Two-Home Duplex
For Sale
$2,395,000
Pending
820 10th Ave, Honolulu, HI 96816
Separate residences offer a flexible setup for multigenerational living or rental use.
Property Size10,000 SF
Lot Size0.23 Acres
Days on Market39
Property Features for 820 10th Ave
General Information
Standard status
Pending
Size
10,000 SF
Lot size
0.23 Acres
Property subtype
Multi-Family
Zoning
R-5
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1928
Buildings
2
Listing Agency:
Remax Hawaii
(808) 468-8181
Listed By:
Koa Cassady
(808) 468-8181
Source:
Dwellhawaii
Added: Jul 25
Changed: Aug 31
Last Checked: Aug 30 at 4:40PM
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 Remax Hawaii
Investment Insights
Based on property information with market context.
This duplex property includes two separate residences on a 10,000-square-foot lot. The front home contains 3 bedrooms and 1 bath, while the second residence provides 2 bedrooms and 1 bath. Built in 1928 and zoned R-5, the property offers distinct living spaces within one residential holding.
Located at 820 10th Ave in Honolulu’s Kaimuki area, the property is walkable to shops, coffee businesses, and local restaurants along Waialae Avenue. Kapiolani Community College, Diamond Head, and Kahala Mall are also identified as nearby destinations. The two-home configuration supports multigenerational occupancy or separate rental arrangements, subject to buyer verification.
Located at 820 10th Ave in Honolulu’s Kaimuki area, the property is walkable to shops, coffee businesses, and local restaurants along Waialae Avenue. Kapiolani Community College, Diamond Head, and Kahala Mall are also identified as nearby destinations. The two-home configuration supports multigenerational occupancy or separate rental arrangements, subject to buyer verification.
Key Highlights
- Two separate homes on one 10,000 sq ft lot
- Front residence includes 3 bedrooms and 1 bath
- Second residence includes 2 bedrooms and 1 bath
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
$199,142
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
8.31%
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%
$3,982,840
$4.0M
Cap Rate 7%
$2,844,886
$2.8M
Cap Rate 9%
$2,212,689
$2.2M
Market Conditions
NOI Build-Up for 10,000 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
$306.0K $30.60/SF
− Vacancy
−$21.5K −$2.15/SF
EGI
$284.5K $28.45/SF
− OpEx
−$85.3K −$8.53/SF
NOI
$199.1K $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%
$3,982,840
Cap Rate 7%
$2,844,886
Cap Rate 9%
$2,212,689
Alternative Uses
Best Use
Multifamily LT 5
$2.84M
$2.49M – $3.32M
NOI $199,142 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$2.62M
$2.29M – $3.06M
NOI $183,348 @ 7.0% cap · market cap 7.66%
Theoretical Best
Specialty Retail
$4.05M
$3.55M – $4.73M
NOI $283,601 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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?
Duplex - Separate residences offer a flexible setup for multigenerational living or rental use.
Where is this duplex located?
The property is located at 820 10th Ave Honolulu, HI.
What is the asking price?
The asking price for this property is $2,395,000.
What are key features of this property?
This property features: Two separate homes on one 10,000 sq ft lot; Front residence includes 3 bedrooms and 1 bath; Second residence includes 2 bedrooms and 1 bath
