Commercial Retail Strip For
For Sale
Contact for pricing
2046 N King St, Honolulu, HI 96819
Retail strip with high visibility and ample parking available.
Property Size2,432 SF
Price / SF$760.69
Days on Market194
Property Features for 2046 N King St
General Information
Standard status
Active
Size
2,432 SF
Class
B
Property subtype
Retail
Zoning
BMX-3
Occupancy
75%
Lease Type
NN
Net Operating Income
$70,297
Building Details
Year Built
1980
Buildings
1
Stories
1
Units
4
Tenancy
Multi
Listing Agency:
Coldwell Banker Realty
(808) 542-4749
Listed By:
James Farmer · License #HI RB-18575
Source:
Crexi
Added: Jan 29
Changed: Aug 9
Last Checked: Aug 10 at 11:49AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This commercial retail strip is located on a high-traffic street, offering high visibility. The property is zoned BMX-3, which allows for a wide range of retail, service, professional operations, and other commercial uses. It is situated a few minutes from the Honolulu Central Business District, Piers, Airport, Hospitals, and Military Bases, making it an excellent hub for commerce, logistics, and customer access. The property size is 2432 square feet. There is ample parking available. One of four spaces is currently vacant, presenting an opportunity for an owner-user or a new tenant seeking a desirable location.
Key Highlights
- High traffic and high visibility location.
- BMX‑3 zoning allows for a wide range of commercial uses.
- Close proximity to Honolulu CBD, Piers, Airport, Hospitals, and Military Bases.
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
$64,374
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
3.48%
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%
$1,287,480
$1.3M
Cap Rate 7%
$919,629
$919.6K
Cap Rate 9%
$715,267
$715.3K
Market Conditions
NOI Build-Up for 2,432 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
$96.6K $39.72/SF
− Vacancy
−$4.6K −$1.91/SF
EGI
$92.0K $37.81/SF
− OpEx
−$27.6K −$11.34/SF
NOI
$64.4K $26.47/SF
Area
Honolulu County, HI
Vacancy
4.80%
Lease Rate
$39.72 /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%
$1,287,480
Cap Rate 7%
$919,629
Cap Rate 9%
$715,267
Alternative Uses
Best Use
Retail
$919.6K
$804.7K – $1.07M
NOI $64,374 @ 7.0% cap · market cap 3.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$985.3K
$862.2K – $1.15M
NOI $68,972 @ 7.0% cap · market cap 3.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96819, HI
53,334
Population
13,287
Households
4
Avg Household Size
39
Median Age
22%
College-Educated
84%
High-School Grad
21.8 sq mi
ZIP Area
2,447
Density / Sq Mi
$96,346
Median Household Income
$40,897
Median Earnings
$1,789
Median Rent
$963,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Retail strip with high visibility and ample parking available.
Where is this strip mall located?
The property is located at 2046 N King St Honolulu, HI.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: High traffic and high visibility location.; BMX‑3 zoning allows for a wide range of commercial uses.; Close proximity to Honolulu CBD, Piers, Airport, Hospitals, and Military Bases.
