Waikiki Renovated Multifamily Investment
For Sale
$18,500,000
412 Launiu Street, Honolulu, HI 96815
36 renovated units in the heart of Waikiki.
Property Size30,663 SF
Days on Market198
Property Features for 412 Launiu Street
General Information
Standard status
Active
Size
30,663 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$25,464
Building Details
Building Size
30,663 SF
Year Built
1971
Listing Agency:
Moana Realty LLC
Listed By:
Peggy SY Tong Kong · License #RB-23606
(808) 729-7888
Source:
Commercialinvestmentstrategies
Added: Feb 26
Changed: Sep 6
Last Checked: Sep 11 at 1:31PM
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 Moana Realty LLC
Investment Insights
Based on property information with market context.
This is a stabilized, fee-simple investment opportunity featuring 36 renovated units located in Waikiki. The high-density asset is positioned to capture premium rental rates and offers a unit mix designed for maximum occupancy. The property includes twelve 2-bedroom/2-bathroom units, eighteen 2-bedroom/1-bathroom units, and six 1-bedroom/1-bathroom units. Each residence has been updated to meet modern standards, providing a turnkey experience for the next owner with reduced capital expenditure requirements. In addition to residential income, the property features an on-site laundromat with four coin-operated washers and dryers, generating ancillary income. The property may differ from tax records; buyer to do their own due diligence.
Key Highlights
- Stabilized, fee‑simple investment in the heart of Waikiki.
- 36 renovated units offering a turnkey experience with reduced capital expenditure.
- Superior unit mix designed for maximum occupancy (twelve 2/2, eighteen 2/1, six 1/1).
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
$562,200
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
3.04%
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%
$11,244,000
$11.2M
Cap Rate 7%
$8,031,429
$8.0M
Cap Rate 9%
$6,246,667
$6.2M
Market Conditions
NOI Build-Up for 30,663 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
$1.10M $36.00/SF
− Vacancy
−$81.7K −$2.66/SF
EGI
$1.02M $33.34/SF
− OpEx
−$460.0K −$15.00/SF
NOI
$562.2K $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%
$11,244,000
Cap Rate 7%
$8,031,429
Cap Rate 9%
$6,246,667
Alternative Uses
Best Use
Apartment 5plus
$8.03M
$7.03M – $9.37M
NOI $562,200 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.42M
$10.87M – $14.49M
NOI $869,605 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - 36 renovated units in the heart of Waikiki.
Where is this apartment building located?
The property is located at 412 Launiu Street Honolulu, HI.
What is the asking price?
The asking price for this property is $18,500,000.
What are key features of this property?
This property features: Stabilized, fee‑simple investment in the heart of Waikiki.; 36 renovated units offering a turnkey experience with reduced capital expenditure.; Superior unit mix designed for maximum occupancy (twelve 2/2, eighteen 2/1, six 1/1).
