8-Unit Studio Apartment
New
For Sale
$1,600,000
2902 Varsity Circle, Honolulu, HI 96826
Separately metered electricity and shared coin-operated laundry support the studio configuration.
Property Size6,130 SF
Price / SF$261.01
Days on Market3
Property Features for 2902 Varsity Circle
General Information
Standard status
Active
Size
6,130 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Site & Location
Neighborhood
St. Louis Heights
Units
Unit Mix
8 x studio
Multifamily Units
8
Individually Metered Utilities
electricity
Additional Details
Tenant in Place
Yes
Amenities
coin-operated laundry
Building Details
Year Built
1954
Buildings
1
Construction
concrete
Listing Agency:
West Beach Realty, Inc.
(808) 696-4774
Listed By:
Jordan T. Kam
(808) 351-0876
Source:
Hawaiihomes
Added: Oct 23
Changed: Oct 25
Last Checked: Oct 24 at 5:14PM
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 West Beach Realty, Inc.
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Investment Insights
Based on property information with market context.
This 6,130-square-foot apartment property contains eight studio units and eight parking stalls. Concrete construction, ceramic tile flooring, separately metered electricity, and coin-operated laundry are among its features. The building dates to 1954.
At 2902 Varsity Circle, the property sits on a cul-de-sac near UH Manoa and faces a university-maintained open field. Green views are available from the units.
At 2902 Varsity Circle, the property sits on a cul-de-sac near UH Manoa and faces a university-maintained open field. Green views are available from the units.
Key Highlights
- Eight studio apartments in a 6,130‑square‑foot building
- Eight parking stalls
- Separately metered electricity and coin‑operated laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$112,392
Cap Rate
7.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,247,840
$2.2M
Cap Rate 7%
$1,605,600
$1.6M
Cap Rate 9%
$1,248,800
$1.2M
Market Conditions
NOI Build-Up for 6,130 SF
Gross rent
$220.7K $36.00/SF
− Vacancy
−$16.3K −$2.66/SF
EGI
$204.3K $33.34/SF
− OpEx
−$92.0K −$15.00/SF
NOI
$112.4K $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 Rate 5%
$2,247,840
Cap Rate 7%
$1,605,600
Cap Rate 9%
$1,248,800
Alternative Uses
Best Use
Apartment 5plus
$1.61M
$1.40M – $1.87M
NOI $112,392 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,847 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
8
Residential units
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 - Separately metered electricity and shared coin-operated laundry support the studio configuration.
Where is this apartment building located?
The property is located at 2902 Varsity Circle Honolulu, HI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Eight studio apartments in a 6,130‑square‑foot building; Eight parking stalls; Separately metered electricity and coin‑operated laundry
