7-Unit Two-Story Apartment
New
For Sale
$1,995,000
735 Pumehana Street, Honolulu, HI 96826
Two-story property with a consistent one-bedroom, one-bath layout across all apartments.
Property Size3,524 SF
Days on Market5
Property Features for 735 Pumehana Street
General Information
Standard status
Active
Size
3,524 SF
Property subtype
Multi Family
Units
Unit Mix
7 x 1BR/1BA
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$4,241
Building Details
Building Size
3,524 SF
Year Built
1961
Stories
2
Listing Agency:
CBI Residential Advisory Svcs.
(808) 942-7100
Listed By:
Alan J Christopher · License #RB-20664
(808) 942-7100
Source:
Commercialinvestmentstrategies
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 20 at 11:44AM
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 CBI Residential Advisory Svcs.
Investment Insights
Based on property information with market context.
This two-story apartment building contains 7 units, with each apartment arranged as one bedroom and one bathroom. The consistent unit mix gives the property a straightforward residential configuration, while the building’s 1961 construction date provides useful context for evaluating the asset.
The property is located at 735 Pumehana Street in Honolulu, Hawaii. Its seven-unit scale, uniform apartment layouts, and two-story design define the principal physical characteristics of this multifamily offering.
The property is located at 735 Pumehana Street in Honolulu, Hawaii. Its seven-unit scale, uniform apartment layouts, and two-story design define the principal physical characteristics of this multifamily offering.
Key Highlights
- 7‑unit apartment building
- Two‑story configuration
- All units feature one bedroom and one bathroom
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
$64,612
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
3.24%
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%
$1,292,240
$1.3M
Cap Rate 7%
$923,029
$923.0K
Cap Rate 9%
$717,911
$717.9K
Market Conditions
NOI Build-Up for 3,524 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
$126.9K $36.00/SF
− Vacancy
−$9.4K −$2.66/SF
EGI
$117.5K $33.34/SF
− OpEx
−$52.9K −$15.00/SF
NOI
$64.6K $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%
$1,292,240
Cap Rate 7%
$923,029
Cap Rate 9%
$717,911
Alternative Uses
Best Use
Apartment 5plus
$923.0K
$807.7K – $1.08M
NOI $64,612 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.43M
$1.25M – $1.67M
NOI $99,941 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Demographics for 96826, HI
30,092
Population
16,564
Households
1.8
Avg Household Size
44
Median Age
38%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
27,356
Density / Sq Mi
$67,743
Median Household Income
$44,393
Median Earnings
$1,604
Median Rent
$485,200
Median Home Value
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 - Two-story property with a consistent one-bedroom, one-bath layout across all apartments.
Where is this apartment building located?
The property is located at 735 Pumehana Street Honolulu, HI.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 7‑unit apartment building; Two‑story configuration; All units feature one bedroom and one bathroom
