Multifamily Property with Detached
For Sale
$2,140,000
1424 Gulick Avenue, Honolulu, HI 96819
Private gated compound with varied residential layouts, central air, parking, and an additional studio unit currently vacant.
Property Size3,833 SF
Price / SF$558.31
Days on Market180
Property Features for 1424 Gulick Avenue
General Information
Standard status
Active
Size
3,833 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$6,936
Amenities
gated
Central Air
3
Internet Connection, Cable Available
Pool
No Fence
Spa. Waterfront.
10 Parking Spaces.
Concrete
Canal
Level
35627.0
No Pool
Canal. None, Level.
Building Details
Year Built
1941
Stories
1
Construction
wooden
Tenancy
Multi
Listing Agency:
CBI Residential Advisory Svcs.
Listed By:
Alan Christopher · License #RB-20664
(808) 942-7100
Source:
Xome
Added: Mar 9
Changed: Aug 30
Last Checked: Aug 31 at 12:37PM
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 CBI Residential Advisory Svcs.
Investment Insights
Based on property information with market context.
This multifamily property comprises multiple single-level wood residences on a private, gated site. The unit mix includes two-, three-, and four-bedroom layouts, along with a studio that is currently vacant. The improvements total 3,833 square feet and date to 1941, with central air and concrete construction noted among the property features.
The property is identified as extending across a stream and includes a canal and level terrain. On-site parking accommodates 10 vehicles. Internet connection and cable availability are also listed, while long-term tenants occupy other units. The secured configuration and combination of occupied residences with a vacant studio provide a varied existing setup for multifamily ownership.
The property is identified as extending across a stream and includes a canal and level terrain. On-site parking accommodates 10 vehicles. Internet connection and cable availability are also listed, while long-term tenants occupy other units. The secured configuration and combination of occupied residences with a vacant studio provide a varied existing setup for multifamily ownership.
Key Highlights
- Multiple single‑level wood residences on a private gated site
- Mix of 2-, 3-, and 4‑bedroom units plus 1 vacant studio
- 3,833 square feet of improvements built in 1941
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
$70,277
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
3.28%
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%
$1,405,540
$1.4M
Cap Rate 7%
$1,003,957
$1.0M
Cap Rate 9%
$780,856
$780.9K
Market Conditions
NOI Build-Up for 3,833 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
$138.0K $36.00/SF
− Vacancy
−$10.2K −$2.66/SF
EGI
$127.8K $33.34/SF
− OpEx
−$57.5K −$15.00/SF
NOI
$70.3K $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%
$1,405,540
Cap Rate 7%
$1,003,957
Cap Rate 9%
$780,856
Alternative Uses
Best Use
Apartment 5plus
$1.00M
$878.5K – $1.17M
NOI $70,277 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,704 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Demographics for 96819, HI
53,334
Population
13,287
Households
4
Avg Household Size
39
Median Age
22%
College-Educated
84%
High-School Grad
21.8 sq mi
ZIP Area
2,447
Density / Sq Mi
$96,346
Median Household Income
$40,897
Median Earnings
$1,789
Median Rent
$963,900
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 - Private gated compound with varied residential layouts, central air, parking, and an additional studio unit currently vacant.
Where is this multifamily property located?
The property is located at 1424 Gulick Avenue Honolulu, HI.
What is the asking price?
The asking price for this property is $2,140,000.
What are key features of this property?
This property features: Multiple single‑level wood residences on a private gated site; Mix of 2-, 3-, and 4‑bedroom units plus 1 vacant studio; 3,833 square feet of improvements built in 1941
