Honolulu Apartment Buildings, Multi-Family and Commercial Properties for Sale
The properties above are the current offerings from Christina Dwight at Commercial Investment Strategies, a Honolulu firm that works exclusively on apartment building sales. Most are walk-up apartment buildings in the urban core, between Waikiki, McCully-Moiliili and Makiki. If you are comparing Honolulu apartment buildings or the wider pool of Honolulu multi-family properties for sale, the sections below put these listings side by side and cover what investors check before writing an offer.
Current Listings at a Glance
Asking price per square foot is a rough first filter, not a valuation. It ignores unit mix, rents, parking and land, which matter more for an income property. Use it to decide which offering memorandums to request first.
Property | Area (ZIP) | Asking price | Size | Price / sq ft | Status |
|---|
2517 Ala Wai Boulevard | Waikiki (96815) | $3,800,000 | 6,259 sq ft | $607 | For sale |
922 McCully Street | McCully-Moiliili (96826) | $3,988,000 | 8,886 sq ft | $449 | For sale |
909 Wiliwili Street | McCully-Moiliili (96826) | $4,475,000 | 10,608 sq ft | $422 | Under contract |
823 Waiaka Place | McCully-Moiliili (96826) | $1,950,000 | 4,088 sq ft | $477 | Under contract |
927 Makahiki Way | McCully-Moiliili (96826) | $1,550,000 | 3,044 sq ft | $509 | Under contract |
1328 Kaihee Street | Makiki (96822) | $2,500,000 | 3,972 sq ft | $629 | For sale |
1535 Punahou Street #704 | Makiki (96822) | $310,000 | 639 sq ft condo, 2 bed / 1 bath | $485 | For sale |
1517 Miller Street | Punchbowl (96813) | $2,000,000 | 3,963 sq ft | $505 | For sale |
926 Kopke Street | Kalihi (96819) | $2,395,000 | 7,812 sq ft | $307 | For sale |
Source: Commercial Investment Strategies featured listings, November 2026, at the time of writing. Price per square foot is calculated from the listed asking price and building size. Prices and status change; confirm on each listing page.
Three Ways to Invest Through This Page
Apartment buildings
Whole buildings with several rental units on one lot, usually two- and three-story walk-ups in the urban core. This is the firm's main focus, and most of the listings above fit here. See more on Christina's
Honolulu apartment building broker page.
Commercial and mixed-use
Retail, office and buildings with ground-floor businesses below apartments, for investors who want commercial tenants or a mix of both. Start with
Honolulu commercial real estate.
Inventory moves quickly
Whole-building inventory changes quickly: three of the nine listings above already show an accepted offer. Reviewing
recently sold apartment buildings is the fastest way to see what similar properties actually traded for.
Where the Listings Are, and Where to Search Next
Six of the nine listings sit in two ZIP codes, 96826 and 96822, which cover the dense rental streets between the University of Hawaii at Manoa, Ala Moana and downtown. Each card below opens a live search for that area so you can compare these offerings with everything else on the market.
Makiki and Manoa (96822)
Two current listings on Kaihee Street and Punahou Street, in a hillside area of low-rise walk-ups and condo towers. Search
96822 multi-family listings.
Downtown and Punchbowl (96813)
Source: Commercial Investment Strategies featured listings, November 2026.
Bill 7 and Redevelopment Upside
Some buyers look at older low-rise buildings for their land as much as their rents. Honolulu's Bill 7, which became law in 2019, offers tax exemptions, relaxed development standards and parking waivers to owners who build affordable rental units on apartment- and mixed-use-zoned lots. A University of Hawaii Economic Research Organization (UHERO) review sent to the City Council in March 2026 found the incentives make small infill lots more workable, but that permits took an average of 661 days against a promised 90, and that 189 units had been produced against a goal of 500 a year, as reported by Hawaii Public Radio. Proposed changes to the program, Bill 18, were before the Council in July 2026.
If redevelopment is part of your plan, build permit timing into your projections and confirm zoning with the city before you remove contingencies. Christina's article on what to look for in Honolulu apartments covers the building-level checks.
Sources: Hawaii Public Radio (May 26, 2026), reporting on UHERO's March 2026 Bill 7 review; Honolulu Star-Advertiser (July 13, 2026) on Bill 18. Program rules may change; confirm with the Department of Planning and Permitting.
Hawaii Taxes and Rules Investors Should Know
These state and federal rules apply to most income property purchases on Oahu. They are general information, so review your own situation with a Hawaii tax advisor.
4% + 0.5%
General excise tax on rent
Hawaii charges GET on gross rental income regardless of lease length, at 4% plus the 0.5% Oahu surcharge. Owners also need a GET license. See the state's
rental property tax guide.
180 days
Long-term vs. transient
The Department of Taxation treats rentals of 180 consecutive days or more as long-term. Shorter stays can add the transient accommodations tax on top of GET.
7.25%
HARPTA withholding
When the seller is not a Hawaii resident, the buyer generally must withhold 7.25% of the amount realized and send it to the state within 20 days of the transfer.
45 / 180
1031 exchange deadlines
Sellers exchanging into one of these buildings must identify replacement property within 45 days and close within 180 days of their sale. Read Christina's
1031 exchange guide.
Sources: Hawaii Department of Taxation, Renting Residential Real Property (tax.hawaii.gov, 2026) and Tax Facts 96-2 (rev. May 2025); Hawaii Department of Taxation, Form N-288 instructions (rev. 2024); IRS Fact Sheet FS-2008-18,
Like-Kind Exchanges of Real Property. Rates at the time of writing.
How a Purchase Typically Works
1
Set your criteria and financing
Decide on unit count, price range, target areas and whether you need 1031 timing. Talk to a lender about commercial or 5+ unit financing before you tour.
2
Request the offering package
3
Tour and compare with sales
4
Offer and due diligence
Submit an offer with inspection and financing contingencies. During escrow, verify leases, permits, zoning and the physical condition with your own professionals.
5
Close and take over operations
At closing, deposits and prorated rents transfer to you. Register for a GET license if you do not already have one and notify tenants of the new payment details.
Due Diligence Checklist for Honolulu Income Property
- ✓Current rent roll, lease copies and security deposit ledger
- ✓Two to three years of operating statements, including GET filings
- ✓Fee simple or leasehold tenure, and lease terms if leasehold
- ✓Zoning district, building permit history and any open violations
- ✓Roof, plumbing, electrical and termite reports from your own inspectors
- ✓Parking count against what tenants actually use
- ✓Insurance quotes, requested early in escrow
- ✓Seller residency status, so HARPTA withholding can be planned at closing
Explore More With Christina Dwight
Frequently Asked Questions
How much do apartment buildings cost in Honolulu?
Among the whole-building listings on this page in November 2026, asking prices run from $1,550,000 for 927 Makahiki Way to $4,475,000 for 909 Wiliwili Street. Price depends mostly on unit count, rents, condition and land. For a wider view, compare
Honolulu multi-family properties for sale with recent
sold listings.
What does "Active Under Contract" mean on a listing?
The seller has accepted an offer and the property is in escrow, but the sale has not closed. Contingencies such as inspections or financing can still cause a deal to fall through, so it can be worth asking whether backup offers are being accepted.
Do I pay general excise tax on rental income in Hawaii?
Yes. According to the Hawaii Department of Taxation, GET applies to all rental income from Hawaii property, whatever the lease length, and rentals shorter than 180 consecutive days can also owe transient accommodations tax. On Oahu the GET rate is 4% plus a 0.5% county surcharge at the time of writing.
Can I buy one of these buildings with a 1031 exchange?
Investment real estate is generally like-kind to other investment real estate in the United States, so an apartment building can be a replacement property. The IRS requires you to identify it within 45 days of selling your old property and close within 180 days. Christina's
1031 exchange page covers the process; confirm the details with a qualified intermediary and tax advisor.
What is Honolulu's Bill 7?
Bill 7 is a 2019 city law that gives tax exemptions, relaxed development standards and parking waivers to projects that add affordable rental units on apartment- and mixed-use-zoned lots. A 2026 UHERO review found permitting has averaged 661 days, so buyers counting on redevelopment should plan for long timelines.
Who represents the buyer on these listings?
Commercial Investment Strategies represents the owner on its listings. Buyers should arrange their own representation and advisors, including tax, legal, lending and inspection professionals. You can still
contact Christina for property details, offering packages and showings.
I own an apartment building. How do I find out what it is worth?
Looking for the Right Honolulu Income Property?