Multifamily Property with Two
For Sale
$1,399,999
4806 IIWI RD, Kapaa, HI 96746
Residential Income, Kapaa, HI
Property Size2,718 SF
Lot Size0.26 Acres
Price / SF$515.08
Days on Market282
Property Features for 4806 IIWI RD
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
6
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 2, Bathroom 4, Bathroom 5, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 2
Parking features
Covered
Fireplace
1
Appliances
Dryer, Microwave, Oven, Refrigerator, Washer
Subdivision
KAPAA HOUSE LOTS
Lot features
Dead End
Standard status
Active
APN
4460150850000
Size
2,718 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2332
Utilities
Utilities
Electricity Available
Sewer type
Cesspool
Heating system
Zoned
Cooling system
Zoned, Window Unit(s), Wall/Window Unit(s)
Amenities
fireplace
split AC
window A/C
outdoor shower
sun deck
fenced yard
Building Details
Year built
1990
Floors in Building
1
Flooring type
Vinyl, Tile - Ceramic
Listing Agency:
Keller Williams Honolulu · Keller Williams Realty
(808) 596-2888
Listed By:
Josiah O Sinagra · License #RS-86644
(808) 634-8238
Added: Dec 9, 2025
Changed: Sep 13
Last Checked: Sep 17 at 12:06PM
MLS# 724656
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 2,718-square-foot multifamily property includes two separate homes on a 0.2579-acre parcel. Together, the residences provide 6 bedrooms, 4 full bathrooms, and 1 half bath. The front home has updated paint, luxury vinyl plank flooring, a remodeled kitchen, a refreshed bathroom, vaulted ceilings, and a tiled wood-burning fireplace. The rear home includes split and window A/C units, a granite-and-Koa kitchen, refreshed full bathrooms, a family room, office, sun deck, and outdoor shower. Both roofs have been redone.
A 720-square-foot carport/garage, additional driveway area, and a graveled side yard support parking and storage. The property is fully fenced, with a partially replaced and repainted wood picket fence. Located across from Kapa'a Elementary and Mahelona Hospital, the property is minutes from Kealia Beach, the coastal bike path, and Kapa'a town amenities. It carries R-4 zoning and was built in 1990.
A 720-square-foot carport/garage, additional driveway area, and a graveled side yard support parking and storage. The property is fully fenced, with a partially replaced and repainted wood picket fence. Located across from Kapa'a Elementary and Mahelona Hospital, the property is minutes from Kealia Beach, the coastal bike path, and Kapa'a town amenities. It carries R-4 zoning and was built in 1990.
Key Highlights
- Two standalone homes with a combined 6 bedrooms, 4 full baths, and 1 half bath
- 2,718 square feet on a 0.2579‑acre lot
- 720 sq ft covered carport/garage with additional driveway and side‑yard parking
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
$55,108
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
3.94%
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%
$1,102,160
$1.1M
Cap Rate 7%
$787,257
$787.3K
Cap Rate 9%
$612,311
$612.3K
Market Conditions
NOI Build-Up for 2,718 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
$104.4K $38.40/SF
− Vacancy
−$4.2K −$1.54/SF
EGI
$100.2K $36.86/SF
− OpEx
−$45.1K −$16.59/SF
NOI
$55.1K $20.28/SF
Area
Kauai County, HI
Vacancy
4.00%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,102,160
Cap Rate 7%
$787,257
Cap Rate 9%
$612,311
Alternative Uses
Best Use
Apartment 5plus
$787.3K
$688.9K – $918.5K
NOI $55,108 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.09M
$951.8K – $1.27M
NOI $76,142 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Demographics for 96746, HI
19,991
Population
8,178
Households
2.4
Avg Household Size
43
Median Age
32%
College-Educated
95%
High-School Grad
29.8 sq mi
ZIP Area
671
Density / Sq Mi
$89,681
Median Household Income
$41,624
Median Earnings
$2,053
Median Rent
$830,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two detached residences offer updated interiors, fenced outdoor space, covered parking, and flexible living arrangements.
Where is this multifamily property located?
The property is located at 4806 IIWI RD Kapaa, HI.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: Two standalone homes with a combined 6 bedrooms, 4 full baths, and 1 half bath; 2,718 square feet on a 0.2579‑acre lot; 720 sq ft covered carport/garage with additional driveway and side‑yard parking
