11-Unit Multifamily
New
For Sale
$3,700,000
283 Wai Nani Way, Honolulu, HI 96815
Two buildings surround a courtyard and include on-site parking and separately metered electricity and gas.
Property Size5,760 SF
Price / SF$642.36
Days on Market1
Property Features for 283 Wai Nani Way
General Information
Standard status
Active
Size
5,760 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Units
Unit Mix
8 x 1BR, 1 x studio, 1 x 2BR, 1 x 3BR
Multifamily Units
11
Additional Details
Utilities to Site
Yes
Amenities
courtyard
Building Details
Year Built
1959
Buildings
2
Listing Agency:
Investors 808 Realty
(808) 638-1699
Listed By:
Koa Cassady
(808) 468-8181
Source:
Dwellhawaii
Added: Oct 16
Last Checked: Oct 16 at 8:03AM
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 Investors 808 Realty
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Investment Insights
Based on property information with market context.
This 11-unit multifamily property comprises two separate buildings and is operated as 13 individual rentals. The first building is constructed of concrete and contains eight one-bedroom units. The second has a studio, a two-bedroom unit, and a three-bedroom unit rented by the room. A courtyard separates the buildings, and the property includes five parking stalls. Electricity and gas are separately metered; the property was built in 1959 and is not in a designated flood zone.
Located at 283 Wai Nani Way in Honolulu, the property sits near Waikiki Beach, Kapiolani Park, shopping, dining, and entertainment.
Located at 283 Wai Nani Way in Honolulu, the property sits near Waikiki Beach, Kapiolani Park, shopping, dining, and entertainment.
Key Highlights
- 11 units operated as 13 individual rentals
- Two separate buildings with a courtyard and 5 parking stalls
- Concrete building contains eight 1‑bedroom units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$105,608
Cap Rate
2.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,112,160
$2.1M
Cap Rate 7%
$1,508,686
$1.5M
Cap Rate 9%
$1,173,422
$1.2M
Market Conditions
NOI Build-Up for 5,760 SF
Gross rent
$207.4K $36.00/SF
− Vacancy
−$15.3K −$2.66/SF
EGI
$192.0K $33.34/SF
− OpEx
−$86.4K −$15.00/SF
NOI
$105.6K $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%
$2,112,160
Cap Rate 7%
$1,508,686
Cap Rate 9%
$1,173,422
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,608 @ 7.0% cap · market cap 2.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $163,354 @ 7.0% cap · market cap 4.41%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
11
Residential units
Yes
Utilities to site
Location Intelligence
Demographics for 96815, HI
28,786
Population
22,804
Households
1.3
Avg Household Size
48
Median Age
47%
College-Educated
94%
High-School Grad
2.2 sq mi
ZIP Area
13,085
Density / Sq Mi
$75,020
Median Household Income
$55,543
Median Earnings
$1,903
Median Rent
$627,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings surround a courtyard and include on-site parking and separately metered electricity and gas.
Where is this apartment building located?
The property is located at 283 Wai Nani Way Honolulu, HI.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: 11 units operated as 13 individual rentals; Two separate buildings with a courtyard and 5 parking stalls; Concrete building contains eight 1‑bedroom units
