October 2024 Market Data
There were a total of 4 properties that traded throughout the month of October for a total volume of $22.3M. The median $/unit of these deals was $344K and the median CAP rate was 3.39%.. More treat than trick, the notable sale of the month was the sale of 1442 Kewalo St., a 36-unit building located in Makiki, Honolulu for the hefty price tag of $11.0M or $305K / unit. We also worked on the sale of 412 Keoniana St. helping our client secure the property off-market.
Download Sales Comps Below
Inventory Snapshot
On the inventory side of the coin, through December, there are a total of 43 properties (5+ units) on the market for a total consideration of $165.61M. The median days on the market is just over 6 months at 186 days. The median CAP rate of deals that are listed on the market are 3.66% as seller’s are holding firm on their pricing.
To receive our Hawaii Multifamily Inventory Sheet, which compiles all active listings as well as off-market opportunities into one convenient document, reach out to us directly and we'll add you to the distribution list.
Asset Management Tip – Year-End Best Practices for Multifamily Owners
As the year comes to a close, it's critical to apply effective asset management strategies to enhance the value of your multifamily investments. Here are some essential tips to ensure your property is primed for future success:
- Financial Review:
- Budget Analysis: Compare your actual expenses with budgeted figures to identify overspending or underspending. Adjust your budget for the upcoming year to optimize cost-saving measures and allocate resources effectively.
- Tax Planning: Work closely with a tax professional to explore year-end strategies like cost segregation and maximizing deductions to improve your tax position and cash flow.
- Property Maintenance:
- Year-End Inspections: Conduct thorough inspections to address deferred maintenance and prioritize repairs. This ensures tenant satisfaction and safety while efficiently allocating resources.
- Preventive Maintenance: Implement a preventive maintenance plan to extend property life and minimize tenant disruptions and unexpected expenses.
- Lease and Tenant Management:
- Lease Renewals: Review expiring leases and assess rental rates against market conditions. Adjust rates as needed to remain competitive and reduce vacancies.
- Tenant Satisfaction: Engage with tenants to gather feedback and make targeted improvements, enhancing tenant experience and retention.
- Energy Efficiency and Insurance:
- Energy Audit: Perform an energy audit to identify cost-saving opportunities through efficiency upgrades, reducing long-term operating expenses.
- Insurance Review: Ensure adequate insurance coverage by reviewing policies in light of property changes or significant events, protecting against unexpected financial burdens.
By utilizing these best practices, you can position your property for a strong start to 2025, supporting long-term growth and success.
Learn more effective asset management strategies by visiting our blog.
Check out our New Listing!
We’re excited to announce the sale of 1125 Hassinger St. a 13-Unit Building that is listed for $3.38M – Click here to preview the property’s website!
We appreciate your referrals! If you know of anyone that is looking to acquire or sell multifamily property, please feel free to make a warm introduction!
Multifamily in the News
DHHL To Break Ground On Its Urban Honolulu Development
Queen's Plans New Hospital With Housing
Networking Events
CCIM / IREM - 2024 Real Estate Forecast
Mahalo for spreading the wealth of information! Share this market update with your network!
On a personal note, I am thrilled to announce that I’ve recently founded Excel Commercial Realty LLC, where I’m operating as its Principal | Owner. Please be sure to update my new contact information listed in the signature below and whitelist my email address. It’s been an amazing journey to get to this point in my real estate career and I am so grateful for your support and inspiration over the years. The focus will be on creating value for multifamily owners and investors through our market knowledge and exceptional service. Let's connect in the new year, I'd love to learn more about your business plans for 2025.
Taylor, Colby (2.25yrs), & Dada Cheers to a safe and fun holiday season and an exciting and prosperous 2025 ahead! Happy Holidays from my Ohana to yours! | 
