New Two-Unit Duplex with
For Sale
$1,575,000
85-1020 Mill Street A & B, Waianae, HI 96792
Each residence includes three bedrooms, two baths, a private garage, and connections to City water and sewer.
Property Size2,400 SF
Price / SF$656.25
Days on Market20
Property Features for 85-1020 Mill Street A & B
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
2026
Construction
modern
Listing Agency:
NextHome All Islands
(808) 489-0054
Listed By:
Timothy J Murray · License #RB-24533
Source:
Paradisebrokers
Added: Aug 13
Changed: Aug 30
Last Checked: Aug 31 at 6:48PM
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 NextHome All Islands
Investment Insights
Based on property information with market context.
This duplex is planned as two separate residences, each with three bedrooms, two bathrooms, approximately 1,200 square feet of interior space, and a 400-square-foot two-car garage. The property is connected to City water and sewer, with construction estimated for completion at the end of June 2026. CPR maps and architectural drawings are available.
Located at 85-1020 Mill Street A & B in Waianae, the property is minutes from beaches along the Waianae Coast and near dining and entertainment at 604 restaurant and Provisions at Pokai Bay. Each unit is designed with its own garage and a functional residential layout.
Located at 85-1020 Mill Street A & B in Waianae, the property is minutes from beaches along the Waianae Coast and near dining and entertainment at 604 restaurant and Provisions at Pokai Bay. Each unit is designed with its own garage and a functional residential layout.
Key Highlights
- Two separate 3‑bedroom, 2‑bath units
- Approximately 1,200 sq ft of interior space per unit
- Each unit includes a 400 sq ft two‑car garage
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
$47,794
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
3.03%
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%
$955,880
$955.9K
Cap Rate 7%
$682,771
$682.8K
Cap Rate 9%
$531,044
$531.0K
Market Conditions
NOI Build-Up for 2,400 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
$73.4K $30.60/SF
− Vacancy
−$5.2K −$2.15/SF
EGI
$68.3K $28.45/SF
− OpEx
−$20.5K −$8.53/SF
NOI
$47.8K $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%
$955,880
Cap Rate 7%
$682,771
Cap Rate 9%
$531,044
Alternative Uses
Best Use
Multifamily LT 5
$682.8K
$597.4K – $796.6K
NOI $47,794 @ 7.0% cap · market cap 3.03%
Second Best
Apartment 5plus
$628.6K
$550.1K – $733.4K
NOI $44,004 @ 7.0% cap · market cap 2.79%
Theoretical Best
Specialty Retail
$972.3K
$850.8K – $1.13M
NOI $68,064 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Demographics for 96792, HI
51,965
Population
15,516
Households
3.3
Avg Household Size
35
Median Age
16%
College-Educated
91%
High-School Grad
61.1 sq mi
ZIP Area
850
Density / Sq Mi
$83,927
Median Household Income
$39,666
Median Earnings
$1,820
Median Rent
$551,400
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?
Duplex - Each residence includes three bedrooms, two baths, a private garage, and connections to City water and sewer.
Where is this duplex located?
The property is located at 85-1020 Mill Street A & B Waianae, HI.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Two separate 3‑bedroom, 2‑bath units; Approximately 1,200 sq ft of interior space per unit; Each unit includes a 400 sq ft two‑car garage
