Permitted Two-Home
For Sale
$1,075,000
15-1634 PARADISE DR, Keaau, HI 96749
Residential Income, Keaau, HI
Property Size2,692 SF
Lot Size1.00 Acre
Price / SF$399.33
Days on Market229
Property Features for 15-1634 PARADISE DR
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
A-1A
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Fencing
Chain Link
Appliances
Disposal, Dryer, Microwave Hood, Range, Refrigerator, Washer
Subdivision
HAWAIIAN PARADISE PARK
Lot features
Corner Lot
Standard status
Active
APN
3150401580000
Size
2,692 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3341
HOA Fee
$36 Monthly
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Building Details
Year built
2021
Flooring type
Vinyl
Listing Agency:
Coldwell Banker Island Properties - Kamuela · Coldwell Banker Real Estate
(808) 724-6854
Listed By:
Hanalei De Rego
(808) 430-9343
Added: Jan 26
Changed: Sep 11
Last Checked: Sep 12 at 4:06AM
MLS# 725836
Copyright © 2026 Hawaii Information Service. 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 duplex property contains 2,692 square feet across two permitted homes on a 1-acre parcel. The main residence, completed in 2021, offers three bedrooms, two bathrooms, a split floor plan, vaulted living-room ceilings, a primary suite with split A/C, and an office or flex area. The second home was built in 2024 and includes two bedrooms, two bathrooms, a modern farmhouse-inspired interior, and a practical kitchen with a butcher block countertop.
Located on Paradise Dr. in Keaau, the property has a paved driveway, two gated entrances, county water, chain-link fencing, and a septic tank. Paid-off PV systems serve both homes. Mature fruit trees, vegetable and herb gardens, and irrigation catchment systems support agricultural use across the grounds.
Located on Paradise Dr. in Keaau, the property has a paved driveway, two gated entrances, county water, chain-link fencing, and a septic tank. Paid-off PV systems serve both homes. Mature fruit trees, vegetable and herb gardens, and irrigation catchment systems support agricultural use across the grounds.
Key Highlights
- Two permitted homes on 1 acre with 2,692 square feet of total property size
- Main home built in 2021 with 3 bedrooms and 2 bathrooms
- Second dwelling built in 2024 with 2 bedrooms and 2 bathrooms
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
$40,370
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
3.76%
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%
$807,400
$807.4K
Cap Rate 7%
$576,714
$576.7K
Cap Rate 9%
$448,556
$448.6K
Market Conditions
NOI Build-Up for 2,692 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
$59.8K $22.20/SF
− Vacancy
−$2.1K −$0.78/SF
EGI
$57.7K $21.42/SF
− OpEx
−$17.3K −$6.43/SF
NOI
$40.4K $15.00/SF
Area
Hawaii County, HI
Vacancy
3.50%
Lease Rate
$22.20 /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%
$807,400
Cap Rate 7%
$576,714
Cap Rate 9%
$448,556
Alternative Uses
Best Use
Multifamily LT 5
$576.7K
$504.6K – $672.8K
NOI $40,370 @ 7.0% cap · market cap 3.76%
Second Best
Apartment 5plus
$528.2K
$462.2K – $616.3K
NOI $36,977 @ 7.0% cap · market cap 3.44%
Theoretical Best
Specialty Retail
$918.7K
$803.9K – $1.07M
NOI $64,311 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Demographics for 96749, HI
20,503
Population
7,545
Households
2.7
Avg Household Size
42
Median Age
23%
College-Educated
92%
High-School Grad
59.8 sq mi
ZIP Area
343
Density / Sq Mi
$74,633
Median Household Income
$41,366
Median Earnings
$1,268
Median Rent
$396,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 permitted dwellings share a paved corner lot with county water, fencing, and gated access.
Where is this duplex located?
The property is located at 15-1634 PARADISE DR Keaau, HI.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Two permitted homes on 1 acre with 2,692 square feet of total property size; Main home built in 2021 with 3 bedrooms and 2 bathrooms; Second dwelling built in 2024 with 2 bedrooms and 2 bathrooms
