Renovated Duplex with Two
New
For Sale
$950,000
3032 Harding Ave, Honolulu, HI 96816
Two separately metered residences share one lot, offering flexible occupancy and rental use in Kaimuki.
Property Size1,352 SF
Price / SF$702.66
Days on Market3
Property Features for 3032 Harding Ave
General Information
Standard status
Active
Size
1,352 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 1BR/1.5BA
Multifamily Units
2
Additional Details
Gross Income
$55,200
Building Details
Year Built
1924
Buildings
2
Listing Agency:
Compass
(808) 825-4277
Listed By:
Ben Fieman · License #RB-23470
(808) 400-7007
Source:
Fieman
Added: Sep 1
Changed: Sep 3
Last Checked: Sep 2 at 4:55PM
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 Compass
Investment Insights
Based on property information with market context.
This duplex property at 3032 Harding Ave includes two residences on a single lot with a combined 1,352 SF. The front home provides 3 bedrooms and 1.5 baths, along with an outdoor patio. A separate two-story rear home includes 1 bedroom, 1.5 baths, backyard space, and storage beneath the structure. Both residences have been recently renovated with vinyl flooring, updated bathrooms, fresh paint, and improved kitchen cabinetry. Water and electricity are separately metered for each home.
Built in 1924, the property is in Kaimuki near shopping and dining at Market City, Kapahulu Ave, and Waialae Ave. The location is also near UH Manoa and provides access to nearby freeways. The two-home configuration supports separate occupancy, multi-generational living, or continued rental use, subject to applicable requirements.
Built in 1924, the property is in Kaimuki near shopping and dining at Market City, Kapahulu Ave, and Waialae Ave. The location is also near UH Manoa and provides access to nearby freeways. The two-home configuration supports separate occupancy, multi-generational living, or continued rental use, subject to applicable requirements.
Key Highlights
- Two homes on 1 lot with a combined 1,352 SF
- Front residence offers 3 bedrooms and 1.5 baths
- Two‑story rear home includes 1 bedroom and 1.5 baths
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
$26,924
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
2.83%
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%
$538,480
$538.5K
Cap Rate 7%
$384,629
$384.6K
Cap Rate 9%
$299,156
$299.2K
Market Conditions
NOI Build-Up for 1,352 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
$41.4K $30.60/SF
− Vacancy
−$2.9K −$2.15/SF
EGI
$38.5K $28.45/SF
− OpEx
−$11.5K −$8.53/SF
NOI
$26.9K $19.91/SF
Area
Honolulu County, HI
Vacancy
7.03%
Lease Rate
$30.60 /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%
$538,480
Cap Rate 7%
$384,629
Cap Rate 9%
$299,156
Alternative Uses
Best Use
Multifamily LT 5
$384.6K
$336.6K – $448.7K
NOI $26,924 @ 7.0% cap · market cap 2.83%
Second Best
Apartment 5plus
$354.1K
$309.9K – $413.2K
NOI $24,789 @ 7.0% cap · market cap 2.61%
Theoretical Best
Specialty Retail
$547.8K
$479.3K – $639.1K
NOI $38,343 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Demographics for 96816, HI
51,586
Population
19,818
Households
2.6
Avg Household Size
45
Median Age
48%
College-Educated
94%
High-School Grad
9.6 sq mi
ZIP Area
5,374
Density / Sq Mi
$114,744
Median Household Income
$48,929
Median Earnings
$1,879
Median Rent
$1,121,400
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?
Duplex - Two separately metered residences share one lot, offering flexible occupancy and rental use in Kaimuki.
Where is this duplex located?
The property is located at 3032 Harding Ave Honolulu, HI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Two homes on 1 lot with a combined 1,352 SF; Front residence offers 3 bedrooms and 1.5 baths; Two‑story rear home includes 1 bedroom and 1.5 baths
