1188 Bishop St #1301 · Urban Honolulu, HI 96813

$53,000

1 bd · 1.0 ba · 400 sqft · Condo · 83 Days on market

Built 1981 $132/sqft · 12% below area Est $60k · 12% under $800/mo HOA · 25% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +13.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +4.6/10.0
• Schools +3.7/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Experience the perfect blend of business and pleasure at 1188 Bishop St #1301 in the heart of Century Square, downtown Honolulu. This move-in-ready office unit offers 400 square feet of versatile space, making it ideal for professionals seeking a prestigious address in the city's bustling business district. Step into a bright, functional space with panoramic city views that inspire productivity. The unit features a private bathroom and kitchenette, adding convenience to your workday. Plus, the building provides 24/7 security, central AC, and secured parking for owners and clients alike. Century Square's prime location puts you steps away from Honolulu's financial hub, restaurants, shops, and cultural landmarks. No residential living allowed.

Key facts

• Central ac
• Kitchenette
• Panoramic city views

Tags

• PANORAMIC CITY VIEWS
• PRIVATE BATHROOM
• KITCHENETTE
• 24/7 SECURITY
• CENTRAL AC
• SECURED PARKING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $53k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $53k).
• Recommended offer: $50k (6.0% below list) — sets the bar for market timing.
• Cap rate 38.2% vs local median 1.5% in Urban Honolulu — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Hawaii Department Of Education (suburban): math 32% / reading 50% proficiency, ranked #1 of 1 in HI (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 198 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• This rent runs 43% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $366 of loan paydown is wiped out by about $386 of value loss. Plan a longer hold.
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.7% appreciation + 0.6% rent growth), your $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $4k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.

Recommended offer $49,820 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 6.15% ✓
• Cap rate: 38.16%
• Cash-on-cash: 113.82%
• DSCR: 6.06
• GRM: 1.4

CMA / ARV

• ARV (median comp): $60,326
• List price: $53,000
• Delta: -12.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.73% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.34×
• Total profit: $79,265
• Equity at exit: $13,487

10-year hold

• IRR: —
• Equity multiple: 11.91×
• Total profit: $161,959
• Equity at exit: $14,763

Cash invested: $14,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 37 Tenant-Leaning
• State Hawaii: 37 Tenant-Leaning · D+13
• County: — inherits STATE
• City: — inherits STATE

Honolulu has source-of-income protections; warranty of habitability strong.

Methodology + full state rankings →

ZIP-level market 96813

• Home prices YoY: -0.3%
• Rents YoY: 0.6%
• Active inventory: 198
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $3,258 high
• Mortgage (P&I): −$278
• Tax est. 1.5%: −$66 /mo · $795/yr
• Insurance: −$22
• HOA: −$800
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $1,408

Break-even live

Break-even rent $1,476

Max offer price $53,000

Occupancy floor 52%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $13,250
• Closing costs: $1,590
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	16d	9	1.09mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	15d	8	1.09mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	10d	9	1.09mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	23d	1	1.15mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	23d	2	1.15mi

HOA detail condo

• Monthly dues: $800 · $9,600/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $53,000 Active 83 DOM
2. 2026-06-17
   days on market $53,000 Active 82 DOM
3. 2026-06-16
   days on market $53,000 Active 81 DOM
4. 2026-06-15
   days on market $53,000 Active 80 DOM
5. 2026-06-13
   days on market $53,000 Active 78 DOM
6. 2026-06-13
   days on market $53,000 Active 77 DOM
7. 2026-06-10
   days on market $53,000 Active 75 DOM
8. 2026-06-09
   days on market $53,000 Active 74 DOM
9. 2026-06-08
   days on market $53,000 Active 73 DOM
10. 2026-06-07
    days on market $53,000 Active 72 DOM
11. 2026-06-05
    days on market $53,000 Active 69 DOM
12. 2026-06-03
    days on market $53,000 Active 68 DOM
13. 2026-06-02
    days on market $53,000 Active 67 DOM
14. 2026-06-01
    days on market $53,000 Active 66 DOM
15. 2026-05-31
    days on market $53,000 Active 65 DOM
16. 2026-03-27
    listed $57,000 Active 751-char remark

    Show marketing remark (751 chars)

    Experience the perfect blend of business and pleasure at 1188 Bishop St #1301 in the heart of Century Square, downtown Honolulu. This move-in-ready office unit offers 400 square feet of versatile space, making it ideal for professionals seeking a prestigious address in the city's bustling business district. Step into a bright, functional space with panoramic city views that inspire productivity. The unit features a private bathroom and kitchenette, adding convenience to your workday. Plus, the building provides 24/7 security, central AC, and secured parking for owners and clients alike. Century Square's prime location puts you steps away from Honolulu's financial hub, restaurants, shops, and cultural landmarks. No residential living allowed.

17. 2025-07-22
    soldstatus $55,000 Closed 582-char remark

    Show marketing remark (582 chars)

    Professional COMMERCIAL OFFICE SPACE with closet & PRIVATE bathroom available in the heart of URBAN Honolulu. Conveniently located near major bus stops and a variety of restaurants. This FLEXIBLE SPACE can function as TWO ROOMS - ideal for meetings or private work areas. Features include a kitchenette, 1 unassigned parking space, visitor parking, weekly cleaning, daily trash removal & 24-hour security. The building is 100% insured. Perfect for professionals seeking a clean, convenient & accessible workspace. A few photos have been virtually staged(enhanced).

18. 2025-07-03
    status Pending 582-char remark

    Show marketing remark (582 chars)

    Professional COMMERCIAL OFFICE SPACE with closet & PRIVATE bathroom available in the heart of URBAN Honolulu. Conveniently located near major bus stops and a variety of restaurants. This FLEXIBLE SPACE can function as TWO ROOMS - ideal for meetings or private work areas. Features include a kitchenette, 1 unassigned parking space, visitor parking, weekly cleaning, daily trash removal & 24-hour security. The building is 100% insured. Perfect for professionals seeking a clean, convenient & accessible workspace. A few photos have been virtually staged(enhanced).

19. 2025-06-19
    historical Active Under Contract 582-char remark

    Show marketing remark (582 chars)

    Professional COMMERCIAL OFFICE SPACE with closet & PRIVATE bathroom available in the heart of URBAN Honolulu. Conveniently located near major bus stops and a variety of restaurants. This FLEXIBLE SPACE can function as TWO ROOMS - ideal for meetings or private work areas. Features include a kitchenette, 1 unassigned parking space, visitor parking, weekly cleaning, daily trash removal & 24-hour security. The building is 100% insured. Perfect for professionals seeking a clean, convenient & accessible workspace. A few photos have been virtually staged(enhanced).

20. 2025-04-15
    listed $57,000 Active 582-char remark

    Show marketing remark (582 chars)

    Professional COMMERCIAL OFFICE SPACE with closet & PRIVATE bathroom available in the heart of URBAN Honolulu. Conveniently located near major bus stops and a variety of restaurants. This FLEXIBLE SPACE can function as TWO ROOMS - ideal for meetings or private work areas. Features include a kitchenette, 1 unassigned parking space, visitor parking, weekly cleaning, daily trash removal & 24-hour security. The building is 100% insured. Perfect for professionals seeking a clean, convenient & accessible workspace. A few photos have been virtually staged(enhanced).

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $39,097
• − Mortgage interest: −$2,969
• − Property taxes: −$795
• − Insurance: −$265
• − Repairs & maintenance: −$3,128
• − Management: −$3,128
• − HOA: −$9,600
• − Depreciation: −$1,542
• Taxable income: $17,671
• Est. tax owed @ 24.0%: −$4,241
• After-tax cash flow: $12,650/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hawaii Department Of Education
• NCES district ID: 1500030
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $69,005
• Composite: 37.07/100
• National rank: #4504
• State rank: #1 of 1 in HI

Livability — Urban Honolulu

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Urban Honolulu, HI
• County: Honolulu County · 963,448 people
• City population: 309,956
• Metro: Urban Honolulu, HI
• Population (ZIP): 26,766
• Household income: $91,690
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 1338.0

Population outlook (Honolulu County) Hauer SSP2

• Today (2025): 1,072,641 people
• By 2030: 1,110,460 · +3.5%
• By 2040: 1,181,593 · +10.2%
• By 2050: 1,257,584 · +17.2%
• By 2075: 1,501,120 · +39.9%
• By 2100: 1,764,430 · +64.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Asian 48% Two or more races 21% White 15% Pacific Islander 9% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Russian 2% Romanian 1% Lithuanian 1%
• Foreign-born: 23% · South Korea, China, Vietnam
• Languages at home: 72% English-only · Other Asian/Pacific 10% Chinese 7% Korean 5%

Political lean MEDSL · Honolulu

• 2024 margin: Strong D (+21.6) · D 59.9% · R 38.3% · Other 1.8%
• 2008→2024 swing: -19.4pp toward R · 2008: 41.1pp · 2024: 21.6pp
• All cycles: 2024: D+21.6 2020: D+26.9 2016: D+29.9 2012: D+39.1 2008: D+41.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.73%
• Current HPI: 231.8414
• Rent YoY: ▲ 0.63%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

5 events — show timeline

• 2026-03-27 Listed $57,000 HiCentral MLS
• 2025-07-22 Sold (MLS) $55,000 HiCentral MLS
• 2025-07-03 Pending — HiCentral MLS
• 2025-06-19 Contingent — HiCentral MLS
• 2025-04-15 Listed $57,000 HiCentral MLS