Duplex with Two Permitted
For Sale
$1,150,000
15-1746 23RD AVE, Keaau, HI 96749
MULTI_FAMILY - Keaau, HI
Property Size2,692 SF
Lot Size1.00 Acre
Price / SF$427.19
Days on Market206
Property Features for 15-1746 23RD AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A-1A
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 5
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
Amenities
paved driveway
solar panels
catchment system
potting house
fruit trees
gardens
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: Aug 4
Last Checked: Aug 20 at 11:06PM
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.
Duplex with two fully permitted homes on a 1-acre lot in Hawaiian Paradise Park. The property includes a paved corner lot with a paved driveway, full chain-link fencing, and two gated entrances with Ghost openers. COUNTY WATER is available, and sewer is provided by a septic tank.
The primary residence is a custom 3-bedroom, 2-bath home built in 2021 with a split floor plan. Features include vaulted ceilings, a spacious living room with a custom built-in entertainment center, and a primary suite with its own split A/C unit, an oversized walk-in closet, and an ensuite bath with double vanities and a tiled walk-in shower. A flex space off the primary suite is currently used as an office. Both homes have fully paid off PV systems.
A second dwelling provides 2 bedrooms and 2 baths and was built in 2024 with modern farm house finishes, including a butcher block counter top. The outdoor area includes mature, fruit-bearing trees and thriving vegetable and herb gardens, supported by backup catchment systems dedicated to irrigation, irrigation water spigots throughout the garden area, and a well-constructed potting house at the center of the property.
The primary residence is a custom 3-bedroom, 2-bath home built in 2021 with a split floor plan. Features include vaulted ceilings, a spacious living room with a custom built-in entertainment center, and a primary suite with its own split A/C unit, an oversized walk-in closet, and an ensuite bath with double vanities and a tiled walk-in shower. A flex space off the primary suite is currently used as an office. Both homes have fully paid off PV systems.
A second dwelling provides 2 bedrooms and 2 baths and was built in 2024 with modern farm house finishes, including a butcher block counter top. The outdoor area includes mature, fruit-bearing trees and thriving vegetable and herb gardens, supported by backup catchment systems dedicated to irrigation, irrigation water spigots throughout the garden area, and a well-constructed potting house at the center of the property.
Key Highlights
- Two fully permitted homes on a 1‑acre lot in Hawaiian Paradise Park
- Paved corner lot with paved driveway, chain‑link fencing, and two gated entrances with Ghost openers
- COUNTY WATER available; sewer provided by septic tank
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
3.51%
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 3.51%
Second Best
Apartment 5plus
$528.2K
$462.2K – $616.3K
NOI $36,977 @ 7.0% cap · market cap 3.22%
Theoretical Best
Specialty Retail
$918.7K
$803.9K – $1.07M
NOI $64,311 @ 7.0% cap · market cap 5.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
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
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 - Dual-home duplex on a paved corner lot with county water, chain-link fencing, gated entrances, and fully paid-off PV systems.
Where is this duplex located?
The property is located at 15-1746 23RD AVE Keaau, HI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Two fully permitted homes on a 1‑acre lot in Hawaiian Paradise Park; Paved corner lot with paved driveway, chain‑link fencing, and two gated entrances with Ghost openers; COUNTY WATER available; sewer provided by septic tank
