8-Unit Fee-Simple Apartment
For Sale
$2,200,000
2032 Kapiolani Blvd, Honolulu, HI 96826
Fully leased Honolulu apartment property with updated unit interiors, electrical systems, and roofing.
Property Size3,706 SF
Price / SF$593.63
Days on Market47
Property Features for 2032 Kapiolani Blvd
General Information
Standard status
Active
Size
3,706 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Neighborhood
Kapiolani
Additional Details
Multifamily Units
8
Building Details
Year Built
1957
Buildings
1
Listing Agency:
Central Oahu Real Estate LLC
(808) 989-6775
Listed By:
Ben Fieman · License #RB-23470
(808) 400-7007
Source:
Fieman
Added: Sep 9
Changed: Oct 23
Last Checked: Oct 24 at 4:43PM
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 Central Oahu Real Estate LLC
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Investment Insights
Based on property information with market context.
Located at 2032 Kapiolani Blvd in Honolulu’s McCully-Moiliili neighborhood, this fee-simple apartment property contains eight units and was built in 1957. The building is fully leased, with current rents positioned below submarket medians. Recent work includes kitchen and bathroom renovations, new flooring, a silicone-coated roof, and improvements to the electrical systems serving every unit.
The property is near Ala Moana Center, Ala Moana Regional Park, and the University of Hawaii at Manoa. Electrical upgrades include panel replacements, grounding improvements, GFCI installation throughout all eight units, and upgraded service. The combination of established occupancy and completed building improvements provides a clearly defined apartment asset in central Honolulu.
The property is near Ala Moana Center, Ala Moana Regional Park, and the University of Hawaii at Manoa. Electrical upgrades include panel replacements, grounding improvements, GFCI installation throughout all eight units, and upgraded service. The combination of established occupancy and completed building improvements provides a clearly defined apartment asset in central Honolulu.
Key Highlights
- Eight‑unit fee‑simple apartment building built in 1957
- Fully leased with in‑place rents below current submarket medians
- Panel upgrades, grounding, and GFCI installation completed in all eight units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$67,949
Cap Rate
3.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,358,980
$1.4M
Cap Rate 7%
$970,700
$970.7K
Cap Rate 9%
$754,989
$755.0K
Market Conditions
NOI Build-Up for 3,706 SF
Gross rent
$133.4K $36.00/SF
− Vacancy
−$9.9K −$2.66/SF
EGI
$123.5K $33.34/SF
− OpEx
−$55.6K −$15.00/SF
NOI
$67.9K $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 Rate 5%
$1,358,980
Cap Rate 7%
$970,700
Cap Rate 9%
$754,989
Alternative Uses
Best Use
Apartment 5plus
$970.7K
$849.4K – $1.13M
NOI $67,949 @ 7.0% cap · market cap 3.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $105,102 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
8
Residential units
100%
Occupancy
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased Honolulu apartment property with updated unit interiors, electrical systems, and roofing.
Where is this apartment building located?
The property is located at 2032 Kapiolani Blvd Honolulu, HI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Eight‑unit fee‑simple apartment building built in 1957; Fully leased with in‑place rents below current submarket medians; Panel upgrades, grounding, and GFCI installation completed in all eight units
