Duplex with Updated Electrical and
For Sale
$610,000
346 LEHUA ST, Hilo, HI 96720
MULTI_FAMILY - Hilo, HI
Property Size1,664 SF
Lot Size0.17 Acres
Price / SF$366.59
Days on Market70
Property Features for 346 LEHUA ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-1
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4
Appliances
Range, Range Hood, Refrigerator, Washer/Dryer Stacked
Subdivision
PUUEO LOTS
Lot features
Grassy
View
Forest
Standard status
Active
APN
3260040340000
Size
1,664 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
2692
Utilities
Utilities
Cable Available
Building Details
Year built
1950
Floors in Building
2
Flooring type
Hardwood, Laminate, Tile - Ceramic
Architectural style
Other
Listing Agency:
Salt Water Real Estate LLC
(808) 491-2294
Listed By:
Sunita R Przewlocki
(808) 895-3900
Added: Jun 15
Changed: Aug 7
Last Checked: Aug 23 at 2:06AM
MLS# 731044
Copyright © 2026 Hawaii Information Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex on Lehua Street includes two spacious two-bedroom, one-bath units, with upgraded electrical and plumbing in both. The property sits on a 0.1722-acre lot and totals 1,664 SF. Built in 1950, it features an upstairs front lanai overlooking mature tropical landscaping and 9' ceilings with large double-hung windows. The upstairs open kitchen and living area were updated with granite countertops, new fixtures, and engineered hardwood floors, including a gas range and a stacked washer/dryer tucked into the pantry. The upstairs also includes a full hall bathroom and R-30 attic insulation.
The duplex is supplied with piped propane gas. A walking path leads to the lower unit, which opens into a screened lanai and has updates including vinyl flooring, drywall, fresh paint, LED lighting, and modern fixtures. The bright full bathroom includes custom tile work, and the lower unit also offers in-unit laundry and a hall closet for storage, plus a full-height basement below.
Situated in lava zone 8 just over the Wailuku River, the location is walkable to Downtown Hilo restaurants, K-12 public schools, the Farmers Market, public library, Kapalaoa Landing Beach Park, and the Bayfront recreation area.
The duplex is supplied with piped propane gas. A walking path leads to the lower unit, which opens into a screened lanai and has updates including vinyl flooring, drywall, fresh paint, LED lighting, and modern fixtures. The bright full bathroom includes custom tile work, and the lower unit also offers in-unit laundry and a hall closet for storage, plus a full-height basement below.
Situated in lava zone 8 just over the Wailuku River, the location is walkable to Downtown Hilo restaurants, K-12 public schools, the Farmers Market, public library, Kapalaoa Landing Beach Park, and the Bayfront recreation area.
Key Highlights
- Two two‑bedroom, one‑bath units with upgraded electrical and plumbing
- 0.1722‑acre lot totaling 1,664 SF, built in 1950
- Upstairs: 9' ceilings, granite countertops, gas range, R‑30 attic insulation
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,954
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$499,080
$499.1K
Cap Rate 7%
$356,486
$356.5K
Cap Rate 9%
$277,267
$277.3K
Market Conditions
NOI Build-Up for 1,664 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$36.9K $22.20/SF
− Vacancy
−$1.3K −$0.78/SF
EGI
$35.6K $21.42/SF
− OpEx
−$10.7K −$6.43/SF
NOI
$25.0K $15.00/SF
Area
Hawaii County, HI
Vacancy
3.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$499,080
Cap Rate 7%
$356,486
Cap Rate 9%
$277,267
Alternative Uses
Best Use
Multifamily LT 5
$356.5K
$311.9K – $415.9K
NOI $24,954 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$326.5K
$285.7K – $381.0K
NOI $22,857 @ 7.0% cap · market cap 3.75%
Theoretical Best
Specialty Retail
$567.9K
$496.9K – $662.5K
NOI $39,752 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Demographics for 96720, HI
46,615
Population
19,826
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
287.8 sq mi
ZIP Area
162
Density / Sq Mi
$78,537
Median Household Income
$41,268
Median Earnings
$1,346
Median Rent
$458,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex in RM-1 zoning with two two-bedroom, one-bath units, each with upgraded electrical and plumbing.
Where is this duplex located?
The property is located at 346 LEHUA ST Hilo, HI.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Two two‑bedroom, one‑bath units with upgraded electrical and plumbing; 0.1722‑acre lot totaling 1,664 SF, built in 1950; Upstairs: 9' ceilings, granite countertops, gas range, R‑30 attic insulation
