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    Multi-Family Income Property with Studio Title is generated by Realmo AI

    1602 Mikahala Way, Honolulu, HI 96816

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    For Sale
    $2,295,000

    MULTI_FAMILY - Honolulu, HI

    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 6:06 pm

    Property Features for 1602 Mikahala Way

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking
    5
    Parking features
    Open, Covered
    Appliances
    Dryer, Washer
    Standard status
    Active
    APN
    1-3-3-031-046-0000

    Taxes and HOA fees

    Tax Annual Amount
    18786

    Utilities

    Utilities
    Cable Available
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1945
    Floors in Building
    2
    Number of units
    4
    Building materials
    Single Wall, Wood Frame

    We can help!

    Listing Contact
    Lurline R Johnson

    Listing agent Lurline R Johnson License #RB-17746

    Listing office Property Profiles, Inc. 98-030 Hekaha Street Suite 26, Aiea, HI

    Listing date Jun 2, 2026

    MLS# 202609861 Listing URL

    Copyright © 2026 HiCentral MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two homes with multiple units for multi‑generational living: back home with 2BR/2BA upstairs plus lower 1BR/1BA
    • Front "white house" is split into two separate units: one 2BR/1BA upstairs and one 1BR/1BA downstairs, both with full kitchens
    • Two‑car garage with an attached studio unit that includes its own bathroom and laundry area
    • Two separate electric meters with water serviced by a single meter; electrical system for the back house has been upgraded
    • Year built 1945 with wood frame construction and central air; washer and dryer included
    • Panoramic views described from Ewa to Diamond Head with city skyline and ocean beyond

    Overview

    This multi-family income property is configured for flexible, multi-generational living. The back home features two bedrooms and two baths upstairs with a bright living and dining area plus kitchen, along with a lower-level bedroom, bath, and expansive living space. A two-car garage includes an attached studio unit with its own bathroom and a dedicated laundry area. The front “white house” is split into two separate units: a two-bedroom, one-bath unit upstairs and a one-bedroom, one-bath unit downstairs, each with a full kitchen, serviced by a one-car carport.

    Set on a spacious lot on the slopes of Wilhelmina Rise, the property is positioned to capture panoramic views from Ewa to Diamond Head, including the city skyline and ocean beyond. The home has been used as rental property for many years and includes two separate electric meters, while water is served by a single meter. The property requires updating to meet modern standards, though the electrical system for the back house has already been upgraded.

    With multiple independent units and a studio attached to the garage, this is well suited for buyers seeking income potential with options for live-in ownership. Investors will appreciate the established rental configuration and separate metering, while owner-occupants can take advantage of the layout to support extended family or supplement income with additional units. The view-driven setting and substantial unit mix create a strong foundation for value-add renovations.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Map

    City
    Honolulu
    County
    Honolulu
    State
    Hawaii
    Longitude
    -157.794861
    Latitude
    21.30044

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    FAQs

    What type of property is this?
    Quadplex - Four-dwelling configuration offers strong flexibility for investors or owner-occupants, with a garage-level studio and separate meters.
    Where is this quadplex located?
    The property is located at 1602 Mikahala Way Honolulu, HI.
    What is the asking price?
    The asking price for this property is $2,295,000.
    What are key features of this property?
    This property features: Two homes with multiple units for multi‑generational living: back home with 2BR/2BA upstairs plus lower 1BR/1BA; Front "white house" is split into two separate units: one 2BR/1BA upstairs and one 1BR/1BA downstairs, both with full kitchens; Two‑car garage with an attached studio unit that includes its own bathroom and laundry area
    (808) 487-9500
    We can help!
    Listing Contact
    Lurline R Johnson
    Real Estate License ID: RB-17746
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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