Honolulu Multifamily Development
For Sale
Contact for pricing
1517 Miller St, Honolulu, HI 96813
Development opportunity near Queens Hospital with city view potential.
Property Size3,963 SF
Price / SF$517.28
Days on Market172
Property Features for 1517 Miller St
General Information
Standard status
Active
Size
3,963 SF
Property subtype
Multifamily
Zoning
A-2
Building Details
Year Built
1924
Listing Agency:
Commercial Investment Strategies
(808) 429-1098
Listed By:
Christina Dwight · License #HI RB-20978
Source:
Crexi
Added: Mar 2
Changed: Aug 8
Last Checked: Aug 8 at 6:31AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$72,661
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
3.54%
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%
$1,453,220
$1.5M
Cap Rate 7%
$1,038,014
$1.0M
Cap Rate 9%
$807,344
$807.3K
Market Conditions
NOI Build-Up for 3,963 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
$142.7K $36.00/SF
− Vacancy
−$10.6K −$2.66/SF
EGI
$132.1K $33.34/SF
− OpEx
−$59.4K −$15.00/SF
NOI
$72.7K $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%
$1,453,220
Cap Rate 7%
$1,038,014
Cap Rate 9%
$807,344
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$908.3K – $1.21M
NOI $72,661 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.61M
$1.40M – $1.87M
NOI $112,391 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96813, HI
27,372
Population
13,511
Households
2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
7,603
Density / Sq Mi
$87,799
Median Household Income
$57,619
Median Earnings
$1,821
Median Rent
$804,100
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?
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.
