New Five-Story Walk-Up
For Sale
$7,300,000
311 Puuhue Place, Honolulu, HI 96817
Five-story walk-up completed in 2022 with 25 one-bedroom units, in-unit washer/dryer, and submetered electricity and water.
Property Size18,414 SF
Lot Size0.12 Acres
Price / SF$396.44
Days on Market442
Property Features for 311 Puuhue Place
General Information
Standard status
Active
Size
18,414 SF
Total Parking Spaces
9
Lot size
0.12 Acres
Property subtype
Multi-Family
Zoning
A-1
Additional Details
Multifamily Units
25
Taxes and HOA fees
Annual Taxes
$300
Amenities
bicycle and moped parking
Central Air
3
Internet Connection, Cable Available
Pool
No Fence
Spa. Waterfront.
9 Parking Spaces.
Concrete
City
Level
5110.0
No Pool
None, Level.
Building Details
Year Built
2022
Stories
5
Listing Agency:
Marcus Realty
(808) 839-7446
Listed By:
Kevin Nishikawa · License #RB-17304
(808) 839-7446
Source:
Xome
Added: May 28, 2025
Changed: Aug 8
Last Checked: Aug 12 at 3:21AM
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 Marcus Realty
Investment Insights
Based on property information with market context.
311 Puuhue Place is a newly constructed five-story walk-up apartment building completed in 2022 under Honolulu’s Bill 7 program. The property consists of twenty-five one-bedroom units built on fee simple land identified as A-1 zoned. Each unit is equipped with an in-unit washer/dryer, water heater, refrigerator, and stove/oven.
The building includes nine parking stalls, along with bicycle and moped parking. Electricity and water are submetered and monitored by Ikehu Utility Solutions.
Income and expenses are provided as proforma, and Bill 7 exemptions include real property tax and general excise tax through 2032. Please contact the listing broker for additional details, and note that tenants should not be disturbed and the property should not be walked without permission.
The building includes nine parking stalls, along with bicycle and moped parking. Electricity and water are submetered and monitored by Ikehu Utility Solutions.
Income and expenses are provided as proforma, and Bill 7 exemptions include real property tax and general excise tax through 2032. Please contact the listing broker for additional details, and note that tenants should not be disturbed and the property should not be walked without permission.
Key Highlights
- Newly constructed five‑story walk‑up completed in 2022 under Honolulu’s Bill 7 program
- 25 one‑bedroom units on 5,110 sq ft of fee simple A‑1 zoned land
- In‑unit washer/dryer in every unit, plus refrigerator and stove/oven
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
$337,617
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
4.62%
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%
$6,752,340
$6.8M
Cap Rate 7%
$4,823,100
$4.8M
Cap Rate 9%
$3,751,300
$3.8M
Market Conditions
NOI Build-Up for 18,414 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
$662.9K $36.00/SF
− Vacancy
−$49.1K −$2.66/SF
EGI
$613.8K $33.34/SF
− OpEx
−$276.2K −$15.00/SF
NOI
$337.6K $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 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%
$6,752,340
Cap Rate 7%
$4,823,100
Cap Rate 9%
$3,751,300
Alternative Uses
Best Use
Apartment 5plus
$4.82M
$4.22M – $5.63M
NOI $337,617 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.46M
$6.53M – $8.70M
NOI $522,223 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25
Residential units
Location Intelligence
Demographics for 96817, HI
56,823
Population
21,489
Households
2.6
Avg Household Size
46
Median Age
30%
College-Educated
84%
High-School Grad
9.3 sq mi
ZIP Area
6,110
Density / Sq Mi
$74,690
Median Household Income
$42,492
Median Earnings
$1,419
Median Rent
$930,000
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 - Five-story walk-up completed in 2022 with 25 one-bedroom units, in-unit washer/dryer, and submetered electricity and water.
Where is this apartment building located?
The property is located at 311 Puuhue Place Honolulu, HI.
What is the asking price?
The asking price for this property is $7,300,000.
What are key features of this property?
This property features: Newly constructed five‑story walk‑up completed in 2022 under Honolulu’s Bill 7 program; 25 one‑bedroom units on 5,110 sq ft of fee simple A‑1 zoned land; In‑unit washer/dryer in every unit, plus refrigerator and stove/oven
