Two-Home Multi-Family
For Sale
$2,188,000
1439 Akuleana Place, Kailua, HI 96734
MULTI_FAMILY - Kailua, HI
Property Size10,716 SF
Price / SF$204.18
Days on Market140
Property Features for 1439 Akuleana Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
05 - R-5 Residential District
Parking
4
Parking features
Covered, Open
Appliances
Dryer, Washer
Subdivision
ENCHANTED LAKE
Lot features
Cleared
Elementary school
Kaelepulu
Middle school
Kailua
High school
Kailua
Standard status
Active
APN
1-4-2-092-032-0000
Taxes and HOA fees
Tax Annual Amount
16681
Utilities
Utilities
Cable Available
Cooling system
Central Air
Water source
Public
Building Details
Year built
1972
Floors in Building
2
Number of units
2
Building materials
Double Wall, Hollow Tile, Wood Frame
Listing Agency:
Corcoran Pacific Properties
(808) 589-2040
Listed By:
Marsha L Forsythe · License #RS-66449
(808) 589-2040
Added: Mar 16
Changed: Jul 20
Last Checked: Aug 2 at 3:06AM
MLS# 202605301
Copyright © 2026 HiCentral MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This legal multi-family property consists of two spacious detached homes with separate fenced yards. The front home features luxury vinyl plank and tile flooring, along with split A/C units in the living room and primary bedroom. The back home is reached via a private walkway and includes a usable lanai and a window A/C. Both residences benefit from separate utility metering, and the water system is ready for sub-metering, supporting clear, independent household setups.
Set on a quiet cul-de-sac, the property includes a shared swimming pool with a removable Guardian Pool Fence. Parking is abundant: each home has a two-car garage, plus additional off-street parking for four cars, with ample street parking available. The property is located in Kailua, with nearby access to schools, parks, the Enchanted Lake Shopping Center, and downtown Kailua, while the beach is only a short distance away.
For buyers or operators seeking a straightforward arrangement for multi-generational occupancy or rental use, the two detached layouts offer privacy through separate yards and utility metering. The shared pool and enclosed, removable fence can also be a practical community feature for entertaining, while the on-site parking supports day-to-day convenience for occupants and guests.
Set on a quiet cul-de-sac, the property includes a shared swimming pool with a removable Guardian Pool Fence. Parking is abundant: each home has a two-car garage, plus additional off-street parking for four cars, with ample street parking available. The property is located in Kailua, with nearby access to schools, parks, the Enchanted Lake Shopping Center, and downtown Kailua, while the beach is only a short distance away.
For buyers or operators seeking a straightforward arrangement for multi-generational occupancy or rental use, the two detached layouts offer privacy through separate yards and utility metering. The shared pool and enclosed, removable fence can also be a practical community feature for entertaining, while the on-site parking supports day-to-day convenience for occupants and guests.
Key Highlights
- Legal multifamily on a quiet cul‑de‑sac with two detached homes totaling 10,716 sq ft
- Front home has luxury vinyl plank and tile flooring plus split AC units in the living room and primary bedroom
- Back home includes a usable lanai and window AC, accessed via a private walkway
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $385.8k | $36.00 |
| − Vacancy | −$28.5k | −$2.66 |
| EGI | $357.2k | $33.34 |
| − OpEx | −$160.8k | −$15.00 |
| NOI | $196.5k | $18.33 |
10,716 SF · lease $36.00/SF/yr · vacancy 7.40% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$3.05M
$2.67M – $3.56M
NOI $213,400 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$2.81M
$2.46M – $3.27M
NOI $196,476 @ 7.0% cap · market cap 8.98%
Theoretical Best
Specialty Retail
$4.34M
$3.80M – $5.07M
NOI $303,907 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Fenced yard
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?
Duplex - Two detached residences with separate fenced yards and separately metered electricity, sharing a swimming pool.
Where is this duplex located?
The property is located at 1439 Akuleana Place Kailua, HI.
What is the asking price?
The asking price for this property is $2,188,000.
What are key features of this property?
This property features: Legal multifamily on a quiet cul‑de‑sac with two detached homes totaling 10,716 sq ft; Front home has luxury vinyl plank and tile flooring plus split AC units in the living room and primary bedroom; Back home includes a usable lanai and window AC, accessed via a private walkway
