Waianae Multifamily Investment
For Sale
Contact for pricing
87-274 St John's Rd, Waianae, HI 96792
Five turnkey homes in Waianae with income-generating potential.
Property Size7,500 SF
Lot Size0.66 Acres
Price / SF$433.33
Days on Market149
Property Features for 87-274 St John's Rd
General Information
Standard status
Active
Size
7,500 SF
Class
B
Lot size
0.66 Acres
Property subtype
Multifamily
Zoning
R-5
Investment Type
Stabilized
Net Operating Income
$138,000
Building Details
Year Built
1946
Year Renovated
2022
Buildings
5
Units
5
Listing Agency:
CPS-Commercial Property Solutions
(808) 218-0864
Listed By:
Ash Tawfik · License #HI
Source:
Crexi
Added: Mar 26
Changed: Aug 19
Last Checked: Aug 19 at 1:38AM
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 CPS-Commercial Property Solutions
Investment Insights
Based on property information with market context.
Located in Waianae, Hawaii, this multifamily property presents an investment opportunity. Situated on 28,785 square feet of land, the property features five homes, each offering 3 bedrooms and 2 bathrooms. Each home includes a two-car carport. The property generates a stabilized gross monthly income of $13,400. Each home has been upgraded with new walls, paint, flooring, high-end fixtures, and modern kitchens. Each home has a private, spacious yard and separate electric meters. Located on a peaceful cul-de-sac, the master suites feature en-suite bathrooms with showers, while second bathrooms include tubs. The kitchens are equipped with new appliances, including a refrigerator and stove. Each expansive, fenced yard includes washer and dryer hookups. All homes are legally permitted with potential for Condominium Property Regime (CPR) development.
Key Highlights
- High income‑generating potential with a stabilized gross monthly income of $13,400.
- Five turnkey homes, each with 3 bedrooms, 2 bathrooms, and a two‑car carport.
- Newly redeveloped property featuring new walls, paint, flooring, high‑end fixtures, and modern kitchens.
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
$137,511
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
4.23%
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%
$2,750,220
$2.8M
Cap Rate 7%
$1,964,443
$2.0M
Cap Rate 9%
$1,527,900
$1.5M
Market Conditions
NOI Build-Up for 7,500 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
$270.0K $36.00/SF
− Vacancy
−$20.0K −$2.66/SF
EGI
$250.0K $33.34/SF
− OpEx
−$112.5K −$15.00/SF
NOI
$137.5K $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%
$2,750,220
Cap Rate 7%
$1,964,443
Cap Rate 9%
$1,527,900
Alternative Uses
Best Use
Apartment 5plus
$1.96M
$1.72M – $2.29M
NOI $137,511 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.04M
$2.66M – $3.55M
NOI $212,701 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Demographics for 96792, HI
51,965
Population
15,516
Households
3.3
Avg Household Size
35
Median Age
16%
College-Educated
91%
High-School Grad
61.1 sq mi
ZIP Area
850
Density / Sq Mi
$83,927
Median Household Income
$39,666
Median Earnings
$1,820
Median Rent
$551,400
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 - Five turnkey homes in Waianae with income-generating potential.
Where is this apartment building located?
The property is located at 87-274 St John's Rd Waianae, HI.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: High income‑generating potential with a stabilized gross monthly income of $13,400.; Five turnkey homes, each with 3 bedrooms, 2 bathrooms, and a two‑car carport.; Newly redeveloped property featuring new walls, paint, flooring, high‑end fixtures, and modern kitchens.
