Kynan Pang, CCIM - Hawaii Multifamily Advisor

10/06/2026

JUST SOLD | Punahou Circle Apartments

96 units. $18.0M. Off-market.

Proud to have represented MW Group in the acquisition of 1617 S. Beretania St., closing alongside McCully Circle as part of a $39.5M, 195-unit portfolio.

A piece of Honolulu history, too: Punahou Circle is where President Obama spent much of his childhood.

What it took:
→ Persistence and care in helping a local family trust navigate the selling process
→ Transparency and integrity through a thorough and protracted due diligence process (9+ months)
→ Responsible business planning for the property’s next chapter of ownership and operation

The upside: Helping all parties achieve desired outcome through the sale, while contributing to a thoughtful plan to reinvest in legacy multifamily building in urban Honolulu.

The property: built in 1965, 24 studios, 48 one-bedroom and 24 two-bedroom units, 90,228 SF on a 31,702 SF lot with 125 parking stalls. Steps from Punahou School, UH Mānoa and Kapiʻolani Medical Center.

$187.5K per unit. $199 per SF.

If you've owned your building a long time and are starting to think about what's next, it's worth a quick conversation.
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10/05/2026

JUST SOLD | McCully Circle Apartments

99 units. $21.5M. Off-market.

Proud to have represented MW Group in the acquisition of 1919 Citron St., which closed alongside Punahou Circle as part of a $39.5M, 195-unit portfolio.

This one took work:
→ Patience through a complex family trust and board vote
→ Integrity when major deferred maintenance surfaced in due diligence
→ A business plan built to reinvest in the buildings for the long haul

70 one-beds and 29 two-beds on a 26,400 SF lot with 100 parking stalls, minutes from UH Mānoa, Punahou, Kapiʻolani Medical Center and Ala Moana.

$217K/unit | $178/SF

Multigenerational ownership. Deferred maintenance. Rents that haven’t kept up.

If that sounds like your building, it’s worth a quick conversation about your options. Link in bio.
CRE apartmentinvesting offmarket hawaiimultifamilyadvisor excelcommercialrealty

10/01/2026

JUST SOLD | McCully Circle Apartments

99 units. $21.5M. Off-market.

Proud to have represented MW Group in the acquisition of 1919 Citron St., closing alongside Punahou Circle as part of a $39.5M, 195-unit portfolio.

This one took work:
→ Patience and persistence while navigating complex family trust and board voting process
→ Problem solving with integrity as significant deferred maintenance was uncovered during due diligence
→ Thoughtful business planning as the new owner looks to responsibly reinvest in the buildings for long-term reposition

The property: 70 one-bedroom and 29 two-bedroom units on a 26,400 SF lot, with 100 parking stalls, in one of Honolulu's most established and central neighborhoods. Minutes from UH Mānoa, Punahou, Kapiʻolani Medical Center and Ala Moana.

$217K per unit. $178 per SF.

Multigenerational ownership, deferred maintenance, rents that haven't kept pace. If that sounds like your building, it's worth a quick conversation about what your options look like.
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09/18/2026

What makes a multifamily property attractive to institutional buyers?

It’s not just size or upside. Institutional buyers prioritize asset quality, predictable income, clean financial reporting, manageable risk, and strong submarket fundamentals.

Even if you never plan to sell to an institutional buyer, understanding how they evaluate properties can help you:
• Strengthen your asset’s marketability
• Anticipate buyer and lender concerns
• Make more strategic capital improvements
• Improve pricing and ex*****on certainty

In our latest blog post, we break down the standards shaping today’s multifamily market and what Hawai‘i apartment owners can learn from them.

Read the full blog:
https://buff.ly/mCisOYM

Learn what institutional buyers look for in multifamily properties, how they evaluate risk and quality, and why some apartment assets command premium pricing.

09/14/2026

The 10-year U.S. Treasury yield briefly crossed 5.00% today and that is more than just Wall Street news.

It directly influences commercial real estate financing and investment decisions.

Based on the latest data:
↑ Approximately 32 BPS over the past 30 days
↑ Approximately 53 BPS over the past 90 days
Highest level since October 2023

Commercial mortgage rates are generally priced using a benchmark, such as the Treasury or SOFR, plus a lender spread. They do not necessarily move one-for-one with Treasury yields, but rising benchmarks typically place upward pressure on borrowing costs.

Consider a Hawai‘i multifamily property generating $300,000 in NOI. Assuming 30-year amortization and a 1.25x DSCR:
• At 6.50%, maximum loan proceeds are approximately $3.16 million
• At 7.00%, maximum loan proceeds fall to approximately $3.01 million
• That 50-BPS increase reduces proceeds by roughly $158,000

For a fixed $3 million loan, annual debt service would increase by nearly $12,000.

That means more equity, lower leveraged returns, tougher refinances, and potentially greater pricing pressure, particularly as Hawaii owners already navigate rising insurance costs, deferred maintenance, aging building systems, and elevated operating expenses.

Interest rates don’t determine the strategy, but they can change which strategy makes the most sense.

How are today’s rates impacting your multifamily investment decisions?

09/09/2026

Deferred maintenance doesn’t make a capital expense disappear, it usually makes it more expensive.

For Hawai‘i multifamily properties, small issues can quickly compound:
• Concrete spalling and exposed rebar
• Outdated electrical and plumbing systems
• Aging roofs and drainage problems
• Cracked asphalt and deteriorating parking areas

Beyond repair costs, deferred maintenance can affect insurance coverage, financing, tenant retention, operating expenses, and ultimately, property value.

The key is understanding the property’s true capital needs before they become urgent. A well-planned capital improvement strategy can help owners protect cash flow, preserve value, and avoid costly surprises.

When was the last time you evaluated your property’s deferred maintenance and long-term capital needs?

If you own a Hawai‘i multifamily property and would like an objective review of its condition, operating performance, and market position, let’s schedule a Property Performance Review.

08/24/2026

Should you hold, refinance, or sell?

Every multifamily owner faces this question eventually. The costliest mistake isn't picking wrong, it's waiting for the market to hand you a "perfect" answer before you decide anything.

In my latest blog post, I break the decision down to four variables that actually matter: property performance, debt structure, market positioning, and your own objectives as an owner. Where those four line up today tells you which strategy: hold, refinance, or sell, is actually the smart one for your property, not just the default one.

Markets rarely provide certainty. What they reward is preparation.

https://buff.ly/IP6UpP5

A strategic framework to help multifamily owners decide whether to hold, refinance, or sell based on NOI performance, debt structure, market conditions, and personal goals.

08/10/2026

🚨 Just Listed | 1559 Magazine St. | 5-Unit Multifamily | Punchbowl, Honolulu

Well-maintained multifamily assets in Punchbowl don't come to market often. This one is worth your attention.

Excel Commercial Realty is pleased to present 1559 Magazine Street: A 5-unit multifamily property in one of Honolulu's most centrally located residential neighborhoods, offered at $2,680,000.

What makes this asset stand out:
• Strong in-place NOI of $110,243, based on actuals, not pro-forma projections
• 4.11% current cap rate on actual income
• Diverse unit mix: Studio / 1BD / 2BD / 3BD / 4BD. Broad tenant appeal across income levels
• 5 covered garage parking stalls: A genuine premium in this submarket
• Flood Zone X: No mandatory flood insurance requirement
• Turn-Key asset renovated in 2016

Punchbowl sits minutes from Downtown Honolulu, Queen's Medical Center, UH Mānoa, Ala Moana, and Punahou School. Tenant demand here is durable, employment, healthcare, and education anchors surround the neighborhood on every side.

This is a stabilized, income-producing asset that operates efficiently and positions a buyer well regardless of where the market goes next.

📩 DM me or reach out directly for the OM.

MLS # 202615380

07/27/2026

We've spent the last several weeks walking you through our process step by step.
Here's the full picture:

How We Do It: Client Focused Multifamily Advisory
✅ Engagement: We listen first. Every time.
✅ Alignment: We make sure we're the right fit before moving forward.
✅ Road Map: Your goals + market insights = a clear plan.
✅ Marketing: Maximum exposure. Competitive offers. Maximum value.
✅ Contract: Protecting your interests through every negotiation.
✅ Results: Closing is just the beginning of the relationship.

Every property is different. Every client deserves a tailored approach.

If you're a multifamily owner in Hawaii thinking about what's next, it's worth a quick conversation.

📩 DM me or visit hawaiimultifamilyadvisor.com

07/22/2026

🚨 New Blog Post🚨

How Rising Operating Expenses Impact Multifamily NOI & Property Value

Most multifamily owners assume value drops when rents fall. In 2026, it's often the opposite: value is quietly eroding while rents hold steady, because expenses are climbing faster than income.

Insurance premiums up double digits. Utilities creeping higher. Payroll and maintenance costs that don't come back down. None of it makes headlines on its own, but together it compresses NOI, and buyers are underwriting that risk more aggressively than in past cycles.

We broke down what's driving it, how buyers are pricing expense risk into deals right now, and the practical levers owners have to protect margin (vendor reviews, utility audits, insurance benchmarking, and more).

Full breakdown here: https://buff.ly/mFOabJQ

If your expense ratio has been creeping up, it's worth digging deeper into why. DM us and we'll conduct an Expense Optimization Review of your property.

Understand how rising operating expenses affect multifamily NOI, valuations, and buyer underwriting, and what apartment owners can do to protect value.