Multi-Unit Residential Income Property with
1602 Mikahala Way Unit A B & C Honolulu, HI 96816
1602 Mikahala Way Unit A B & C, Honolulu, HI, 96816
$2,295,000
Pending
For Sale
$2,295,000
Pending
Separate units and an attached studio offer flexible rental or owner-occupant living arrangements.
Property Size4,230 SF
Days on Market50
Property Features for 1602 Mikahala Way Unit A B & C
General Information
- Standard status
- Pending
- Size
- 4,230 SF
- Property subtype
- Residential / Single Family
Building Details
- Year Built
- 1945
Listing agency
Property Profiles, Inc.
(808) 487-9500
Listed by
Lurline R Johnson · License #RB-17746
(808) 487-9500
Source
Compass
Added: Jun 3 Updated: Jul 10 at 1:51PM Checked: Jul 21 at 8:31AM
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 Property Profiles, Inc.
Investment Insights
Based on property information with market context.
This for-sale multi-unit residential income property is arranged for multi-generational or flexible living. The back portion includes an upstairs unit with two bedrooms and two baths, along with a bright living and dining area and kitchen. The lower level provides a bedroom, a bath, and expansive living space. An attached studio unit above the two-car garage includes its own bathroom and laundry area.
The front “white house” is configured as two separate units, with a two-bedroom, one-bath unit upstairs and a one-bedroom, one-bath unit downstairs. Each includes a full kitchen, and the front home is served by a one-car carport. The property is located at 1602 Mikahala Way, Unit A B & C, Honolulu, HI 96816, and offers panoramic views from Ewa toward Diamond Head.
The property has been used as rentals for many years and is suited to investors or owner-occupants seeking multiple income streams or added privacy. There are two separate electric meters, while water is serviced by a single meter. The home requires updating to meet modern standards, though the electrical system for the back house has already been upgraded.
The front “white house” is configured as two separate units, with a two-bedroom, one-bath unit upstairs and a one-bedroom, one-bath unit downstairs. Each includes a full kitchen, and the front home is served by a one-car carport. The property is located at 1602 Mikahala Way, Unit A B & C, Honolulu, HI 96816, and offers panoramic views from Ewa toward Diamond Head.
The property has been used as rentals for many years and is suited to investors or owner-occupants seeking multiple income streams or added privacy. There are two separate electric meters, while water is serviced by a single meter. The home requires updating to meet modern standards, though the electrical system for the back house has already been upgraded.
Key Highlights
- 1945‑built property on a spacious lot with multi‑dwelling, multi‑generational living potential
- Back home: 2BR/2BA upstairs plus lower level with 1BR/1BA and expansive living space
- Attached studio with bathroom and laundry area included in a 2‑car garage setup
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.4k | $30.60 |
| − Vacancy | −$9.1k | −$2.15 |
| EGI | $120.3k | $28.45 |
| − OpEx | −$36.1k | −$8.53 |
| NOI | $84.2k | $19.91 |
4,230 SF · lease $30.60/SF/yr · vacancy 7.03% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $84,237 @ 7.0% cap · market cap 3.67%
Second Best
Apartment 5plus
$1.11M
$969.5K – $1.29M
NOI $77,556 @ 7.0% cap · market cap 3.38%
Theoretical Best
Specialty Retail
$1.71M
$1.50M – $2.00M
NOI $119,963 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Separate units and an attached studio offer flexible rental or owner-occupant living arrangements.
Where is this quadplex located?
The property is located at 1602 Mikahala Way Unit A B & C Honolulu, HI.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 1945‑built property on a spacious lot with multi‑dwelling, multi‑generational living potential; Back home: 2BR/2BA upstairs plus lower level with 1BR/1BA and expansive living space; Attached studio with bathroom and laundry area included in a 2‑car garage setup
