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    Remodeled Multi-Unit Residential Income Property Title is generated by Realmo AI

    84-290 Makaha Valley Road, Waianae, HI 96792

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    For Sale
    $1,999,000

    MULTI_FAMILY - Cottage - Waianae, HI

    Property size:
    4,384 SF
    Lot size:
    1.00 Acre
    Price / SF:
    $455/SF
    Added:
    Jun 3, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 4 at 9:06 pm

    Property Features for 84-290 Makaha Valley Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    15
    Bathrooms
    8
    Rooms
    Bathroom 5, Bedroom 4, Bathroom 6, Bedroom 10, Bedroom 11, Bedroom 9, Bedroom 7, Bedroom 1, Bedroom 14, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 13, Bedroom 15, Bathroom 8, Bedroom 8, Bedroom 6, Bathroom 3, Bathroom 7, Bedroom 5, Bedroom 12, Bathroom 1, Bedroom 2
    Parking
    10
    Parking features
    Boat, Carport
    Standard status
    Active
    APN
    1-8-4-021-060-0000
    Size
    4,384 SF
    Lot size
    1.00 Acre

    Taxes and HOA fees

    Tax Annual Amount
    3696

    Utilities

    Utilities
    Cable Available
    Sewer type
    Cesspool
    Water source
    Public

    Building Details

    Year built
    1974
    Floors in Building
    1
    Flooring type
    Vinyl
    Building materials
    Hollow Tile, Single Wall, Wood Frame
    Architectural style
    Cottage

    We can help!

    Listing Contact
    Vai Lan Lau

    Listing agent Vai Lan Lau License #RS-83779

    Listing office SC Realty, LLC 822 Halekauwila Street, Honolulu, HI

    Listing date Jun 3, 2026

    MLS# 202610829 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

    • 1‑acre Makaha Valley property with 3 legal structures: remodeled main house plus two‑story concrete duplex and a 1‑bedroom cottage
    • Main house: 4 bed/2.5 bath with window A/C in bedrooms; upstairs unit: 5 bed/2 bath; downstairs unit: 5 bed/2 bath
    • One‑bedroom cottage with detached single bedroom; tenant occupied units include main house, upstairs unit, and the 1‑bedroom cottage
    • Current rental income of $9,900, with an additional $3,600 possible once the vacant unit is occupied
    • Parking includes carport and boat parking; large deck and spacious backyard with mango trees and other fruit trees
    • Utilities and services: cable available; water is public; sewer is cesspool; sale is AS IS (tax records may not match; some unpermitted areas)

    Overview

    This multi-unit residential income property includes three legal structures on one lot, with remodeling completed in 2024 and 2026. The main house is configured as a 4-bedroom, 2.5-bath layout with window A/C in the bedrooms. A two-story concrete building contains an upstairs unit with 5 bedrooms and 2 baths, as well as a downstairs unit with 5 bedrooms and 2 baths. In addition, there is a one-bedroom cottage with a detached single bedroom. The main house, the upstairs unit, and the one-bedroom cottage are tenant occupied, while one unit is currently vacant and could increase rent if reoccupied. The property has lots of parking and a large deck in the spacious backyard, where there are mango trees and other fruit trees.

    The property is located near beaches, gas stations, and bus lines, providing everyday convenience for residents. Please note the property is on a cesspool. The seller states tax records may not match, and there are some unpermitted areas while original structures are legal.

    For buyers looking for a remodeled multi-structure setup with tenant occupancy already in place, the configuration offers multiple large-bedroom units and a separate cottage. The property is being sold AS IS, so buyers should review the current condition and any permitting/tax record discrepancies as part of their due diligence.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Map

    City
    Waianae
    County
    Honolulu
    State
    Hawaii
    Longitude
    -158.204211
    Latitude
    21.463572

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    FAQs

    What type of property is this?
    Quadplex - Three legal residential structures with extensive 2024–2026 remodels, multiple tenant homes, and on-site parking.
    Where is this quadplex located?
    The property is located at 84-290 Makaha Valley Road Waianae, HI.
    What is the asking price?
    The asking price for this property is $1,999,000.
    What are key features of this property?
    This property features: 1‑acre Makaha Valley property with 3 legal structures: remodeled main house plus two‑story concrete duplex and a 1‑bedroom cottage; Main house: 4 bed/2.5 bath with window A/C in bedrooms; upstairs unit: 5 bed/2 bath; downstairs unit: 5 bed/2 bath; One‑bedroom cottage with detached single bedroom; tenant occupied units include main house, upstairs unit, and the 1‑bedroom cottage
    (808) 384-6768
    We can help!
    Listing Contact
    Vai Lan Lau
    Real Estate License ID: RS-83779
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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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