Renovated 7-Unit Apartment
For Sale
$1,425,000
1812 Algaroba Street, Honolulu, HI 96826
Two separate structures offer updated finishes and convenient access to shopping, dining, and public transportation.
Property Size2,340 SF
Days on Market42
Property Features for 1812 Algaroba Street
General Information
Standard status
Active
Size
2,340 SF
Property subtype
Industrial
Zoning
BMX-3
Units
Unit Mix
3 x 1BR, 4 x studio
Multifamily Units
7
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,122
Building Details
Building Size
2,340 SF
Year Built
1953
Buildings
2
Listing Agency:
REMAX Hawaii
(808) 738-3633
Listed By:
Myron N Kiriu · License #RB-17242
(808) 738-3633
Source:
Commercialinvestmentstrategies
Added: Jul 2
Changed: Aug 8
Last Checked: Aug 12 at 2:57PM
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 REMAX Hawaii
Investment Insights
Based on property information with market context.
This 7-unit apartment property consists of two separate structures with a mix of three one-bedroom units and four studio units. The property was built in 1953 and has been recently renovated with vinyl plank flooring, fresh exterior paint, and updated finishes. A majority of the units are occupied, supporting ongoing rental income.
Located in McCully near shopping, dining, and public transportation, the property is zoned BMX-3 and offers access to established neighborhood amenities. The unit mix and two-structure configuration provide a range of apartment layouts within a single multifamily property.
Located in McCully near shopping, dining, and public transportation, the property is zoned BMX-3 and offers access to established neighborhood amenities. The unit mix and two-structure configuration provide a range of apartment layouts within a single multifamily property.
Key Highlights
- 7‑unit multifamily property with three one‑bedroom units and four studio units
- Two separate structures on one property
- Recently renovated with vinyl plank flooring, fresh exterior paint, and updated finishes
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
$42,903
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
3.01%
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%
$858,060
$858.1K
Cap Rate 7%
$612,900
$612.9K
Cap Rate 9%
$476,700
$476.7K
Market Conditions
NOI Build-Up for 2,340 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
$84.2K $36.00/SF
− Vacancy
−$6.2K −$2.66/SF
EGI
$78.0K $33.34/SF
− OpEx
−$35.1K −$15.00/SF
NOI
$42.9K $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%
$858,060
Cap Rate 7%
$612,900
Cap Rate 9%
$476,700
Alternative Uses
Best Use
Apartment 5plus
$612.9K
$536.3K – $715.1K
NOI $42,903 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$948.0K
$829.5K – $1.11M
NOI $66,363 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Demographics for 96826, HI
30,092
Population
16,564
Households
1.8
Avg Household Size
44
Median Age
38%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
27,356
Density / Sq Mi
$67,743
Median Household Income
$44,393
Median Earnings
$1,604
Median Rent
$485,200
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 - Two separate structures offer updated finishes and convenient access to shopping, dining, and public transportation.
Where is this apartment building located?
The property is located at 1812 Algaroba Street Honolulu, HI.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 7‑unit multifamily property with three one‑bedroom units and four studio units; Two separate structures on one property; Recently renovated with vinyl plank flooring, fresh exterior paint, and updated finishes
