Building Details

Year built 1984

Flooring type Laminate, Marble

Listing Agency: Nathalie Mullinix Realty Universal, Inc. Show Phone

Listed By: Nathalie C Mullinix · License #RB-17596 Show Phone

Added: Jul 1 Changed: Sep 27 Last Checked: Sep 27 at 2:06PM

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MLS# 731655

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 triplex property contains three separate living units with a combined 5 bedrooms and 3 bathrooms. The building measures 1,370 square feet and was built in 1984. The one-acre parcel is fenced and gated, with a yard and parking. Flooring includes laminate and marble. The property is not fully permitted, a material consideration for review.

Located in Hawaiian Paradise Park, the property is 17 miles from Hilo and minutes from the ocean. A bus stop is directly across the street, and shopping, dining, schools, and services are described as nearby. Water is supplied by a well. Zoning is A-1A.

Key Highlights

• Three separate living units
• 5 bedrooms and 3 bathrooms
• 1,370 square feet; built in 1984

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

$20,545

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

3.16%

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%

$410,900 $410.9K

Cap Rate 7%

$293,500 $293.5K

Cap Rate 9%

$228,278 $228.3K

Market Conditions

NOI Build-Up for 1,370 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

$30.4K $22.20/SF

− Vacancy

−$1.1K −$0.78/SF

EGI

$29.3K $21.42/SF

− OpEx

−$8.8K −$6.43/SF

NOI

$20.5K $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%

$410,900

Cap Rate 7%

$293,500

Cap Rate 9%

$228,278

Alternative Uses

Best Use

Multifamily LT 5

$293.5K

$256.8K – $342.4K (±1% cap)

NOI $20,545 @ 7.0% cap · market cap 3.16%

Second Best

Apartment 5plus

$268.8K

$235.2K – $313.6K (±1% cap)

NOI $18,818 @ 7.0% cap · market cap 2.90%

Theoretical Best

Specialty Retail

$467.6K

$409.1K – $545.5K (±1% cap)

NOI $32,729 @ 7.0% cap · market cap 5.04%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Triplexes

Lease Details

3

Residential units

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this triplexes located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Triplex - Three independent living units provide options for rental use or extended household living.

Where is this triplex located?

The property is located at 15-1974 8TH AVE Keaau, HI.

What is the asking price?

The asking price for this property is $650,000.

What are key features of this property?

This property features: Three separate living units; 5 bedrooms and 3 bathrooms; 1,370 square feet; built in 1984