Q4 - 2025 Market Data
The Hawaii multifamily market tempered further in Q4-2025, with transaction activity and volume both easing from the prior quarter. A total of 11 properties (5+ units) traded in Q4, down 26.7% quarter over quarter, generating $32.34 million in total sales volume, a 13.2% decline from Q3-2025.
Pricing remained relatively steady, with the median price per unit dipping just 1.30%, from $250K in Q3 to $246K in Q4. However, return metrics moved notably higher as the median cap rate expanded by 58 basis points, from 4.25% to 4.83%. This shift, slightly softer pricing paired with higher yields, suggests buyers demanded more yield to compensate for financing costs and uncertainty, while sellers who transacted were more willing to meet the market demands. Overall, Q4 activity points to a more selective, rate-sensitive environment, with capital still active but increasingly focused on value, structure, and basis.
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Inventory Snapshot
There remains a healthy supply of product on the market, with 58 properties (5+ units) currently listed, representing approximately $214 million in total consideration. Among active listings, the median price per unit is $304K, with a median cap rate of 4.49%, while average days on market stands at 209 days, reflecting a roughly seven-month sales cycle for available assets.
There are seven multifamily properties currently under contract, representing approximately $18.2 million in pending sales volume. This activity continues to demonstrate that realistically priced assets can still command buyer interest and highlights the value for owners contemplating a 2026 sale to begin evaluating current value, market positioning, and exit options early, while capital remains active but increasingly disciplined.
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: Why Interest Rates Still Matter in 2026
While interest rates have stabilized, their impact on multifamily values, buyer underwriting, and pricing expectations remains significant in 2026. Today’s buyers are underwriting conservatively, placing greater emphasis on in-place NOI, expense detail, and execution certainty, rather than future upside. Strongly performing properties continue to attract demand, while assets relying on projected growth face heavier scrutiny. For owners considering a sale or refinance, the key isn’t predicting rates, it’s understanding how buyers view your property’s cash flow, risk profile, and positioning in the current environment. Interest rates inform strategy, but performance ultimately drives outcomes.
Want the full breakdown? Read the complete article on Why Interest Rates Still Matter in 2026 to learn how interest rates influence cap rates, buyer behavior, and owner decision-making in 2026 and how to position your asset accordingly.
View Our Active Listings
1125 Hassinger Street
1223 Wilder Avenue
219 Kalihi Street
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