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 Market40
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
Listing Agency:
(808) 541-5184
Listed By:
James Shipman · License #RB-17830
(808) 541-5184
Source:
Cbre
Added: Jul 13
Changed: Jul 20
Last Checked: Aug 20 at 2:16PM
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 = 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
$153,902
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
4.16%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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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
