I didn't realize how great the location was until we arrived. The apartment is in the middle of everything, bike rental (biki) nearby, can walk everywhere, beach is only a few minutes away, it was amazing! While it is on a main road, with the AC on you can't hear a thing (I am a light sleeper and was not bothered).
If I return to Honolulu I will definitely be staying here again.
Note: Parking in general in Honolulu is rough, but there are multiple places nearby (see Chris's note) where you can find something - we were lucky and only had to pay for parking 1 night out of 4 (~$27).