Second-Floor Office
For Sale
$1,295,000
202203-725 Kapiolani Blvd, Honolulu, HI 96826
Well-appointed second-floor office suite within The Galerie at Imperial Plaza, move-in ready and equipped with five reserved parking stalls.
Property Size2,785 SF
Price / SF$464.99
Days on Market291
Property Features for 202203-725 Kapiolani Blvd
General Information
Standard status
Active
Size
2,785 SF
Total Parking Spaces
5
Taxes and HOA fees
Annual Taxes
$18,833
Listing Agency:
Lee International Properties
(808) 951-5558
Listed By:
JiHyun Maeng
(808) 393-3272
Source:
Exprealty
Added: Nov 18, 2025
Changed: Aug 21
Last Checked: Sep 5 at 3:09PM
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 Lee International Properties
Investment Insights
Based on property information with market context.
Offered for sale is a well-appointed second-floor office condominium located within The Galerie at Imperial Plaza, a mixed-use complex in Honolulu’s Kapiolani corridor. The condominium combines two units into a single suite totaling approximately 2,785 square feet, with an efficiently designed layout intended for professional use. The space is move-in ready, with thoughtful improvements and high-quality finishes throughout.
The unit is conveyed with five (5) reserved parking stalls located within the Imperial Plaza parking structure, providing dedicated parking in the urban core. Additional visitor parking is available within the complex, and occupants can access building amenities and on-site management.
This offering supports a flexible end-use for an owner-user seeking a turnkey office condominium or for investors looking to acquire a move-in ready suite in a prominent mixed-use setting.
The unit is conveyed with five (5) reserved parking stalls located within the Imperial Plaza parking structure, providing dedicated parking in the urban core. Additional visitor parking is available within the complex, and occupants can access building amenities and on-site management.
This offering supports a flexible end-use for an owner-user seeking a turnkey office condominium or for investors looking to acquire a move-in ready suite in a prominent mixed-use setting.
Key Highlights
- Second‑floor office condominium suite within The Galerie at Imperial Plaza in Honolulu’s Kapiolani corridor
- Two combined units totaling approximately 2,785 SF with a flexible layout for professional, medical, or wellness‑related uses
- Move‑in ready with improvements and high‑quality finishes throughout
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
$71,279
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
5.50%
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%
$1,425,580
$1.4M
Cap Rate 7%
$1,018,271
$1.0M
Cap Rate 9%
$791,989
$792.0K
Market Conditions
NOI Build-Up for 2,785 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
$108.6K $39.00/SF
− Vacancy
−$13.6K −$4.88/SF
EGI
$95.0K $34.13/SF
− OpEx
−$23.8K −$8.53/SF
NOI
$71.3K $25.59/SF
Area
Honolulu County, HI
Vacancy
12.50%
Lease Rate
$39.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,425,580
Cap Rate 7%
$1,018,271
Cap Rate 9%
$791,989
Alternative Uses
Best Use
Office B
$1.02M
$891.0K – $1.19M
NOI $71,279 @ 7.0% cap · market cap 5.50%
Second Best
Healthcare Medical
$717.9K
$628.1K – $837.5K
NOI $50,250 @ 7.0% cap · market cap 3.88%
Theoretical Best
Specialty Retail
$1.13M
$987.3K – $1.32M
NOI $78,983 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Well-appointed second-floor office suite within The Galerie at Imperial Plaza, move-in ready and equipped with five reserved parking stalls.
Where is this office units located?
The property is located at 202203-725 Kapiolani Blvd Honolulu, HI.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Second‑floor office condominium suite within The Galerie at Imperial Plaza in Honolulu’s Kapiolani corridor; Two combined units totaling approximately 2,785 SF with a flexible layout for professional, medical, or wellness‑related uses; Move‑in ready with improvements and high‑quality finishes throughout
