Two-Structure Multifamily
For Sale
$3,200,000
2243 Sea View Ave, Honolulu, HI 96822
Includes two structures, 11 parking spaces, separate entrances, storage areas, and a lanai.
Property Size10,667 SF
Price / SF$299.99
Days on Market10
Property Features for 2243 Sea View Ave
General Information
Standard status
Active
Size
10,667 SF
Total Parking Spaces
11
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Amenities
garage
storage room
lanai
Building Details
Year Built
1941
Buildings
2
Listing Agency:
List Sotheby's Int'l Realty
(808) 698-6100
Listed By:
Scott Startsman
(808) 698-6100
Source:
Hiestates
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 10:19AM
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 multifamily property at 2243 Sea View Ave includes two separate structures and 10,667 SF of property size. The front house, built in 1941, has distinct upstairs and downstairs entrances, five parallel street-side parking spaces, a garage, and a large storage room. The rear house was built in 2013 and includes three entrances, bright living areas, a lanai, and additional storage.
Parking capacity totals 11 cars, with an open area between the structures that also accommodates vehicles or outdoor use. The property is in Lower Manoa near the University of Hawaii, schools, shops, and dining. Access to and from the H-1 Freeway supports connectivity throughout Honolulu.
Parking capacity totals 11 cars, with an open area between the structures that also accommodates vehicles or outdoor use. The property is in Lower Manoa near the University of Hawaii, schools, shops, and dining. Access to and from the H-1 Freeway supports connectivity throughout Honolulu.
Key Highlights
- Two separate structures on a 10,667 SF property
- 11‑car parking capacity, including 5 parallel street‑side spaces
- Front house built in 1941 with separate upstairs and downstairs entrances
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
$195,577
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
6.11%
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%
$3,911,540
$3.9M
Cap Rate 7%
$2,793,957
$2.8M
Cap Rate 9%
$2,173,078
$2.2M
Market Conditions
NOI Build-Up for 10,667 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
$384.0K $36.00/SF
− Vacancy
−$28.4K −$2.66/SF
EGI
$355.6K $33.34/SF
− OpEx
−$160.0K −$15.00/SF
NOI
$195.6K $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%
$3,911,540
Cap Rate 7%
$2,793,957
Cap Rate 9%
$2,173,078
Alternative Uses
Best Use
Apartment 5plus
$2.79M
$2.44M – $3.26M
NOI $195,577 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.32M
$3.78M – $5.04M
NOI $302,517 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Demographics for 96822, HI
42,231
Population
19,960
Households
2.1
Avg Household Size
45
Median Age
58%
College-Educated
95%
High-School Grad
8.0 sq mi
ZIP Area
5,279
Density / Sq Mi
$95,594
Median Household Income
$49,159
Median Earnings
$1,736
Median Rent
$985,100
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?
Multifamily property - Includes two structures, 11 parking spaces, separate entrances, storage areas, and a lanai.
Where is this multifamily property located?
The property is located at 2243 Sea View Ave Honolulu, HI.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Two separate structures on a 10,667 SF property; 11‑car parking capacity, including 5 parallel street‑side spaces; Front house built in 1941 with separate upstairs and downstairs entrances
