Q3- 2024 Data
The 3rd Quarter of 2024 saw the most activity thus far as investors moved off the sidelines after a sluggish first half of the year. There were 10 transactions with a total sales volume that punched in at $38.44M an increase of 102.63% from Q2. The median price per unit dropped by 11.15% from Q2 to $288K / unit. The median CAP rate of the sales in Q3 saw an increase of 42 basis points from Q2 to 4.56% indicating the market’s pricing discovery across the market to meet investors’ requirements.
Download Sales Comps Below
Inventory Snapshot
While sales activity increased throughout the summer, there are 42 properties listed on the market for a total consideration of $152M. The median days on market (DOM) is down to 112 days as there were 18 new listings from July through September. The median Cap rate of deals listed is 3.91% which shows that there is still a considerable gap between where sellers are pricing their properties vs. where deals are trading..
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.
November 2024 FED Decision
The Federal Reserve, during its November meeting announced their decision to reduce the FED Funds rate by 0.25%. The decision was no surprise as the FED has been telegraphing the move lower through its rhetoric since their September meeting. We will likely see another 0.25% cut during the December meeting. These recent rate cuts have provided relief for credit cards, personal loans, and auto loans. However, multifamily investors aren't catching the same break as the mortgage rates are tied to the 10-year Treasury Yield, which reflect economic growth and inflation expectations. Investors should expect rates to hover around the 6.00% range in the near term. We will need to keep a close eye on monetary policy going into the first quarter of 2025 as the Trump administration settles in.
Done Deal!
Excited to announce the successful closing of a 9-unit multifamily property at 412 Keoniana St. Honolulu, HI. 96815!
Challenge:
The buyer wanted to reinvest capital from their business operations into a multifamily investment property. They needed a property that aligned with their investment strategy but were having trouble finding the right opportunity.
Action:
We consulted with the client to understand their specific investment objectives and goals, then explored a range of both on-market and off-market opportunities. By leveraging our database, market knowledge, and connections, we identified a property that fit their strategy perfectly.
Result:
We secured an off-market, resort-zoned 9-unit multifamily property in the heart of Waikiki. Given the buyer's expertise this property was an ideal fit for their business plan. They will plan to give the building a nice refresh, which will allow them to tap into Waikiki’s strong rental pool and create a lucrative income stream.
Testimonial:
"Kynan provided exceptional service and demonstrated true professionalism throughout our entire experience. With his help, we were able to purchase a rare off-market property in Waikiki. Despite the complexity of the negotiations, he made the entire transaction smooth and stress-free. Kynan was always quick to respond and paid close attention to every detail. We highly recommend his services to anyone looking for a reliable and diligent real estate professional."
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
$1.6B State Plan to Boost Housing Around Rail Stations in Iwilei, Kapalama
Mark Development Inc. Names New President
New 99 Unit Affordable Project Dedicated in Kona
Networking Events
CCIM / IREM - 2024 Real Estate Forecast
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I’m beyond grateful for the blessings in my life—my loving wife, my amazing son, and the privilege of serving incredible clients who make every day fulfilling. Wishing you all a day filled with love, laughter, and gratitude. Thank you for being a part of my journey!
Please enjoy your Thanksgiving weekend with friends and loved ones! | 
