3-Unit Triplex on Gated
For Sale
$650,000
15-1974 8th Ave, Keaau, HI 96749
Three separate living units occupy a fenced property with a spacious yard and convenient access to neighborhood transportation.
Property Size1,370 SF
Lot Size1.00 Acre
Price / SF$474.45
Days on Market64
Property Features for 15-1974 8th Ave
General Information
Standard status
Active
Size
1,370 SF
Lot size
1.00 Acre
Property subtype
Residential Income
Additional Details
Asking Price
$650,000
Public Transit
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,227
Listing Agency:
Nathalie Mullinix Realty Universal, Inc.
(808) 327-4466
Listed By:
Nathalie C Mullinix · License #RB-17596
(808) 327-4466
Source:
Exprealty
Added: Jun 30
Changed: Aug 31
Last Checked: Aug 31 at 12:25AM
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 Nathalie Mullinix Realty Universal, Inc.
Investment Insights
Based on property information with market context.
This 1,370-square-foot triplex property includes 5 bedrooms, 3 bathrooms, and 3 separate living units. The improvements sit on a fully fenced and gated 1-acre lot with a spacious yard and ample parking. The property is not fully permitted, and buyers should verify all property information and approvals.
Located in Hawaiian Paradise Park, the property is approximately 17 miles from Hilo and minutes from the ocean. Shopping, dining, schools, and services are nearby, while a bus stop directly across the street provides local transportation access.
Located in Hawaiian Paradise Park, the property is approximately 17 miles from Hilo and minutes from the ocean. Shopping, dining, schools, and services are nearby, while a bus stop directly across the street provides local transportation access.
Key Highlights
- 5 bedrooms and 3 bathrooms across 3 separate living units
- 1,370 square feet on a 1‑acre lot
- Fully fenced and gated property
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
NOI $20,545 @ 7.0% cap · market cap 3.16%
Second Best
Apartment 5plus
$268.8K
$235.2K – $313.6K
NOI $18,818 @ 7.0% cap · market cap 2.90%
Theoretical Best
Specialty Retail
$467.6K
$409.1K – $545.5K
NOI $32,729 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate living units occupy a fenced property with a spacious yard and convenient access to neighborhood transportation.
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: 5 bedrooms and 3 bathrooms across 3 separate living units; 1,370 square feet on a 1‑acre lot; Fully fenced and gated property
