Warehouse Condo with Paved
For Sale
$11,250,000
501 Sumner St, Honolulu, HI 96817
Warehouse condo offering sizable warehouse space plus paved and covered parking or staging area.
Property Size31,178 SF
Price / SF$360.83
Days on Market170
Property Features for 501 Sumner St
General Information
Standard status
Active
Size
31,178 SF
Property subtype
Office
Additional Details
Road Access
Yes
Listing Agency:
Hawaii - Honolulu
Listed By:
Alika Cosner · License #RS-69441
(808) 523-8339
Source:
Colliers
Added: Apr 10
Changed: Sep 22
Last Checked: Sep 24 at 6:38AM
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 Hawaii - Honolulu
Investment Insights
Based on property information with market context.
Warehouse condo property within the Iwilei Business Center, offering 31,178 square feet of warehouse space. In addition to the warehouse, the site includes 21,579 square feet of paved and covered area that can support parking and/or staging.
The layout also presents an opportunity to create a 2nd-floor office or expand space within the covered area, supported by high ceiling height. The site provides access via Nimitz Highway or Dillingham Boulevard and is located near industrial areas, the proposed rail line, Honolulu Harbor, and Honolulu International Airport.
Offered for sale as part of a warehouse condo configuration, the property is well suited for a single user needing large warehouse space, or for an investor considering redevelopment within a mix of industrial businesses and big box retailers.
The layout also presents an opportunity to create a 2nd-floor office or expand space within the covered area, supported by high ceiling height. The site provides access via Nimitz Highway or Dillingham Boulevard and is located near industrial areas, the proposed rail line, Honolulu Harbor, and Honolulu International Airport.
Offered for sale as part of a warehouse condo configuration, the property is well suited for a single user needing large warehouse space, or for an investor considering redevelopment within a mix of industrial businesses and big box retailers.
Key Highlights
- Warehouse condo in Iwilei Business Center with 31,178 SF of warehouse space
- Includes 21,579 SF of paved and covered space for parking and/or staging
- High ceiling height offers opportunity to create 2nd floor office or additional space in the covered area
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
$496,787
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
4.42%
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%
$9,935,740
$9.9M
Cap Rate 7%
$7,096,957
$7.1M
Cap Rate 9%
$5,519,856
$5.5M
Market Conditions
NOI Build-Up for 31,178 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
$591.1K $18.96/SF
− Vacancy
−$6.7K −$0.21/SF
EGI
$584.5K $18.75/SF
− OpEx
−$87.7K −$2.81/SF
NOI
$496.8K $15.93/SF
Area
Honolulu County, HI
Vacancy
1.13%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
15.00%
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%
$9,935,740
Cap Rate 7%
$7,096,957
Cap Rate 9%
$5,519,856
Alternative Uses
Best Use
Warehouse
$7.10M
$6.21M – $8.28M
NOI $496,787 @ 7.0% cap · market cap 4.42%
Second Best
Flex RnD
$6.18M
$5.41M – $7.21M
NOI $432,486 @ 7.0% cap · market cap 3.84%
Theoretical Best
Specialty Retail
$12.63M
$11.05M – $14.74M
NOI $884,211 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial 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?
Warehouse - Warehouse condo offering sizable warehouse space plus paved and covered parking or staging area.
Where is this warehouse located?
The property is located at 501 Sumner St Honolulu, HI.
What is the asking price?
The asking price for this property is $11,250,000.
What are key features of this property?
This property features: Warehouse condo in Iwilei Business Center with 31,178 SF of warehouse space; Includes 21,579 SF of paved and covered space for parking and/or staging; High ceiling height offers opportunity to create 2nd floor office or additional space in the covered area
