Remodeled Quadplex with Ocean
For Sale
$1,300,000
2107 Kaiwiki Rd, Hilo, HI 96720
Four-unit property with lanai access, shared laundry, and varied residential layouts.
Property Size5,638 SF
Price / SF$230.58
Days on Market36
Property Features for 2107 Kaiwiki Rd
General Information
Standard status
Active
Size
5,638 SF
Property subtype
Residential Income
Units
Unit Mix
1 x studio, 1 x 2BR, 1 x 3BR/2BA, 1 x 1BR
Multifamily Units
4
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$18,055
Amenities
ocean views
lanais
shared laundry
pool table
Building Details
Year Renovated
2024
Listing Agency:
Bizwala
(808) 371-8304
Listed By:
Everell Thayer · License #RS-78771
(808) 371-8304
Source:
Exprealty
Added: Jul 6
Changed: Aug 8
Last Checked: Aug 9 at 9:52AM
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 Bizwala
Investment Insights
Based on property information with market context.
This 5,638-square-foot quadplex contains four residential units with ocean views and lanais throughout. The lower level includes a studio with a full kitchen and a separate two-bedroom unit with its own full kitchen. The main level offers a three-bedroom, two-bath layout with a full kitchen, laundry, two-stall garage, and pool table. An upper-level one-bedroom unit with kitchenette connects by interior stairs and also has exterior stairs, allowing it to function independently or as part of the main-level residence.
The property was remodeled in 2024, with interior painting completed throughout and new kitchens and countertops added in both lower units. Shared laundry serves the lower-level units, while the main level has dedicated laundry. All four units are occupied by long-term tenants, and some units are partially furnished. Located on Kaiwiki Road in Hilo, the property is positioned at a cooler elevation than downtown Hilo.
The property was remodeled in 2024, with interior painting completed throughout and new kitchens and countertops added in both lower units. Shared laundry serves the lower-level units, while the main level has dedicated laundry. All four units are occupied by long-term tenants, and some units are partially furnished. Located on Kaiwiki Road in Hilo, the property is positioned at a cooler elevation than downtown Hilo.
Key Highlights
- Four‑unit quadplex with 5,638 SF of building area
- Ocean views and lanais provided for all units
- Remodeled in 2024; both lower units received new kitchens and countertops
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
$84,548
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
6.50%
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%
$1,690,960
$1.7M
Cap Rate 7%
$1,207,829
$1.2M
Cap Rate 9%
$939,422
$939.4K
Market Conditions
NOI Build-Up for 5,638 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
$125.2K $22.20/SF
− Vacancy
−$4.4K −$0.78/SF
EGI
$120.8K $21.42/SF
− OpEx
−$36.2K −$6.43/SF
NOI
$84.5K $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%
$1,690,960
Cap Rate 7%
$1,207,829
Cap Rate 9%
$939,422
Alternative Uses
Best Use
Multifamily LT 5
$1.21M
$1.06M – $1.41M
NOI $84,548 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$1.11M
$968.0K – $1.29M
NOI $77,443 @ 7.0% cap · market cap 5.96%
Theoretical Best
Specialty Retail
$1.92M
$1.68M – $2.24M
NOI $134,690 @ 7.0% cap · market cap 10.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Demographics for 96720, HI
46,615
Population
19,826
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
287.8 sq mi
ZIP Area
162
Density / Sq Mi
$78,537
Median Household Income
$41,268
Median Earnings
$1,346
Median Rent
$458,100
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?
Quadplex - Four-unit property with lanai access, shared laundry, and varied residential layouts.
Where is this quadplex located?
The property is located at 2107 Kaiwiki Rd Hilo, HI.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Four‑unit quadplex with 5,638 SF of building area; Ocean views and lanais provided for all units; Remodeled in 2024; both lower units received new kitchens and countertops
