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    Honolulu Multifamily Development Opportunity Title is generated by Realmo AI

    1517 Miller St, Honolulu, HI 96813

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    Development opportunity near Queens Hospital with city view potential.

    Type:Multifamily
    Property size:
    3,963 SF
    Price / SF:
    $517/SF
    Added:
    Mar 2, 2026
    Days on Market:
    76
    Last Refresh:
    Mar 16 at 1:55 pm

    Property Features for 1517 Miller St

    General Information

    Standard status
    Active
    Size
    3,963 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1924

    We can help!

    Listing Contact
    Christina Dwight

    Listing agent Christina Dwight License #HI RB-20978

    Listing office Commercial Investment Strategies

    Listing date Mar 2, 2026

    Source Crexi

    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 Commercial Investment Strategies

    HighLights

    • Opportunity to develop Bill 7 project for less than $200/sf.
    • Large lot located 2 blocks from Queens Hospital.
    • Located in a low‑risk flood zone (x) with no additional setbacks from the street.
    • Six legal 2‑bedroom, 1 bath units in place.
    • City views possible from upper floors.
    • Separately metered for electric and gas.

    Overview

    This property presents an opportunity to develop a Bill 7 project. The property features a large lot located two blocks from Queens Hospital, situated in a low-risk flood zone (x) with no additional setbacks from the street. Upper floors may offer city views. A soils study and TOPO survey are available upon an accepted offer. The buyer is expected to accept the existing survey and cover any required updates. The current setup includes six legal 2-bedroom, 1-bath units across three structures. The front building contains four units (1517, C, D, & E), with two stand-alone cottages (A & B) located in the back. Two units have been renovated within the past five years. The property includes a coin laundry, and each unit is separately metered for electric and gas (heaters and stoves). There is one water meter for the entire property. The property size is 3963 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Map

    City
    Honolulu
    County
    Honolulu
    State
    Hawaii
    Longitude
    -157.8523357
    Latitude
    21.3092539

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    FAQs

    What type of property is this?
    Apartment building - Development opportunity near Queens Hospital with city view potential.
    Where is this apartment building located?
    The property is located at 1517 Miller St Honolulu, HI.
    What is the asking price?
    The asking price for this property is $2,050,000.
    What are key features of this property?
    This property features: Opportunity to develop Bill 7 project for less than $200/sf.; Large lot located 2 blocks from Queens Hospital.; Located in a low‑risk flood zone (x) with no additional setbacks from the street.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Christina Dwight
    Real Estate License ID: HI RB-20978
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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