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    92-8689 LEHUA LN unit 1 And # 2 Ocean View, HI 96737

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    Claim this Listing
    For Sale
    $349,000

    MULTI_FAMILY - Ocean View, HI

    Property size:
    1,260 SF
    Lot size:
    2.00 Acres
    Price / SF:
    $276/SF
    Added:
    Oct 31, 2025
    Days on Market:
    183
    Last Refresh:
    May 1 at 2:06 am

    Property Features for 92-8689 LEHUA LN unit 1 And # 2

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    A-1A
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3
    Parking features
    Assigned
    Window features
    Blinds
    Appliances
    Microwave, Range, Refrigerator, Washer
    Standard status
    Active
    APN
    3920840640000
    Size
    1,260 SF
    Lot size
    2.00 Acres

    Taxes and HOA fees

    Tax Year
    202
    Tax Annual Amount
    400

    Utilities

    Utilities
    Phone Available
    Sewer type
    Septic Tank, Cesspool

    Building Details

    Year built
    1993
    Floors in Building
    1
    Flooring type
    Carpet

    We can help!

    Listing Contact
    Teena Genge

    Listing agent Teena Genge License #RB-23650

    Listing office United Country Real Estate-Hawaii Lifestyle Properties, LLC 75-5915 Walua Rd, Naalehu, HI

    Listing date Oct 31, 2025

    MLS# 725243 Listing URL

    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.

    Overview

    Two Homes on Two Acres

    Located in Hawaiian Ocean View Estates, this property features two distinct homes on two acres divided into two separate tax lots, each with its own entrance and landscaping. The main residence is a 2-bedroom, 1-bath home surrounded by mature plantings and hand-built rock walls. Terraced gardens provide space for relaxation or cultivation. Storage is ample, with a 20-foot cargo container, multiple sheds, and two carports. The property has on-grid electric service. The adjoining tax lot contains another home with a separate entrance, featuring a 1-bedroom, 1-bath layout. Two insulated 40-foot cargo containers offer additional storage or workspace. This lot also has its own carport. Both homes offer ocean views. Situated one block from Highway 11, the property is close to groceries, gas, and local amenities. The property offers flexibility for multi-generational living, investment, or creating a personal retreat. The property is ready to accommodate a family compound, rental income, or simple island comfort.
    Location Intelligence

    Current Use by Public Records

    Single family properties

    Map

    City
    Ocean View
    County
    Hawaii
    State
    Hawaii
    Longitude
    -155.7726792
    Latitude
    19.0878321

    FAQs

    What type of property is this?
    Single family property - Two homes on two acres in Hawaiian Ocean View Estates.
    Where is this single family property located?
    The property is located at 92-8689 LEHUA LN unit 1 And # 2 Ocean View, HI.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: Two homes on two separate tax lots, each with its own entrance, offering flexibility for multi‑generational living or rental income.; Two acres of private, thoughtfully landscaped grounds with mature plantings and terraced gardens.; **Main residence: 2‑bedroom, 1‑bath home with mature plantings, rock walls, and terraced gardens.**
    (808) 400-0643
    We can help!
    Listing Contact
    Teena Genge
    Real Estate License ID: RB-23650
    Learn More
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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.

    More about this property
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