Kapaa Multi-Family
For Sale
$1,399,999
4806 IIWI RD, Kapaa, HI 96746
MULTI_FAMILY - Kapaa, HI
Property Size2,718 SF
Lot Size0.26 Acres
Price / SF$515.08
Days on Market233
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 4, Bathroom 2, Bedroom 2, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 5, Bathroom 3, Bathroom 4, Bedroom 3, Bathroom 5
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, Wall/Window Unit(s), Window Unit(s)
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: Jul 29
Last Checked: Jul 30 at 10:06PM
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.
Located in the heart of Kapaa House Lots, this property offers a rare opportunity with two standalone homes on over a quarter acre. The property is conveniently located directly across from Kapa'a Elementary and Mahelona Hospital, and just minutes from Kealia Beach, the coastal bike path, and Kapa'a town amenities. The property features a total of 6 bedrooms, 4 full baths, and 1 half bath, suitable for multi-generational living. The front home has been upgraded with interior and exterior paint, luxury vinyl plank flooring, a remodeled kitchen featuring white ice laminate countertops and glossy white cabinetry, and a refreshed bathroom with a new vanity and mirror. The spacious vaulted-ceiling great room includes a slow wood-burning tiled fireplace. The freshly painted carport and newly graveled side yard provide extra parking and storage. The back home features a split AC unit in the living room and primary bedroom, along with window A/C units throughout. It also includes a chef's kitchen with solid granite countertops and Koa wood cabinetry, and refreshed full bathrooms with new vanities. A newly added open-concept family room, a spare office room, an outdoor sun deck, and an outdoor shower with a half bath near the garage are also included. The property has a 720 sq ft carport/garage, ample driveway space and parking, and a fully fenced yard with a partially new and freshly painted wood picket fence. Both roofs have been recently redone. The total property size is 2718 square feet.
Key Highlights
- Prime location in Kapa'a House Lots, across from Kapa'a Elementary and Mahelona Hospital, minutes from Kealia Beach, coastal bike path, and Kapa'a town amenities.
- Two standalone homes on over a quarter acre, offering 6 bedrooms, 4 full baths, and 1 half bath, ideal for multi‑generational living or rental income.**
- Upgraded front home with new interior/exterior paint, luxury vinyl plank flooring, remodeled kitchen, and refreshed bathroom.**
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $104.4k | $38.40 |
| − Vacancy | −$4.2k | −$1.54 |
| EGI | $100.2k | $36.86 |
| − OpEx | −$45.1k | −$16.59 |
| NOI | $55.1k | $20.28 |
2,718 SF · lease $38.40/SF/yr · vacancy 4.00% · expense 45.00%
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
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two homes on a quarter acre in Kapaa, Hawaii.
Where is this residential income 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: Prime location in Kapa'a House Lots, across from Kapa'a Elementary and Mahelona Hospital, minutes from Kealia Beach, coastal bike path, and Kapa'a town amenities.; Two standalone homes on over a quarter acre, offering 6 bedrooms, 4 full baths, and 1 half bath, ideal for multi‑generational living or rental income.**; Upgraded front home with new interior/exterior paint, luxury vinyl plank flooring, remodeled kitchen, and refreshed bathroom.**
