April - 2025 Market Data
April 2025’s sales data reveals that market momentum remains unpredictable. In April, just 8 multifamily properties (5+ units) sold across Hawaii, totaling $21.31M in sales volume. The median price per unit settled at $241K, and the median cap rate rose to 4.92%—further evidence that buyers are demanding higher returns as uncertainty lingers. This follows a sluggish first quarter, where volume pulled back after a strong year-end finish in 2024. While there’s still investor interest, pricing and deal flow suggest that caution continues to shape market behavior.
Download Sales Comps Below
Inventory Snapshot
Inventory remains relatively healthy, though we saw a slight dip in available listings heading into June. There are currently 51 multifamily properties (5+ units) on the market across Hawaii, with a total consideration of $175.23M—down from 57 listings in May ‘25. Despite the volume, a disconnect persists between buyer and seller expectations. Many sellers continue to price properties aggressively, even as buyers contend with elevated interest rates, rising insurance costs, and substantial renovation expenses. The current median cap rate for listed properties sits at just 3.92%, relative to the 4.92% median cap rate of the deals trading, representing a 1% variance in cap rate between the two.
If you'd like to receive our Hawaii Multifamily Inventory Sheet, which includes both active listings and select off-market opportunities, contact us directly to be added to our distribution list.
Owner's Corner
Top Strategies for Multifamily Asset Management – Maximize Income. Minimize Headaches
Smart asset management is the difference between owning a multifamily property and running it like a business. Here are five core strategies to help you drive long-term value:
1. Know Your Numbers
Monitor key metrics like occupancy, NOI, rent collection, and turnover. Regular financial reviews keep performance on track and alert you to issues early.
2. Be Proactive with Maintenance
Stay ahead of repairs with preventative maintenance. It protects asset value and avoids costly emergencies down the line.
3. Keep Units Rent-Ready
Vacancy is expensive. Streamline unit turns so you can lease faster and avoid leaving money on the table.
4. Optimize Your Rent Strategy
Price units competitively based on market comps, property condition, and tenant demand. Strategic rent bumps, especially after renovations, can boost returns without spiking turnover.
5. Communicate with Tenants
Good tenant relationships lead to higher retention, fewer complaints, and less friction. Be responsive and treat your residents like valued customers.
Bottom Line – Asset management is not passive. The more you actively manage your multifamily property, the more predictable and profitable your investment becomes.
Visit our Blog for More Tips & Best Practices
Multifamily in the News
Kapolei Affordable Housing Project Sought on City-Owned Site
Developers Seek to Build 750 Affordable Rentals in Kapolei
Effort's to Fast-Track Affordable Housing Projects Hasn't Worked
View Our Active Listings
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708F Olokele Ave.
Networking Events
CCIM - General Membership Meeting - James Campbell Update
CCIM August Lunch & Learn
CCIM September Lunch & Learn
CCIM Golf Tournament
Hawaii Multifamily Investors Network – Facebook Group
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