Honolulu Multifamily Property Near
For Sale
$2,100,000
2357-2361 Pauoa Rd, Honolulu, HI 96813
Six-unit multifamily property near Booth District Park in Honolulu.
Property Size3,320 SF
Price / SF$632.53
Days on Market272
Property Features for 2357-2361 Pauoa Rd
General Information
Standard status
Active
Size
3,320 SF
Property subtype
Multifamily
Net Operating Income
$102,935
Building Details
Building Size
3,320 SF
Year Built
1942
Listing Agency:
(808) 722-1168
Listed By:
Scott Eden · License #HI #RB-22768
Source:
Naiglobal
Added: Nov 22, 2025
Changed: Aug 17
Last Checked: Aug 21 at 5:51AM
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 Scott Eden
Investment Insights
Based on property information with market context.
This multifamily property features three buildings with a total of six units. The unit mix includes one 3-bedroom, 1.5-bath unit and five 2-bedroom, 1-bath units. A covered carport provides six parking stalls, with additional space for guest parking. The property is located across from Booth District Park in Pauoa Valley, Honolulu, offering a location close to private schools, downtown Honolulu, and the airport. The zoning allows for the property to be divided into three separate TMK's.
Key Highlights
- Zoning allows CPR of the property into three separate TMKs.
- Ideal location across from Booth District Park in Pauoa Valley.
- Close proximity to private schools, downtown Honolulu, and the airport.
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
$60,872
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
2.90%
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%
$1,217,440
$1.2M
Cap Rate 7%
$869,600
$869.6K
Cap Rate 9%
$676,356
$676.4K
Market Conditions
NOI Build-Up for 3,320 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
$119.5K $36.00/SF
− Vacancy
−$8.8K −$2.66/SF
EGI
$110.7K $33.34/SF
− OpEx
−$49.8K −$15.00/SF
NOI
$60.9K $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 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%
$1,217,440
Cap Rate 7%
$869,600
Cap Rate 9%
$676,356
Alternative Uses
Best Use
Apartment 5plus
$869.6K
$760.9K – $1.01M
NOI $60,872 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.35M
$1.18M – $1.57M
NOI $94,155 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96813, HI
27,372
Population
13,511
Households
2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
7,603
Density / Sq Mi
$87,799
Median Household Income
$57,619
Median Earnings
$1,821
Median Rent
$804,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property near Booth District Park in Honolulu.
Where is this apartment building located?
The property is located at 2357-2361 Pauoa Rd Honolulu, HI.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Zoning allows CPR of the property into three separate TMKs.; Ideal location across from Booth District Park in Pauoa Valley.; Close proximity to private schools, downtown Honolulu, and the airport.
