October - 2025 Market Data
In October 2025, two multifamily properties traded in Hawaii, an 18-unit property on Punchbowl and a 6-Unit property in Waipahu, totaling $5.25 million in sales volume. These properties were on the market for 84 and 133 days respectively. The median price per unit was $215K, while the median cap rate was 5.30%.
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Inventory Snapshot
The current Hawaii multifamily market remains healthy, with 71 properties (5+ units) listed, representing $254 million in total consideration. The median price per unit stands at $296K, and the median cap rate is 4.28%, while the average days on market is 247, reflecting an 8-month sales cycle for available assets.
Investor demand remains steady, with 13 multifamily properties currently under contract, representing approximately $35.2 million in pending sales volume. This level of activity reinforces that well-priced assets continue to attract committed buyers, even as the market works to reconcile seller expectations with disciplined underwriting.
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 to be added to the distribution list.
Owner’s Corner: Investor Sentiment / Owner’s Impact
After much of the year being defined by elevated borrowing costs, momentum is beginning to turn. The 10-year Treasury yield dipped below 4.0% before Thanksgiving, impacting investor expectations. More recently, the Federal Reserve reduced the federal funds rate by 0.25% at its December 2025 meeting, a move that has begun to restore investor confidence and improve forward-looking return projections.
These shifts are already influencing buyer psychology. Lower rate expectations are encouraging investors to re-engage, sharpen underwriting assumptions, and move forward on opportunities that may have been sidelined earlier in the year. As financing conditions stabilize, we expect buyer demand to strengthen further, particularly for stabilized and well-located assets, supporting transaction velocity as we head into the first quarter of 2026.
At Excel Commercial Realty, we specialize in helping owners maximize the value of their multifamily assets. Let’s discuss how we can help you achieve your goals in 2026, contact us today!
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Taylor, Colby (3 yrs), & Daddy Cheers to a safe & fun holiday season, and a prosperous 2026 ahead! Happy Holidays from my Ohana to yours! | 
