Honolulu Office Condo For
For Sale
$1,295,000
725 Kapiolani Boulevard #202 203, Honolulu, HI 96813
Well-appointed office condo in Honolulu's Kapiolani corridor.
Property Size2,785 SF
Price / SF$464.99
Days on Market276
Property Features for 725 Kapiolani Boulevard #202 203
General Information
Standard status
Active
Size
2,785 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,833
Amenities
Central air
Assigned
Concrete Flooring
One Unit Cooling
Separate Meters Cooling
Unassigned
Building Details
Year Built
1990
Listing Agency:
LEE INTERNATIONAL PROPERTIES
(808) 951-5558
Listed By:
JIHYUN MAENG
Source:
Corcoran
Added: Nov 18, 2025
Changed: Aug 20
Last Checked: Aug 20 at 5:04AM
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 LEE INTERNATIONAL PROPERTIES
Investment Insights
Based on property information with market context.
Located in The Galerie at Imperial Plaza, a mixed-use complex in Honolulu’s Kapiolani corridor, is a second-floor office condominium available for sale. The condominium consists of two combined units totaling approximately 2,785 square feet. The layout is suitable for professional, medical, or wellness-related uses. The space features improvements and high-quality finishes. The unit is conveyed with five reserved parking stalls located within the Imperial Plaza parking structure. Visitor parking is available within the complex, along with access to building amenities and on-site management.
Key Highlights
- Premium location in Honolulu's Kapiolani corridor within the prestigious Galerie at Imperial Plaza.
- Spacious and efficiently designed office suite totaling approximately 2,785 square feet.
- Move‑in ready condition with thoughtful improvements and high‑quality finishes.
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
$71,279
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
5.50%
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%
$1,425,580
$1.4M
Cap Rate 7%
$1,018,271
$1.0M
Cap Rate 9%
$791,989
$792.0K
Market Conditions
NOI Build-Up for 2,785 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
$108.6K $39.00/SF
− Vacancy
−$13.6K −$4.88/SF
EGI
$95.0K $34.13/SF
− OpEx
−$23.8K −$8.53/SF
NOI
$71.3K $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%
$1,425,580
Cap Rate 7%
$1,018,271
Cap Rate 9%
$791,989
Alternative Uses
Best Use
Office B
$1.02M
$891.0K – $1.19M
NOI $71,279 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.13M
$987.3K – $1.32M
NOI $78,983 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Demographics for 96813, HI
27,372
Population
13,511
Households
2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
7,603
Density / Sq Mi
$87,799
Median Household Income
$57,619
Median Earnings
$1,821
Median Rent
$804,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Well-appointed office condo in Honolulu's Kapiolani corridor.
Where is this office units located?
The property is located at 725 Kapiolani Boulevard #202 203 Honolulu, HI.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Premium location in Honolulu's Kapiolani corridor within the prestigious Galerie at Imperial Plaza.; Spacious and efficiently designed office suite totaling approximately 2,785 square feet.; Move‑in ready condition with thoughtful improvements and high‑quality finishes.
