Two-Story Apartment
For Sale
$1,888,000
Pending
2148 Kapiolani Boulevard, Honolulu, HI 96826
Two-story multifamily with six 2-bedroom units, each with parking and separate water and electric metering.
Property Size4,059 SF
Days on Market126
Property Features for 2148 Kapiolani Boulevard
General Information
Standard status
Pending
Size
4,059 SF
Total Parking Spaces
6
Property subtype
Multi-Family / Multi-Family
Zoning
12 - A-2 Medium Density Apartme
Net Operating Income
$58,840
Additional Details
Multifamily Units
6
Amenities
coin washers
Coin, Washer
Asphalt Shingle
Brick, Double Wall, Single Wall, Wood Frame
Building Details
Year Built
1953
Stories
2
Construction
concrete and wood
Tenancy
Multi
Listing Agency:
One Realty, Incorporated
(808) 226-8263
Listed By:
Sandra S Omiya · License #RB-14525
(808) 226-8263
Source:
Compass
Added: Apr 9
Changed: Aug 8
Last Checked: Jul 24 at 2:19PM
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 One Realty, Incorporated
Investment Insights
Based on property information with market context.
This two-story apartment building offers six total units configured as 2-bedroom/1-bath apartments, with a parking space provided for each unit. The property consists of three units on the ground level and three units on the upper level. Renovations have been completed in five of the units. Structure is described as concrete and wood, and each unit has separate water and electric meters, with one unit having a gas utility. Coin-operated washers are available on site for tenant use.
The building is positioned on a corner at Kapiolani Boulevard and Paani Street and is described as being convenient and on a bus line for ease of renting.
The property is being sold in an “as-is, where is” condition, with income noted as not reflective of full potential because the owner currently occupies two units.
The building is positioned on a corner at Kapiolani Boulevard and Paani Street and is described as being convenient and on a bus line for ease of renting.
The property is being sold in an “as-is, where is” condition, with income noted as not reflective of full potential because the owner currently occupies two units.
Key Highlights
- Two‑story multifamily with 6 total units, each a 2‑bedroom/1‑bath layout
- Unit mix: 3 units on the ground level and 3 units on the upper level
- Each unit has its own water and electric meter; 1 unit has gas utility
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
$74,421
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
3.94%
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%
$1,488,420
$1.5M
Cap Rate 7%
$1,063,157
$1.1M
Cap Rate 9%
$826,900
$826.9K
Market Conditions
NOI Build-Up for 4,059 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
$146.1K $36.00/SF
− Vacancy
−$10.8K −$2.66/SF
EGI
$135.3K $33.34/SF
− OpEx
−$60.9K −$15.00/SF
NOI
$74.4K $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%
$1,488,420
Cap Rate 7%
$1,063,157
Cap Rate 9%
$826,900
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$930.3K – $1.24M
NOI $74,421 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.64M
$1.44M – $1.92M
NOI $115,114 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
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-story multifamily with six 2-bedroom units, each with parking and separate water and electric metering.
Where is this apartment building located?
The property is located at 2148 Kapiolani Boulevard Honolulu, HI.
What is the asking price?
The asking price for this property is $1,888,000.
What are key features of this property?
This property features: Two‑story multifamily with 6 total units, each a 2‑bedroom/1‑bath layout; Unit mix: 3 units on the ground level and 3 units on the upper level; Each unit has its own water and electric meter; 1 unit has gas utility
