Four-Unit Multifamily
For Sale
$2,995,000
1550 Davenport Place, Honolulu, HI 96822
Two duplex buildings provide varied layouts, private laundry, garages, and on-site parking.
Property Size4,788 SF
Price / SF$625.52
Days on Market61
Property Features for 1550 Davenport Place
General Information
Standard status
Active
Size
4,788 SF
Property subtype
Duplex
Units
Unit Mix
2 x 4BR/2BA, 2 x 3BR/2BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,172
Amenities
in-unit washer/dryer
Building Details
Building Size
4,788 SF
Year Built
2007
Buildings
2
Construction
wood frame with stucco
Listing Agency:
Standard Management LLC
Listed By:
Michael M Okamoto · License #RB-22000
(808) 208-8107
Source:
Careyluxury
Added: Jul 29
Changed: Sep 20
Last Checked: Sep 26 at 2:51PM
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 Standard Management LLC
Investment Insights
Based on property information with market context.
This multifamily property consists of two well-maintained duplex buildings at 1550 and 1552 Davenport Place, totaling four units. The upstairs residences each include 4 bedrooms, 2 baths, hardwood flooring, granite kitchen counters, and 2-car garages. The downstairs residences each offer 3 bedrooms, 2 baths, laminate flooring, granite counters, and tandem uncovered parking. Every unit has its own washer and dryer and separate electric meter.
Constructed in 2007, the buildings feature concrete foundations, wood framing, stucco exteriors, composition shingle roofs, copper gutters, and substantial sound insulation between floors. The property is minutes from freeway access, Ala Moana Center, shopping, dining, and schools. It is offered in its existing condition.
Constructed in 2007, the buildings feature concrete foundations, wood framing, stucco exteriors, composition shingle roofs, copper gutters, and substantial sound insulation between floors. The property is minutes from freeway access, Ala Moana Center, shopping, dining, and schools. It is offered in its existing condition.
Key Highlights
- Four total units arranged across two duplex buildings at 1550 and 1552 Davenport Place
- Built in 2007 with concrete foundations, stucco exteriors, composition shingle roofs, and copper gutters
- Two upstairs 4‑bedroom/2‑bath units, each measuring 1,321 sq. ft.
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
$95,349
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
3.18%
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%
$1,906,980
$1.9M
Cap Rate 7%
$1,362,129
$1.4M
Cap Rate 9%
$1,059,433
$1.1M
Market Conditions
NOI Build-Up for 4,788 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
$146.5K $30.60/SF
− Vacancy
−$10.3K −$2.15/SF
EGI
$136.2K $28.45/SF
− OpEx
−$40.9K −$8.53/SF
NOI
$95.3K $19.91/SF
Area
Honolulu County, HI
Vacancy
7.03%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$1,906,980
Cap Rate 7%
$1,362,129
Cap Rate 9%
$1,059,433
Alternative Uses
Best Use
Multifamily LT 5
$1.36M
$1.19M – $1.59M
NOI $95,349 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$1.25M
$1.10M – $1.46M
NOI $87,787 @ 7.0% cap · market cap 2.93%
Theoretical Best
Specialty Retail
$1.94M
$1.70M – $2.26M
NOI $135,788 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two duplex buildings provide varied layouts, private laundry, garages, and on-site parking.
Where is this multifamily property located?
The property is located at 1550 Davenport Place Honolulu, HI.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Four total units arranged across two duplex buildings at 1550 and 1552 Davenport Place; Built in 2007 with concrete foundations, stucco exteriors, composition shingle roofs, and copper gutters; Two upstairs 4‑bedroom/2‑bath units, each measuring 1,321 sq. ft.
