Two-Story Quadplex with
For Sale
$1,170,000
910 Factory Street, Honolulu, HI 96819
Vacant residences feature private lanais, individual electric meters, and front parking with both open and covered stalls.
Property Size2,380 SF
Price / SF$491.60
Days on Market164
Property Features for 910 Factory Street
General Information
Standard status
Active
Size
2,380 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Multi-Family
Zoning
46 - IMX-1 Industrial-Commercia
Net Operating Income
$45,652
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
Individual, Space
Other
Hollow Tile, Slab
Building Details
Year Built
1966
Stories
2
Construction
hollow-tile
Listing Agency:
Marcus Realty
(808) 224-6226
Listed By:
Ann K Noguchi · License #RB-16158
(808) 224-6226
Source:
Compass
Added: Mar 20
Changed: Aug 30
Last Checked: Aug 30 at 5:17AM
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 Marcus Realty
Investment Insights
Based on property information with market context.
This two-story quadplex contains four vacant two-bedroom, one-bathroom units in a hollow-tile building. Each residence includes a lanai with space for a water heater and washer. The property was re-roofed in September 2025, and the building is served by four electric meters, one assigned to each unit, along with one water line. Four parking stalls are positioned at the front, including two open and two covered spaces.
The property is near North King Street with access to H-1 East and H-1 West on-ramps and the bus line. It is zoned 46 - IMX-1 Industrial-Commercia and was built in 1966. All four units are currently vacant, and the available income information is hypothetical; financial performance is not provided.
The property is near North King Street with access to H-1 East and H-1 West on-ramps and the bus line. It is zoned 46 - IMX-1 Industrial-Commercia and was built in 1966. All four units are currently vacant, and the available income information is hypothetical; financial performance is not provided.
Key Highlights
- Four vacant two‑bedroom, one‑bathroom units
- Two‑story hollow‑tile construction with lanais
- Re‑roofed in September 2025
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
$47,396
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
4.05%
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%
$947,920
$947.9K
Cap Rate 7%
$677,086
$677.1K
Cap Rate 9%
$526,622
$526.6K
Market Conditions
NOI Build-Up for 2,380 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
$72.8K $30.60/SF
− Vacancy
−$5.1K −$2.15/SF
EGI
$67.7K $28.45/SF
− OpEx
−$20.3K −$8.53/SF
NOI
$47.4K $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%
$947,920
Cap Rate 7%
$677,086
Cap Rate 9%
$526,622
Alternative Uses
Best Use
Multifamily LT 5
$677.1K
$592.5K – $789.9K
NOI $47,396 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$623.4K
$545.5K – $727.3K
NOI $43,637 @ 7.0% cap · market cap 3.73%
Theoretical Best
Specialty Retail
$964.2K
$843.7K – $1.12M
NOI $67,497 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Demographics for 96819, HI
53,334
Population
13,287
Households
4
Avg Household Size
39
Median Age
22%
College-Educated
84%
High-School Grad
21.8 sq mi
ZIP Area
2,447
Density / Sq Mi
$96,346
Median Household Income
$40,897
Median Earnings
$1,789
Median Rent
$963,900
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?
Quadplex - Vacant residences feature private lanais, individual electric meters, and front parking with both open and covered stalls.
Where is this quadplex located?
The property is located at 910 Factory Street Honolulu, HI.
What is the asking price?
The asking price for this property is $1,170,000.
What are key features of this property?
This property features: Four vacant two‑bedroom, one‑bathroom units; Two‑story hollow‑tile construction with lanais; Re‑roofed in September 2025
