Triplex with Solar Water
For Sale
$2,350,000
648 10th Avenue, Honolulu, HI 96816
Three-unit triplex with split A/C throughout and solar water heating on an R-5 zoned lot.
Property Size5,020 SF
Lot Size0.17 Acres
Price / SF$468.13
Days on Market73
Property Features for 648 10th Avenue
General Information
Standard status
Active
Size
5,020 SF
Total Parking Spaces
4
Lot size
0.17 Acres
Property subtype
Duplex
Zoning
R-5
Taxes and HOA fees
Annual Taxes
$14,229
Amenities
split A/C
dumbwaiter elevator
solar water heating
46 PV panels
copper gutters
koi pond
tea house
Building Details
Building Size
5,020 SF
Year Built
1978
Year Renovated
2025
Buildings
1
Construction
hollow tile
Listing Agency:
Sanford R. Ujimori Realty, Inc
(808) 282-1212
Listed By:
Sanford R Ujimori · License #RB-17295
(808) 282-1212
Source:
Careyluxury
Added: Jun 10
Changed: Aug 7
Last Checked: Aug 21 at 10:21AM
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 Sanford R. Ujimori Realty, Inc
Investment Insights
Based on property information with market context.
This triplex features a flexible, three-area layout that can operate as separate living spaces: a two-bedroom/two-bath primary suite plus a four-bedroom/four-bath unit, along with a separate one-bedroom/two-bath space. The home includes two primary suites, split A/C throughout, a dumbwaiter elevator, and durable hollow tile construction designed for low-maintenance ownership. An enclosed four-car garage supports resident parking and storage needs.
Set on a 7,500 SF R-5 zoned lot, the property is presented with legal duplex potential and offers Diamond Head views. The home’s energy features include solar water heating and 46 PV panels.
Recent upgrades include a new roof in 2025, two new water heaters, and a remodel of the downstairs two-bedroom/two-bath unit in 2023. Appliances are listed as less than three years old. Outdoor amenities include copper gutters, a koi pond, and a tea house. Built in 1978, the property is located at 648 10th Avenue, Honolulu, HI 96816.
Set on a 7,500 SF R-5 zoned lot, the property is presented with legal duplex potential and offers Diamond Head views. The home’s energy features include solar water heating and 46 PV panels.
Recent upgrades include a new roof in 2025, two new water heaters, and a remodel of the downstairs two-bedroom/two-bath unit in 2023. Appliances are listed as less than three years old. Outdoor amenities include copper gutters, a koi pond, and a tea house. Built in 1978, the property is located at 648 10th Avenue, Honolulu, HI 96816.
Key Highlights
- Three separate living areas: 2BD/1BA, 1BD/2BA, and 4BD/4BA
- 7,500 SF R‑5 zoned lot with legal duplex potential and Diamond Head views
- New roof in 2025; two new water heaters
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
$99,969
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
4.25%
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%
$1,999,380
$2.0M
Cap Rate 7%
$1,428,129
$1.4M
Cap Rate 9%
$1,110,767
$1.1M
Market Conditions
NOI Build-Up for 5,020 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
$153.6K $30.60/SF
− Vacancy
−$10.8K −$2.15/SF
EGI
$142.8K $28.45/SF
− OpEx
−$42.8K −$8.53/SF
NOI
$100.0K $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%
$1,999,380
Cap Rate 7%
$1,428,129
Cap Rate 9%
$1,110,767
Alternative Uses
Best Use
Multifamily LT 5
$1.43M
$1.25M – $1.67M
NOI $99,969 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$1.31M
$1.15M – $1.53M
NOI $92,041 @ 7.0% cap · market cap 3.92%
Theoretical Best
Specialty Retail
$2.03M
$1.78M – $2.37M
NOI $142,368 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 Multifamily 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?
Triplex - Three-unit triplex with split A/C throughout and solar water heating on an R-5 zoned lot.
Where is this triplex located?
The property is located at 648 10th Avenue Honolulu, HI.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Three separate living areas: 2BD/1BA, 1BD/2BA, and 4BD/4BA; 7,500 SF R‑5 zoned lot with legal duplex potential and Diamond Head views; New roof in 2025; two new water heaters
