July - 2026 Market Data
In July 2026, five multifamily properties (5+ units) traded in Hawaii, generating $16.52M in total sales volume. The median price per unit came in at $316K, with a median cap rate of 4.70%, reflecting the specific composition of assets that traded rather than a broad directional shift in the market.
The standout transaction of the month was a 23-unit property in Makiki that sold for $9.3M, acquired by a Japanese entity. The sale is a notable data point with foreign capital returning to the Hawaii multifamily market at this price point signals continued offshore confidence in the long-term fundamentals of Hawaii real estate.
The recurring theme remains consistent. While buyer demand is present, deals must clear two hurdles simultaneously, penciling at current debt levels and meeting seller expectations on price. The assets that are trading share a common thread: they are well-positioned against the market from a pricing standpoint and delivering the returns investors require today. Everything else is in waiting.
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Inventory Snapshot
As of the time of this report, 59 multifamily properties (5+ units) are available across Hawaii, encompassing 737 units and $224.7M in total asking volume. The median price per unit stands at $317K with a median cap rate of 4.18%, and 13 deals are currently pending, representing $38.2M in total pending volume.
The real disconnect remains in cap rates: closed transactions at 4.70% versus active inventory at 4.18%, a 52 basis point gap that confirms buyers are still demanding more yield than sellers are pricing for.
The 249 average days on market highlights the variance between Seller’s pricing expectations and Buyer’s requirements.
To receive our Hawaii Multifamily Inventory Sheet, which compiles all active listings and off-market opportunities into one comprehensive document, contact us directly to be added to the distribution list.
Owner’s Corner: Year-End Planning for Multifamily Owners
With Q4 right around the corner, the window to make meaningful financial and strategic decisions before year-end is shorter than most owners realize. Whether you are holding, selling, or evaluating your options, the next 90 days matter.
- Get a current property valuation. Before the year closes, know what your asset is worth under today's market conditions, not what it was worth in 2022. An accurate valuation is the foundation of every sound ownership decision, from refinancing to estate planning to a potential sale.
- Review your depreciation schedule. If you have owned your property for several years, a cost segregation study may unlock accelerated depreciation deductions before December 31st, a meaningful reduction in your 2026 tax liability.
- Assess your debt position. If your loan is maturing in 2027, now is the time to begin refinancing conversations. Lenders need time, and waiting until the new year compresses your options.
- Consult your CPA on a potential sale. If you are considering selling in the next 12 months, your CPA needs to be part of the conversation now, not after you are under contract. Tax strategy at exit starts well before closing.
- Review your rent rolls. Year-end is the natural checkpoint to evaluate below-market rents, upcoming lease expirations, and any deferred maintenance that will affect your 2027 NOI.
The owners who transact on their terms are the ones who plan. Q4 is not the time to wait and see it is the time to make decisions and prepare for the coming year.
Want more strategies for protecting cash flow and value? Visit our blog at - hawaiimultifamilyadvisor.com/blog.
Multifamily in the News
JL Capital Completes Ala Moana Affordable Housing Project
Applications Open for $60M Affordable Rentals in Ewa Beach
DHHL Rental Project Opens to Beneficiaries in October
View Our Active Listings
1223 Wilder Avenue
1559 Magazine Street
219 Kalihi Street
1684 Kalakaua Avenue
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