Ocean-View Apartment
New
For Sale
$3,600,000
1683 Nana St, Wailuku, HI 96793
Commercial, Wailuku, HI
Property Size10,807 SF
Lot Size0.25 Acres
Price / SF$333.12
Days on Market2
Property Features for 1683 Nana St
General Information
Property type
Commercial Sale
Property subtype
Other
View
Ocean
Subdivision
Wailuku
Standard status
Active
Size
10,807 SF
Lot size
0.25 Acres
Listing Agency:
Coldwell Banker Island Prop(S) · Coldwell Banker Real Estate
(808) 874-8668
Listed By:
Ken Smith
(808) 280-4115
Added: Sep 21
Last Checked: Sep 22 at 3:06AM
MLS# 410862
Copyright © 2026 Realtors ® Association of Maui, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10-unit apartment property at 1683 Nana St. includes six two-bedroom, one-bath residences, two one-bedroom, one-bath residences, and two studio, one-bath residences. The building contains 10,807 square feet on 0.2481 acres, with each residence separately condominiumized under its own individual TMK. The ownership structure provides distinct legal interests for the units and supports flexibility in future disposition.
Recent work includes upgrades to four units, exterior stucco repairs, roofing and siding improvements, and other substantial building repairs. Major deferred-maintenance items have been addressed according to the seller. The elevated Wailuku setting offers views toward the ocean, harbor, Haleakala, and Central Maui.
Recent work includes upgrades to four units, exterior stucco repairs, roofing and siding improvements, and other substantial building repairs. Major deferred-maintenance items have been addressed according to the seller. The elevated Wailuku setting offers views toward the ocean, harbor, Haleakala, and Central Maui.
Key Highlights
- 10‑unit apartment property with six 2‑bedroom, one‑bath units, two 1‑bedroom, one‑bath units, and two studio, one‑bath units
- Each residence is separately condominiumized with its own individual TMK
- 10,807 square feet on a 0.2481‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$203,280
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.65%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,065,600
$4.1M
Cap Rate 7%
$2,904,000
$2.9M
Cap Rate 9%
$2,258,667
$2.3M
Market Conditions
NOI Build-Up for 10,807 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$389.1K $36.00/SF
− Vacancy
−$19.5K −$1.80/SF
EGI
$369.6K $34.20/SF
− OpEx
−$166.3K −$15.39/SF
NOI
$203.3K $18.81/SF
Area
Maui County, HI
Vacancy
5.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,065,600
Cap Rate 7%
$2,904,000
Cap Rate 9%
$2,258,667
Alternative Uses
Best Use
Apartment 5plus
$2.90M
$2.54M – $3.39M
NOI $203,280 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.37M
$3.83M – $5.10M
NOI $306,024 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Demographics for 96793, HI
31,939
Population
11,510
Households
2.8
Avg Household Size
41
Median Age
29%
College-Educated
94%
High-School Grad
76.1 sq mi
ZIP Area
420
Density / Sq Mi
$104,220
Median Household Income
$47,026
Median Earnings
$1,797
Median Rent
$776,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with separately condominiumized residences and substantial recent building improvements.
Where is this apartment building located?
The property is located at 1683 Nana St Wailuku, HI.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 10‑unit apartment property with six 2‑bedroom, one‑bath units, two 1‑bedroom, one‑bath units, and two studio, one‑bath units; Each residence is separately condominiumized with its own individual TMK; 10,807 square feet on a 0.2481‑acre parcel
