Updated Duplex with Guest
For Sale
$1,595,000
73-1153 AHIKAWA ST, Kailua Kona, HI 96740
Residential Income, Multi-Dwelling, Multi-Story, Single Family Home, Kailua-Kona, HI
Property Size3,930 SF
Lot Size0.42 Acres
Price / SF$405.85
Days on Market268
Property Features for 73-1153 AHIKAWA ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
A-5A
Bedrooms
8
Bathrooms
6
Full bathrooms
5
Rooms
Bedroom 7, Bedroom 6, Bedroom 8, Bathroom 6, Bedroom 3, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 2
Appliances
Dryer
Subdivision
KONA COASTVIEW SUBDIVISION
Lot features
Cleared
View
Ocean
Standard status
Active
APN
3730220330000
Size
3,930 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
11177
Utilities
Utilities
Cable Available
Sewer type
Cesspool
Water source
Public
Building Details
Year built
1988
Floors in Building
2
Flooring type
Carpet
Architectural style
Other
Listing Agency:
Nathalie Mullinix Realty Universal, Inc.
(808) 261-0350
Listed By:
Nathalie C Mullinix · License #RB-17596
(808) 327-4466
Added: Dec 11, 2025
Changed: Sep 3
Last Checked: Sep 5 at 4:06AM
MLS# 726148
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 property comprises two updated homes on a 0.416-acre lot, with a combined 3,930 square feet of building area. Each residence includes an upper-level primary living area and a lower-level guest quarter with a private entrance. The north home offers two bedroom suites with walk-in closets, four-piece bathrooms, covered lanais, an open-beam great room, and a kitchen with white cabinetry and appliances. Its guest area includes two bedrooms, a full bathroom, and a wet bar.
The south home features three bedrooms, 1 3/4 bathrooms, updated kitchen and bathroom finishes, tile flooring, open-beam ceilings, and a covered lanai extending across both levels. Its guest quarter adds one bedroom, one bathroom, a wet bar, and separate finishes. Additional improvements include a two-car carport, laundry areas, storage buildings, a new roof on the south home, public water, cable availability, and a cesspool system. The property was built in 1988 and is zoned A-5A.
The south home features three bedrooms, 1 3/4 bathrooms, updated kitchen and bathroom finishes, tile flooring, open-beam ceilings, and a covered lanai extending across both levels. Its guest quarter adds one bedroom, one bathroom, a wet bar, and separate finishes. Additional improvements include a two-car carport, laundry areas, storage buildings, a new roof on the south home, public water, cable availability, and a cesspool system. The property was built in 1988 and is zoned A-5A.
Key Highlights
- Two updated homes on one 0.416‑acre lot
- Combined property size of 3,930 Square Feet
- Each home includes lower‑level guest quarters with private entrances
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
$58,935
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
3.69%
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%
$1,178,700
$1.2M
Cap Rate 7%
$841,929
$841.9K
Cap Rate 9%
$654,833
$654.8K
Market Conditions
NOI Build-Up for 3,930 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
$87.2K $22.20/SF
− Vacancy
−$3.1K −$0.78/SF
EGI
$84.2K $21.42/SF
− OpEx
−$25.3K −$6.43/SF
NOI
$58.9K $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%
$1,178,700
Cap Rate 7%
$841,929
Cap Rate 9%
$654,833
Alternative Uses
Best Use
Multifamily LT 5
$841.9K
$736.7K – $982.3K
NOI $58,935 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$771.2K
$674.8K – $899.7K
NOI $53,982 @ 7.0% cap · market cap 3.38%
Theoretical Best
Specialty Retail
$1.34M
$1.17M – $1.56M
NOI $93,886 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96740, HI
38,234
Population
19,119
Households
2
Avg Household Size
45
Median Age
35%
College-Educated
94%
High-School Grad
242.4 sq mi
ZIP Area
158
Density / Sq Mi
$94,091
Median Household Income
$42,605
Median Earnings
$1,692
Median Rent
$730,600
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 - Two residences on one lot provide separate living areas and private entrances for the lower-level guest quarters.
Where is this duplex located?
The property is located at 73-1153 AHIKAWA ST Kailua Kona, HI.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Two updated homes on one 0.416‑acre lot; Combined property size of 3,930 Square Feet; Each home includes lower‑level guest quarters with private entrances
