Eight-Unit Multifamily
For Sale
$3,700,000
733 Kihapai Place, Kailua, HI 96734
Built in 1960, this eight-unit 2BR/1BA property sits at a cul-de-sac end with dedicated off-street parking.
Property Size8,394 SF
Price / SF$440.79
Days on Market86
Property Features for 733 Kihapai Place
General Information
Standard status
Active
Size
8,394 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Multifamily Units
8
Building Details
Year Built
1960
Listed By:
James Shipman · License #RB-17830
(808) 541-5184
Source:
Cbre
Added: Jul 13
Changed: Sep 21
Last Checked: Oct 5 at 5:57PM
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 James Shipman
Investment Insights
Based on property information with market context.
Built in 1960 and positioned at the end of a cul-de-sac, the property offers eight well-maintained 2-bedroom, 1-bathroom units. The units are described as approximately 545 square feet each, and the asset is currently fully leased with a consistent 100% occupancy history. Dedicated off-street parking is provided for tenant convenience.
Located in Kailua Town, the property is marketed with a “Moderately Walkable” score of 70/100, with residents described as a 6-to-9-minute walk from Kailua Town Center and major anchors including Target, Whole Foods Market, Foodland, and Longs Drug Store, as well as financial institutions.
Access to key destinations is also highlighted, including Marine Corps Base Hawaii (4.7 miles away) and Adventist Health Castle (1.5 miles away).
Located in Kailua Town, the property is marketed with a “Moderately Walkable” score of 70/100, with residents described as a 6-to-9-minute walk from Kailua Town Center and major anchors including Target, Whole Foods Market, Foodland, and Longs Drug Store, as well as financial institutions.
Access to key destinations is also highlighted, including Marine Corps Base Hawaii (4.7 miles away) and Adventist Health Castle (1.5 miles away).
Key Highlights
- Eight (8) units built in 1960, featuring eight 2BR/1BA apartments, approx. 545 SF each
- Fully leased with a consistent 100% occupancy history
- Situated at the end of a cul‑de‑sac with dedicated off‑street parking for tenant convenience
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$153,902
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,078,040
$3.1M
Cap Rate 7%
$2,198,600
$2.2M
Cap Rate 9%
$1,710,022
$1.7M
Market Conditions
NOI Build-Up for 8,394 SF
Gross rent
$302.2K $36.00/SF
− Vacancy
−$22.4K −$2.66/SF
EGI
$279.8K $33.34/SF
− OpEx
−$125.9K −$15.00/SF
NOI
$153.9K $18.33/SF
Area
Honolulu County, HI
Vacancy
7.40%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,078,040
Cap Rate 7%
$2,198,600
Cap Rate 9%
$1,710,022
Alternative Uses
Best Use
Apartment 5plus
$2.20M
$1.92M – $2.57M
NOI $153,902 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.40M
$2.98M – $3.97M
NOI $238,055 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Demographics for 96734, HI
49,922
Population
18,208
Households
2.7
Avg Household Size
38
Median Age
53%
College-Educated
98%
High-School Grad
21.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$131,554
Median Household Income
$56,374
Median Earnings
$3,297
Median Rent
$1,246,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 1960, this eight-unit 2BR/1BA property sits at a cul-de-sac end with dedicated off-street parking.
Where is this apartment building located?
The property is located at 733 Kihapai Place Kailua, HI.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Eight (8) units built in 1960, featuring eight 2BR/1BA apartments, approx. 545 SF each; Fully leased with a consistent 100% occupancy history; Situated at the end of a cul‑de‑sac with dedicated off‑street parking for tenant convenience
