Three-Unit Residential Income
For Sale
$1,150,000
Pending
1634 Lusitana Street, Honolulu, HI 96813
Duplex plus 2-bedroom cottage with fresh exterior paint, off-street parking, and window AC units across bedrooms.
Property Size1,812 SF
Days on Market103
Property Features for 1634 Lusitana Street
General Information
Standard status
Pending
Size
1,812 SF
Total Parking Spaces
4
Property subtype
Multi-Family / Multi-Family
Zoning
07 - R-3.5 Residential District
Net Operating Income
$89,541
Additional Details
Multifamily Units
5
Amenities
Full
Coin, Dryer, Individual, Washer
Aluminum/Steel
A/C, Storage
Sewer
Above Ground, Other, Single Wall, Wood Frame
Building Details
Year Built
1926
Listing Agency:
Coldwell Banker Realty
(808) 351-1893
Listed By:
Steph Chan · License #RB-20614
(808) 351-1893
Source:
Compass
Added: May 12
Changed: Aug 7
Last Checked: Jul 24 at 1:50PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This residential income property in Punchbowl includes a duplex and a separate 2-bedroom, 1-bath cottage. The duplex configuration offers a 2-bedroom, 1-bath upstairs unit and a 3-bedroom, 1-bath downstairs unit. Each bedroom is equipped with ceiling fan lights and window AC units, and the exterior has been freshly painted. The property is described as lovingly maintained by the owners for decades and is partially furnished. There are 4 off-street parking stalls available, supporting day-to-day convenience for residents and guests.
Metering is separated with 2 electric meters, 3 gas meters, and 2 water meters. The property is noted as not a CPR. Located at 1634 Lusitana Street in Honolulu, it is presented as a straightforward live-in or rental arrangement with a versatile unit mix.
Overall, the offering provides three distinct residential spaces: two units within the duplex and one stand-alone cottage, each with window AC and ceiling fan lighting in the bedrooms.
Metering is separated with 2 electric meters, 3 gas meters, and 2 water meters. The property is noted as not a CPR. Located at 1634 Lusitana Street in Honolulu, it is presented as a straightforward live-in or rental arrangement with a versatile unit mix.
Overall, the offering provides three distinct residential spaces: two units within the duplex and one stand-alone cottage, each with window AC and ceiling fan lighting in the bedrooms.
Key Highlights
- Duplex plus 2‑bedroom, 1‑bath cottage with fresh exterior paint
- Duplex unit mix: 2 bed/1 bath upstairs and 3 bed/1 bath downstairs
- Window AC units in bedrooms plus ceiling fan lights
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
$36,084
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
3.14%
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%
$721,680
$721.7K
Cap Rate 7%
$515,486
$515.5K
Cap Rate 9%
$400,933
$400.9K
Market Conditions
NOI Build-Up for 1,812 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
$55.4K $30.60/SF
− Vacancy
−$3.9K −$2.15/SF
EGI
$51.5K $28.45/SF
− OpEx
−$15.5K −$8.53/SF
NOI
$36.1K $19.91/SF
Area
Honolulu County, HI
Vacancy
7.03%
Lease Rate
$30.60 /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%
$721,680
Cap Rate 7%
$515,486
Cap Rate 9%
$400,933
Alternative Uses
Best Use
Multifamily LT 5
$515.5K
$451.1K – $601.4K
NOI $36,084 @ 7.0% cap · market cap 3.14%
Second Best
Apartment 5plus
$474.6K
$415.3K – $553.7K
NOI $33,223 @ 7.0% cap · market cap 2.89%
Theoretical Best
Specialty Retail
$734.1K
$642.4K – $856.5K
NOI $51,388 @ 7.0% cap · market cap 4.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Demographics for 96813, HI
27,372
Population
13,511
Households
2
Avg Household Size
43
Median Age
48%
College-Educated
96%
High-School Grad
3.6 sq mi
ZIP Area
7,603
Density / Sq Mi
$87,799
Median Household Income
$57,619
Median Earnings
$1,821
Median Rent
$804,100
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 - Duplex plus 2-bedroom cottage with fresh exterior paint, off-street parking, and window AC units across bedrooms.
Where is this triplex located?
The property is located at 1634 Lusitana Street Honolulu, 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: Duplex plus 2‑bedroom, 1‑bath cottage with fresh exterior paint; Duplex unit mix: 2 bed/1 bath upstairs and 3 bed/1 bath downstairs; Window AC units in bedrooms plus ceiling fan lights
