November 2024 Market Data
A total of 6 properties closed throughout the month of November for a total volume of $16.35M. Our team helped one of our clients acquire 1223 Wilder Ave., an off-market deal consisting of 6-units for $1.48M. The property has been vacant and, in the news, due to squatters on the property, and negative activity in the neighborhood. Our client is working on rehabbing the property and will have it leased in the coming months. A huge positive for the neighboring properties and the community at large. The median price per unit of the 6 properties that traded in November was $301,146 and the median CAP rate was 4.17%.
Download Sales Comps Below
Inventory Snapshot
The market supply is stable with 46 properties on the market (5+ units) for a total consideration of $172M. The average days on market is hovering at just over 6 months at 183 days. The median CAP rate of deals currently on the market is 3.79%.
To receive our Hawaii Multifamily Inventory Sheet, which compiles all active listings as well as off-market opportunities into one convenient document, simply reply to this email requesting to be added to the distribution list.
Asset Management Tip – Reserve Funds
With many multifamily properties in Hawaii built in the 1960s and 1970s, it is imminent that they will be subject to large capital projects, if they haven’t been addressed already. It is prudent for owners to establish a reserve fund for both emergencies and upcoming renovation projects. The reserve fund acts as a cushion for owners so that there’s no disruption of cash-flow and they don’t have to secure additional financing to complete these upgrades.
Best Practices for Funding Reserves
To ensure sufficient reserves, multifamily owners should allocate 5-10% of the property’s gross income annually toward their reserve fund. This allocation provides a steady stream of contributions, helping to build a buffer for anticipated and unanticipated capital projects.
Learn more effective asset management strategies by visiting our blog!
Check out our New Listing!
We’re excited to announce the sale of 708F Olokele Avenue Honolulu, HI. 96816, a 4-Unit multifamily asset, listed at $1.8M – 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
Bill-7 Affordable Project Breaks Ground
Hawaii's Investment in Affordable Housing
Networking Events
CCIM / IREM - 2024 Real Estate Forecast
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We hope your 2025 is off to an excellent start! If you're interested in discussing your goals for the year, and how we can help you achieve them, let's find a time to connect! | 
