towers. The West Tower was finished in 2016, and the east tower is expected to be completed in late 2018. This is an ultra-luxurious hotel. The rooms start from studio hotel rooms and go up in size to spacious penthouse units. The location is relatively central to Waikiki. It is a few blocks from the beach. The larger units have full kitchens and in-room laundry facilities. The amenities are outstanding. While the hotel is rather young, the occupancy rate is still growing. The smaller units seem to have a good occupancy rate. The larger units may not make much money, but being new and with the Ritz-Carlton name there is a lot of potential.

8.  Regency on Beachwalk

Regency on Beachwalk condo is a small boutique hotel right on famed Beach Walk. This is right in the middle of an older historic part of Waikiki. Located in the midst of many low rise buildings. To one side is Saratoga Road and Lewers Street is on the other. There is only a short walk to the beach. The units are one-bedroom and two-bedroom units with kitchenettes. The hotel was extensively remodeled in 2006. Because of the location, the hotel is very busy and the owners have been happy with the income. The amenities are few which helps keep the maintenance fee low.

9.  Ala Moana Hotel condo

Ala Moana Hotel condo is located just outside of Waikiki and attached to the Ala Moana Center. Across the street from the Hawaii Convention Center means regular business. Most of these condos standard hotel rooms. The Waikiki Tower units are larger, and the Kona Tower units are smaller and do not have lanais. The Ala Moana Hotel has a long history. Originally owned singly as one hotel, the units were all converted to individually owned units.

These hotel rooms are kept busy. Many neighbor islanders that come to Honolulu regularly love this building because it is convenient.  The hotel also caters to flight crews from around the world. Now that the Mantra Group out of Australia is managing most of the units, the income and occupancy are improving.

10.  Diamond Head Beach hotel condo

Diamond Head Beach Hotel condo is a boutique hotel on the Gold Coast. Located on the Diamond Head side of Waikiki, it is in a quiet residential neighborhood. The building is oceanfront and across the street from Kapiolani Park. While it is leasehold, people love these units because the purchase prices are generally low. These are perfect little pied-a-terre’s. It is a step back into old Hawaii. The sizes range from studios on up. Some units have kitchens too.

Examining income statements and rental history helps to evaluate all of these condos. It can help narrow down any one’s search to find a vacation condo. Please contact us to help you find the right condo for your vacation home.

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