Two-Story Office
For Sale
$4,000,000
3113 Olu Street, Honolulu, HI 96816
COMMERCIAL - Honolulu, HI
Property Size4,480 SF
Price / SF$892.86
Days on Market48
Property Features for 3113 Olu Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
32 - B-2 Community Business Dis
Parking
11
Security features
Security
Interior features
Handicap Access
Accessibility
Accessible Approach with Ramp
Subdivision
KAPAHULU
Standard status
Active
APN
1-3-1-003-045-0000
Taxes and HOA fees
Tax Annual Amount
31668
Utilities
Cooling system
Central Air
Building Details
Year built
1991
Floors in Building
2
Flooring type
Concrete
Building materials
Concrete
Listing Agency:
CBI Residential Advisory Svcs.
(808) 942-7100
Listed By:
Alan J Christopher · License #RB-20664
(808) 942-7100
Added: Jun 25
Changed: Aug 4
Last Checked: Aug 11 at 7:06PM
MLS# 202612342
Copyright © 2026 HiCentral MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,480 SF concrete office property was built in 1991 and arranged across two levels. The interior includes private offices, conference rooms, open work areas, a lobby and reception area, storage, a kitchenette, and a dedicated server/computer room. A high-density mobile filing system and modern office furnishings are included, along with a private office featuring an attached shower and steam room.
The property is located at 3113 Olu Street in Honolulu, just off Kapahulu Avenue and minutes from Waikiki. Its secured parking lot has gated, remote-controlled access and a camera security system. Central Air, an accessible approach with ramp, and handicap access are also provided. Flexible zoning and the existing office configuration support professional, medical, creative, or administrative use.
The property is located at 3113 Olu Street in Honolulu, just off Kapahulu Avenue and minutes from Waikiki. Its secured parking lot has gated, remote-controlled access and a camera security system. Central Air, an accessible approach with ramp, and handicap access are also provided. Flexible zoning and the existing office configuration support professional, medical, creative, or administrative use.
Key Highlights
- 4,480 SF concrete office building constructed in 1991
- Two‑level layout with private offices, conference rooms, and open work areas
- Dedicated server/computer room, kitchenette, storage, and mobile filing system
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
$114,660
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
2.87%
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%
$2,293,200
$2.3M
Cap Rate 7%
$1,638,000
$1.6M
Cap Rate 9%
$1,274,000
$1.3M
Market Conditions
NOI Build-Up for 4,480 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
$174.7K $39.00/SF
− Vacancy
−$21.8K −$4.88/SF
EGI
$152.9K $34.13/SF
− OpEx
−$38.2K −$8.53/SF
NOI
$114.7K $25.59/SF
Area
Honolulu County, HI
Vacancy
12.50%
Lease Rate
$39.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,293,200
Cap Rate 7%
$1,638,000
Cap Rate 9%
$1,274,000
Alternative Uses
Best Use
Office B
$1.64M
$1.43M – $1.91M
NOI $114,660 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.82M
$1.59M – $2.12M
NOI $127,053 @ 7.0% cap · market cap 3.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Office 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?
Office building - Professional office layout with private rooms, collaborative workspace, secured parking, and integrated technology infrastructure.
Where is this office building located?
The property is located at 3113 Olu Street Honolulu, HI.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 4,480 SF concrete office building constructed in 1991; Two‑level layout with private offices, conference rooms, and open work areas; Dedicated server/computer room, kitchenette, storage, and mobile filing system
