5-Unit Apartment
For Sale
$1,488,000
2001 10th Ave, Honolulu, HI 96816
Five residential units offer a multi-unit configuration with substantial repair work required, including water intrusion.
Property Size3,619 SF
Price / SF$411.16
Days on Market32
Property Features for 2001 10th Ave
General Information
Standard status
Active
Size
3,619 SF
Property subtype
Multi-Family
Property Condition
Severity
Major Repairs Needed
Evidence
existing water intrusion and significant repair needs
Additional Details
Multifamily Units
5
Building Details
Year Built
1959
Listing Agency:
CBI Residential Advisory Svcs.
(808) 942-7100
Listed By:
Alan J Christopher · License #RB-20664
Source:
Paradisebrokers
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 28 at 12:30PM
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.
Built in 1959, this 3,619-square-foot apartment building contains five residential units arranged as separate living spaces. The property is being offered in its current condition, with water intrusion present and significant repairs required throughout the asset. Its multi-unit configuration supports evaluation by owners considering renovation and repositioning.
Located at 2001 10th Ave in Honolulu’s Palolo Valley, the property carries a 96816 ZIP code and provides an established residential setting for a five-unit apartment asset.
Located at 2001 10th Ave in Honolulu’s Palolo Valley, the property carries a 96816 ZIP code and provides an established residential setting for a five-unit apartment asset.
Key Highlights
- Five separate residential units within one apartment building
- 3,619 square feet of building area
- Built in 1959
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
$66,354
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
4.46%
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%
$1,327,080
$1.3M
Cap Rate 7%
$947,914
$947.9K
Cap Rate 9%
$737,267
$737.3K
Market Conditions
NOI Build-Up for 3,619 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
$130.3K $36.00/SF
− Vacancy
−$9.6K −$2.66/SF
EGI
$120.6K $33.34/SF
− OpEx
−$54.3K −$15.00/SF
NOI
$66.4K $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%
$1,327,080
Cap Rate 7%
$947,914
Cap Rate 9%
$737,267
Alternative Uses
Best Use
Apartment 5plus
$947.9K
$829.4K – $1.11M
NOI $66,354 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.47M
$1.28M – $1.71M
NOI $102,635 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Demographics for 96816, HI
51,586
Population
19,818
Households
2.6
Avg Household Size
45
Median Age
48%
College-Educated
94%
High-School Grad
9.6 sq mi
ZIP Area
5,374
Density / Sq Mi
$114,744
Median Household Income
$48,929
Median Earnings
$1,879
Median Rent
$1,121,400
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 - Five residential units offer a multi-unit configuration with substantial repair work required, including water intrusion.
Where is this apartment building located?
The property is located at 2001 10th Ave Honolulu, HI.
What is the asking price?
The asking price for this property is $1,488,000.
What are key features of this property?
This property features: Five separate residential units within one apartment building; 3,619 square feet of building area; Built in 1959
