Detached Duplex with
For Sale
$2,400,000
1439 Akuleana Place, Kailua, HI 96734
Two separately metered residences offer fenced yards, shared pool access, and flexible owner-occupant or rental use.
Property Size10,716 SF
Price / SF$223.96
Days on Market171
Property Features for 1439 Akuleana Place
General Information
Standard status
Active
Size
10,716 SF
Total Parking Spaces
6
Property subtype
Multi-Family / Multi-Family
Zoning
05 - R-5 Residential District
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 4BR/2BA, 1 x 2BR/1.5BA
Multifamily Units
2
Amenities
pool
fenced yards
lanai
Dryer, Individual, Washer
Asphalt Shingle
A/C
Above Ground, Double Wall, Hollow Tile, Wood Frame
Building Details
Year Built
1972
Buildings
2
Listing Agency:
Corcoran Pacific Properties
(808) 589-2040
Listed By:
Marsha L Forsythe · License #RS-66449
(808) 589-2040
Source:
Compass
Added: Mar 15
Changed: Aug 31
Last Checked: Aug 31 at 9:38PM
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 Corcoran Pacific Properties
Investment Insights
Based on property information with market context.
This multifamily property includes two detached residences totaling 10,716 square feet. The front home has 4 bedrooms and 2 baths, while the rear home provides 2 bedrooms and 1.5 baths. Each residence has its own fenced yard, and the property includes a large pool with a removable Guardian Pool Fence. A private walkway serves the rear home, supporting separation between the residences.
Electricity is separately metered for each home, and water may be sub-metered. Parking includes a 2-car garage plus space for 4 additional vehicles, with street parking also available. The front residence is vacant and features luxury vinyl plank and tile flooring along with split AC in the living room and primary bedroom. The rear home has a window AC unit in the primary bedroom, a usable lanai, and a lease extending through April 22, 2026. Built in 1972, the property is zoned 05 - R-5 Residential District and is located on a quiet cul-de-sac near schools, parks, Enchanted Lake Shopping Center, downtown Kailua, and Kailua Beach.
Electricity is separately metered for each home, and water may be sub-metered. Parking includes a 2-car garage plus space for 4 additional vehicles, with street parking also available. The front residence is vacant and features luxury vinyl plank and tile flooring along with split AC in the living room and primary bedroom. The rear home has a window AC unit in the primary bedroom, a usable lanai, and a lease extending through April 22, 2026. Built in 1972, the property is zoned 05 - R-5 Residential District and is located on a quiet cul-de-sac near schools, parks, Enchanted Lake Shopping Center, downtown Kailua, and Kailua Beach.
Key Highlights
- Two detached homes totaling 10,716 sq ft: 4‑bedroom/2‑bath and 2‑bedroom/1.5‑bath residences
- Large pool protected by a removable Guardian Pool Fence
- Separate fenced yards and a private walkway to the rear home
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
$213,400
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
8.89%
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%
$4,268,000
$4.3M
Cap Rate 7%
$3,048,571
$3.0M
Cap Rate 9%
$2,371,111
$2.4M
Market Conditions
NOI Build-Up for 10,716 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
$327.9K $30.60/SF
− Vacancy
−$23.1K −$2.15/SF
EGI
$304.9K $28.45/SF
− OpEx
−$91.5K −$8.53/SF
NOI
$213.4K $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%
$4,268,000
Cap Rate 7%
$3,048,571
Cap Rate 9%
$2,371,111
Alternative Uses
Best Use
Multifamily LT 5
$3.05M
$2.67M – $3.56M
NOI $213,400 @ 7.0% cap · market cap 8.89%
Second Best
Apartment 5plus
$2.81M
$2.46M – $3.27M
NOI $196,476 @ 7.0% cap · market cap 8.19%
Theoretical Best
Specialty Retail
$4.34M
$3.80M – $5.07M
NOI $303,907 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Two separately metered residences offer fenced yards, shared pool access, and flexible owner-occupant or rental use.
Where is this multifamily property located?
The property is located at 1439 Akuleana Place Kailua, HI.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Two detached homes totaling 10,716 sq ft: 4‑bedroom/2‑bath and 2‑bedroom/1.5‑bath residences; Large pool protected by a removable Guardian Pool Fence; Separate fenced yards and a private walkway to the rear home
