Chinatown Mixed-Use Building For
For Sale
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905 Kekaulike St, Honolulu, HI 96817
Mixed-use building in Honolulu's Chinatown, near planned rail station.
Property Size12,833 SF
Lot Size0.18 Acres
Price / SF$233.69
Days on Market189
Property Features for 905 Kekaulike St
General Information
Standard status
Active
Size
12,833 SF
Lot size
0.18 Acres
Property subtype
Retail, Multifamily, Office, Industrial, Hospitality, Mixed Use
Zoning
34-BMX4 (Business mixed use)/ TOD
Investment Type
Value Add
Building Details
Year Built
1930
Buildings
1
Stories
2
Listing Agency:
I2C Realty Ltd.
(808) 224-1300
Listed By:
Ronald Lee · License #RB-18197
Source:
Crexi
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 20 at 10:20PM
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 I2C Realty Ltd.
Investment Insights
Based on property information with market context.
Located at 905 Kekaulike St. in Honolulu, HI, this mixed-use property features approximately 12,833 square feet of building space on a 7,721 square foot fee simple land parcel. Constructed in 1930, the concrete building is situated in the Chinatown Special District, offering prime visibility at the corner of Nimitz Highway and Kekaulike St. The property is zoned BMX4 Central Business Mixed Use, with an 80-foot height limit. It is also located within the Downtown Neighborhood Transit Oriented Development (TOD) plan, adopted by the City Council on 9/6/17, which proposes a 200-foot height limit and a 4.0 to 7.5 Floor Area Ratio. Potential harbor and ocean views may be possible. The property is located across the street from the planned Chinatown rail station. The tax assessor's office indicates approximately 5,392 square feet on the 1st floor, 2,049 square feet on the mezzanine, and 5,392 square feet on the 2nd floor. The property is located in Chinatown's historic district. Occupants include a bar and residences. The property is to be sold in its existing 'as is' condition.
Key Highlights
- Prime visibility frontage at the corner of Nimitz Highway and Kekaulike St. in the Chinatown Special District.
- BMX4 Central Business Mixed Use zoning with 80' height limit.
- Located across the street from planned Chinatown rail station.
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
$235,290
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
7.85%
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%
$4,705,800
$4.7M
Cap Rate 7%
$3,361,286
$3.4M
Cap Rate 9%
$2,614,333
$2.6M
Market Conditions
NOI Build-Up for 12,833 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
$462.0K $36.00/SF
− Vacancy
−$34.2K −$2.66/SF
EGI
$427.8K $33.34/SF
− OpEx
−$192.5K −$15.00/SF
NOI
$235.3K $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%
$4,705,800
Cap Rate 7%
$3,361,286
Cap Rate 9%
$2,614,333
Alternative Uses
Best Use
Retail
$4.85M
$4.25M – $5.66M
NOI $339,682 @ 7.0% cap · market cap 11.33%
Second Best
Office B
$4.69M
$4.11M – $5.47M
NOI $328,445 @ 7.0% cap · market cap 10.95%
Theoretical Best
Specialty Retail
$5.20M
$4.55M – $6.07M
NOI $363,945 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96817, HI
56,823
Population
21,489
Households
2.6
Avg Household Size
46
Median Age
30%
College-Educated
84%
High-School Grad
9.3 sq mi
ZIP Area
6,110
Density / Sq Mi
$74,690
Median Household Income
$42,492
Median Earnings
$1,419
Median Rent
$930,000
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?
Mixed-use property - Mixed-use building in Honolulu's Chinatown, near planned rail station.
Where is this mixed-use property located?
The property is located at 905 Kekaulike St Honolulu, HI.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: Prime visibility frontage at the corner of Nimitz Highway and Kekaulike St. in the Chinatown Special District.; BMX4 Central Business Mixed Use zoning with 80' height limit.; Located across the street from planned Chinatown rail station.
