7-Unit Apartment
New
For Sale
$1,950,000
823 Waiaka Place, Honolulu, HI 96826
The property combines six two-bedroom apartments with a studio, and six units have been upgraded.
Property Size4,088 SF
Days on Market6
Property Features for 823 Waiaka Place
General Information
Standard status
Active
Size
4,088 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
6 x 2BR, 1 x studio
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$5,430
Amenities
covered parking
Building Details
Building Size
4,088 SF
Year Built
1946
Buildings
1
Listing Agency:
Commercial Inv. Strategies
Listed By:
Christina L Dwight · License #RB-20978
(808) 429-1098
Source:
Commercialinvestmentstrategies
Added: Sep 30
Changed: Oct 3
Last Checked: Oct 4 at 5:32PM
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 Commercial Inv. Strategies
Investment Insights
Based on property information with market context.
Built in 1946, this apartment property contains seven units: six two-bedroom apartments and one studio. Six of the seven units have been upgraded. Some covered parking is available, and each unit has its own electric meter.
The building is on a cul-de-sac behind Kuhio Elementary School, just off Kapiolani Boulevard. The H-1 East on-ramp toward Kahala is accessible one street makai, and the property is one mile from UH Manoa. A shared private road was recently paved.
The building is on a cul-de-sac behind Kuhio Elementary School, just off Kapiolani Boulevard. The H-1 East on-ramp toward Kahala is accessible one street makai, and the property is one mile from UH Manoa. A shared private road was recently paved.
Key Highlights
- Seven apartments: six two‑bedroom units and one studio
- Six of the seven units have been upgraded
- Separate electric meters for all seven units
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
$74,953
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
3.84%
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%
$1,499,060
$1.5M
Cap Rate 7%
$1,070,757
$1.1M
Cap Rate 9%
$832,811
$832.8K
Market Conditions
NOI Build-Up for 4,088 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
$147.2K $36.00/SF
− Vacancy
−$10.9K −$2.66/SF
EGI
$136.3K $33.34/SF
− OpEx
−$61.3K −$15.00/SF
NOI
$75.0K $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%
$1,499,060
Cap Rate 7%
$1,070,757
Cap Rate 9%
$832,811
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$936.9K – $1.25M
NOI $74,953 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.66M
$1.45M – $1.93M
NOI $115,936 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Residential units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - The property combines six two-bedroom apartments with a studio, and six units have been upgraded.
Where is this apartment building located?
The property is located at 823 Waiaka Place Honolulu, HI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Seven apartments: six two‑bedroom units and one studio; Six of the seven units have been upgraded; Separate electric meters for all seven units
