Triplex with Six-Car
For Sale
$2,042,250
1128 Alohi Way, Honolulu, HI 96814
Three separate residences offer flexible multifamily occupancy in an urban Honolulu setting.
Property Size3,572 SF
Lot Size0.14 Acres
Price / SF$571.74
Days on Market83
Property Features for 1128 Alohi Way
General Information
Standard status
Active
Size
3,572 SF
Lot size
0.14 Acres
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/2BA upstairs (1,241 SF), 1 x 3BR/2BA downstairs (1,201 SF), 1 x 3BR/2BA ADU (1,128 SF)
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,648
Building Details
Building Size
3,572 SF
Year Built
1950
Listing Agency:
Coldwell Banker Island Prop
(808) 372-4176
Listed By:
Thomas S Kiyabu · License #RS-32870
(808) 372-4176
Source:
Careyluxury
Added: May 20
Changed: Aug 8
Last Checked: Aug 9 at 11:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Island Prop
Investment Insights
Based on property information with market context.
This triplex comprises three distinct living areas totaling approximately 3,572 square feet. The upper residence includes 3 bedrooms and 2 bathrooms across approximately 1,241 square feet, while the lower residence offers the same bedroom and bathroom count within approximately 1,201 square feet. An attached ADU, built in 1997, adds approximately 1,128 square feet with 3 bedrooms and 2 bathrooms. The property also includes a 6-car tandem carport, along with driveway and street parking.
Set on approximately 6,000 square feet of level land, the property is located in Honolulu’s Kakaako Community Development District near Kakaako, Ward Village, Ala Moana Center, Kaiser Permanente, beaches, restaurants, shopping, medical facilities, schools, and freeway access. The neighboring duplex may also be acquired on an additional 6,000 sq. ft. lot; buyers should verify any development possibilities.
Set on approximately 6,000 square feet of level land, the property is located in Honolulu’s Kakaako Community Development District near Kakaako, Ward Village, Ala Moana Center, Kaiser Permanente, beaches, restaurants, shopping, medical facilities, schools, and freeway access. The neighboring duplex may also be acquired on an additional 6,000 sq. ft. lot; buyers should verify any development possibilities.
Key Highlights
- Three living areas with approximately 9 bedrooms and 6 bathrooms total
- Approximately 3,572 sq. ft. of building area on approximately 6,000 sq. ft. of level land
- Attached 3‑bedroom, 2‑bath ADU built in 1997
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
$71,133
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
3.48%
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%
$1,422,660
$1.4M
Cap Rate 7%
$1,016,186
$1.0M
Cap Rate 9%
$790,367
$790.4K
Market Conditions
NOI Build-Up for 3,572 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
$109.3K $30.60/SF
− Vacancy
−$7.7K −$2.15/SF
EGI
$101.6K $28.45/SF
− OpEx
−$30.5K −$8.53/SF
NOI
$71.1K $19.91/SF
Area
Honolulu County, HI
Vacancy
7.03%
Lease Rate
$30.60 /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%
$1,422,660
Cap Rate 7%
$1,016,186
Cap Rate 9%
$790,367
Alternative Uses
Best Use
Multifamily LT 5
$1.02M
$889.2K – $1.19M
NOI $71,133 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$935.6K
$818.7K – $1.09M
NOI $65,492 @ 7.0% cap · market cap 3.21%
Theoretical Best
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,302 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Demographics for 96814, HI
24,870
Population
15,346
Households
1.6
Avg Household Size
47
Median Age
50%
College-Educated
93%
High-School Grad
1.2 sq mi
ZIP Area
20,725
Density / Sq Mi
$77,336
Median Household Income
$55,408
Median Earnings
$1,770
Median Rent
$706,500
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?
Triplex - Three separate residences offer flexible multifamily occupancy in an urban Honolulu setting.
Where is this triplex located?
The property is located at 1128 Alohi Way Honolulu, HI.
What is the asking price?
The asking price for this property is $2,042,250.
What are key features of this property?
This property features: Three living areas with approximately 9 bedrooms and 6 bathrooms total; Approximately 3,572 sq. ft. of building area on approximately 6,000 sq. ft. of level land; Attached 3‑bedroom, 2‑bath ADU built in 1997
