24-Unit Apartment Building with
For Sale
$7,980,000
Pending
2717 S King St, Honolulu, HI 96826
Three-story A-2 apartment property with separately metered units and a mix of private lanais and rear yards.
Property Size13,104 SF
Lot Size0.42 Acres
Days on Market8
Property Features for 2717 S King St
General Information
Standard status
Pending
Size
13,104 SF
Total Parking Spaces
24
Lot size
0.42 Acres
Property subtype
Multi-Family
Zoning
A-2
Units
Unit Mix
24 x 1BR/1BA
Multifamily Units
24
Additional Details
Road Access
Yes
Amenities
private lanais or back yard
Building Details
Year Built
1965
Stories
3
Construction
hollow tile
Listing Agency:
List Sotheby's Int'l Realty
(808) 698-6100
Listed By:
Scott Startsman
(808) 698-6100
Source:
Hiestates
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 26 at 12:40PM
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 List Sotheby's Int'l Realty
Investment Insights
Based on property information with market context.
This 24-unit apartment property was built in 1965 and offers one-bedroom, one-bath residences in a three-story hollow-tile building. Each unit includes either a private lanai or backyard, and 20 apartments have undergone renovation or upgrades. Separate electrical meters serve the units.
The property occupies 18,427 square feet of A-2-zoned land at 2717 S King St in Honolulu, near University Avenue and the University of Hawaii. Parking includes 24 stalls, with the potential for 37 tandem spaces. The property is offered in its current condition.
The property occupies 18,427 square feet of A-2-zoned land at 2717 S King St in Honolulu, near University Avenue and the University of Hawaii. Parking includes 24 stalls, with the potential for 37 tandem spaces. The property is offered in its current condition.
Key Highlights
- 24 one‑bedroom, one‑bath units
- 18,427 square feet of A‑2‑zoned land
- 24 parking stalls; possible 37 tandem spaces
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
$240,259
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
3.01%
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%
$4,805,180
$4.8M
Cap Rate 7%
$3,432,271
$3.4M
Cap Rate 9%
$2,669,544
$2.7M
Market Conditions
NOI Build-Up for 13,104 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
$471.7K $36.00/SF
− Vacancy
−$34.9K −$2.66/SF
EGI
$436.8K $33.34/SF
− OpEx
−$196.6K −$15.00/SF
NOI
$240.3K $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%
$4,805,180
Cap Rate 7%
$3,432,271
Cap Rate 9%
$2,669,544
Alternative Uses
Best Use
Apartment 5plus
$3.43M
$3.00M – $4.00M
NOI $240,259 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.31M
$4.65M – $6.19M
NOI $371,630 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24
Residential units
Yes
Paved road access
Location Intelligence
Demographics for 96826, HI
30,092
Population
16,564
Households
1.8
Avg Household Size
44
Median Age
38%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
27,356
Density / Sq Mi
$67,743
Median Household Income
$44,393
Median Earnings
$1,604
Median Rent
$485,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-story A-2 apartment property with separately metered units and a mix of private lanais and rear yards.
Where is this apartment building located?
The property is located at 2717 S King St Honolulu, HI.
What is the asking price?
The asking price for this property is $7,980,000.
What are key features of this property?
This property features: 24 one‑bedroom, one‑bath units; 18,427 square feet of A‑2‑zoned land; 24 parking stalls; possible 37 tandem spaces
