Apartment Building with Covered
For Sale
Contact for pricing
922 McCully Street, Honolulu, HI 96826
Concrete-built apartment building with nine condo-converted three-bedroom, two-bath units and 13 covered parking spaces.
Property Size8,886 SF
Price / SF$483.91
Days on Market54
Property Features for 922 McCully Street
General Information
Standard status
Active
Size
8,886 SF
Total Parking Spaces
13
Property subtype
Retail, Multifamily
Zoning
A-2
Occupancy
100%
Net Operating Income
$161,722
Additional Details
Multifamily Units
9
Building Details
Year Built
1982
Buildings
1
Stories
3
Units
9
Construction
concrete construction
Tenancy
Multi
Listing Agency:
Commercial Investment Strategies
(808) 429-1098
Listed By:
Christina Dwight · License #HI RB-20978
Source:
Crexi
Added: Jun 30
Changed: Aug 8
Last Checked: Aug 20 at 9:30PM
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 Investment Strategies
Investment Insights
Based on property information with market context.
This concrete-built apartment building is configured as nine condo-converted units, each with its own TMK. The property is arranged in three stacks of three units, with each stack having a separate, secured entry. Each unit includes landlord-owned laundry.
The building is located less than a mile to UH Manoa and Waikiki.
On-site parking includes 13 covered spaces, supporting tenant convenience across the nine-unit layout.
The building is located less than a mile to UH Manoa and Waikiki.
On-site parking includes 13 covered spaces, supporting tenant convenience across the nine-unit layout.
Key Highlights
- Concrete‑built apartment building (built 1982) with nine 3‑bedroom, 2‑bath units
- Includes 13 covered parking spaces
- Condo‑converted setup with each unit having its own TMK
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
$162,923
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
3.79%
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%
$3,258,460
$3.3M
Cap Rate 7%
$2,327,471
$2.3M
Cap Rate 9%
$1,810,256
$1.8M
Market Conditions
NOI Build-Up for 8,886 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
$319.9K $36.00/SF
− Vacancy
−$23.7K −$2.66/SF
EGI
$296.2K $33.34/SF
− OpEx
−$133.3K −$15.00/SF
NOI
$162.9K $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%
$3,258,460
Cap Rate 7%
$2,327,471
Cap Rate 9%
$1,810,256
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.72M
NOI $162,923 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.60M
$3.15M – $4.20M
NOI $252,008 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
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
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 - Concrete-built apartment building with nine condo-converted three-bedroom, two-bath units and 13 covered parking spaces.
Where is this apartment building located?
The property is located at 922 McCully Street Honolulu, HI.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Concrete‑built apartment building (built 1982) with nine 3‑bedroom, 2‑bath units; Includes 13 covered parking spaces; Condo‑converted setup with each unit having its own TMK
