14-Unit Apartment
New
For Sale
$1,599,000
1026 Mao Ln, Honolulu, HI 96817
Multi-unit apartment property near N. King St with convenient access to downtown Honolulu.
Property Size7,266 SF
Price / SF$220.07
Days on Market2
Property Features for 1026 Mao Ln
General Information
Standard status
Active
Size
7,266 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
14
Building Details
Year Built
1916
Listing Agency:
Corcoran Pacific Properties
(808) 589-2040
Listed By:
Ben Fieman · License #RB-23470
(808) 400-7007
Source:
Fieman
Added: Sep 20
Last Checked: Sep 21 at 6:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Corcoran Pacific Properties
Investment Insights
Based on property information with market context.
This apartment property contains 14 separate units and was built in 1916. The building is being offered in its existing condition, providing a defined multifamily configuration for evaluation by prospective buyers.
The property is located at 1026 Mao Lane in Honolulu’s Lower Palama/Kalihi area. N. King St is nearby, and downtown Honolulu is approximately 5 minutes away. The property’s established age, unit count, and central Honolulu setting provide the key framework for review.
The property is located at 1026 Mao Lane in Honolulu’s Lower Palama/Kalihi area. N. King St is nearby, and downtown Honolulu is approximately 5 minutes away. The property’s established age, unit count, and central Honolulu setting provide the key framework for review.
Key Highlights
- 14 separate apartment units
- Built in 1916
- Located at 1026 Mao Lane, Honolulu, HI 96817
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
$133,221
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
8.33%
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%
$2,664,420
$2.7M
Cap Rate 7%
$1,903,157
$1.9M
Cap Rate 9%
$1,480,233
$1.5M
Market Conditions
NOI Build-Up for 7,266 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
$261.6K $36.00/SF
− Vacancy
−$19.4K −$2.66/SF
EGI
$242.2K $33.34/SF
− OpEx
−$109.0K −$15.00/SF
NOI
$133.2K $18.33/SF
Area
Honolulu County, HI
Vacancy
7.40%
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%
$2,664,420
Cap Rate 7%
$1,903,157
Cap Rate 9%
$1,480,233
Alternative Uses
Best Use
Apartment 5plus
$1.90M
$1.67M – $2.22M
NOI $133,221 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.94M
$2.58M – $3.43M
NOI $206,064 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
14
Residential units
Location Intelligence
Demographics for 96817, HI
56,823
Population
21,489
Households
2.6
Avg Household Size
46
Median Age
30%
College-Educated
84%
High-School Grad
9.3 sq mi
ZIP Area
6,110
Density / Sq Mi
$74,690
Median Household Income
$42,492
Median Earnings
$1,419
Median Rent
$930,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multi-unit apartment property near N. King St with convenient access to downtown Honolulu.
Where is this apartment building located?
The property is located at 1026 Mao Ln Honolulu, HI.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: 14 separate apartment units; Built in 1916; Located at 1026 Mao Lane, Honolulu, HI 96817
