Fully Rented Mixed-Use
For Sale
$6,000,000
915 Kekaulike St, Honolulu, HI 96817
Three-story building in Chinatown, close to planned rail station.
Property Size30,522 SF
Price / SF$196.58
Days on Market1245
Property Features for 915 Kekaulike St
General Information
Standard status
Active
Size
30,522 SF
Taxes and HOA fees
Annual Taxes
$49,441
Listing Agency:
I2C Realty, Ltd.
(808) 386-0953
Listed By:
Ronald YK Lee · License #RB-18197
(808) 386-0953
Source:
Exprealty
Added: Mar 26, 2023
Changed: Aug 20
Last Checked: Aug 20 at 1:47PM
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 I2C Realty, Ltd.
Investment Insights
Based on property information with market context.
This fully rented, three-story concrete building features both passenger and freight elevators, heavy electricity, sprinklers, and air conditioning. An overhead rollup door provides additional access. The building has a total area of 30,522 square feet, with 10,040 square feet on the first floor (6,122 square feet classified for storage or packaging), 11,079 square feet on the second floor, and 9,403 square feet on the third floor. The property is located in the Chinatown Special and Historic District and is zoned BMX4 Central Business Mixed, with an 80-foot height limit. It is situated across the street from a planned Chinatown rail station and the desired Kekaulike Mall extension. The City Council adopted Transit Oriented Development (TOD) plan proposes a 200-foot height limit and a 4.0 to 7.5 Floor Area Ratio. Potential uses include housing, retail, restaurants, and art lofts. The adjacent property at 905 Kekaulike St. is also for sale.
Key Highlights
- $1 Million Price Reduction makes this a fantastic opportunity.
- Fully Rented, 3‑Story Concrete Building with 30,522 sq ft.
- BMX4 Zoning with Transit Oriented Development (TOD) potential: Possible 200' Height Limit & Increased Floor Area Ratio.
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
$526,505
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
8.78%
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%
$10,530,100
$10.5M
Cap Rate 7%
$7,521,500
$7.5M
Cap Rate 9%
$5,850,056
$5.9M
Market Conditions
NOI Build-Up for 30,522 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
$915.7K $30.00/SF
− Vacancy
−$73.3K −$2.40/SF
EGI
$842.4K $27.60/SF
− OpEx
−$315.9K −$10.35/SF
NOI
$526.5K $17.25/SF
Area
Honolulu County, HI
Vacancy
8.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$10,530,100
Cap Rate 7%
$7,521,500
Cap Rate 9%
$5,850,056
Alternative Uses
Best Use
Retail
$11.54M
$10.10M – $13.46M
NOI $807,899 @ 7.0% cap · market cap 13.46%
Second Best
Office B
$11.16M
$9.76M – $13.02M
NOI $781,172 @ 7.0% cap · market cap 13.02%
Theoretical Best
Specialty Retail
$12.37M
$10.82M – $14.43M
NOI $865,606 @ 7.0% cap · market cap 14.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Office 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?
Mixed-use property - Three-story building in Chinatown, close to planned rail station.
Where is this mixed-use property located?
The property is located at 915 Kekaulike St Honolulu, HI.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: $1 Million Price Reduction makes this a fantastic opportunity.; Fully Rented, 3‑Story Concrete Building with 30,522 sq ft.; BMX4 Zoning with Transit Oriented Development (TOD) potential: Possible 200' Height Limit & Increased Floor Area Ratio.
