Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    221 Kihapai Street Kailua, HI 96734

    View on Map
    Claim this Listing
    For Sale
    $599,000

    LAND - Kailua, HI

    Added:
    Jan 12, 2026
    Days on Market:
    111
    Last Refresh:
    May 3 at 12:06 pm

    Property Features for 221 Kihapai Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Landscaping
    Standard status
    Active
    APN
    1-4-3-059-088-0001

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    We can help!

    Listing Contact
    Cherie Tsukamoto

    Listing agent Cherie Tsukamoto License #RB-14911

    Listing office Hawaii Life 4614 Kilauea Avenue Suite 201, Honolulu, HI

    Listing date Jan 12, 2026

    MLS# 202528239 Listing URL

    Copyright © 2026 HiCentral MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Kailua Land: Build Your Dream

    This fee-simple CPR lot presents a rare opportunity to design and build a custom home with the Ko'olau mountains as a backdrop. Located in the boutique Kihapai Ohana Residential CPR, Unit 1 offers street access, proximity to a hydrant, and a rectangular building envelope. The property is situated in a quiet residential area, minutes from Kailua Beach, Whole Foods, and Kailua Town amenities. Kihapai Ohana is fully entitled with a completed soils report, topo, flood studies, sewer approval, and CPR documentation. As the third dwelling, Unit 1 will require SMA review. Utilities are at the street, with buyers responsible for connections and trenching. There are no monthly AOAO fees. A Buyer Due Diligence Package is available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Kailua
    County
    Honolulu
    State
    Hawaii
    Longitude
    -157.7494101
    Latitude
    21.3954646

    Nearby Similar for Sale

    • $4,148,000
      5,423 SF

      Remodeled Kailua Residence with ADU

      Luxury Kailua home with pool, waterfall, and approved ADU.
      337 Wanaao Road, Kailua, HI 96734
      View Details
    • $739,000

      Kailua Land with Approved Permit

      Land with approved building permit for a 4bd/2ba home.
      221 Kihapai Street, Kailua, HI 96734
      View Details
    • $739,000

      Kailua Land with Canal Frontage

      Build your dream home with canal frontage and mountain views.
      221 Kihapai Street, Kailua, HI 96734
      View Details
    • $2,400,000

      Kailua Multi-Family Property with Pool

      Two detached homes with separate yards and a large pool.
      1439 Akuleana Place, Kailua, HI 96734
      View Details
    • $2,100,000
      2,067 SF

      Kailua Multi-Family Home with Suite

      Move-in ready Kailua home with suite, close to amenities.
      638 Keolu Drive, Kailua, HI 96734
      View Details
    • $2,000,000

      Kailua Land Development Opportunity

      Approved three-home residential CPR with canal frontage and mountain views.
      221 Kihapai Street, Kailua, HI 96734
      View Details
    • $1,799,000

      Kailua Land: Build Your Dream

      Expansive AG-2 zoned lot near Kailua with mountain views.
      42-311 Old Kalanianaole Road, Kailua, HI 96734
      View Details
    • $3,200,000

      Kailua Fee-Simple Business Zoned Property

      Fee-simple, business zoned property in the heart of Kailua Town.
      45 Hoolai Street, Kailua, HI 96734
      View Details
    • $3,200,000
      5,549 SF

      Kailua Mixed-Use Investment Opportunity

      Mixed-use property in Kailua with retail, office, and industrial spaces.
      32 Kainehe St, Kailua, HI 96734
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Rare opportunity to build a custom home in Kailua.
    Where is this residential land & home lot located?
    The property is located at 221 Kihapai Street Kailua, HI.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Premier street‑front homesite in boutique Kihapai Ohana Residential CPR.; Rare opportunity to design and build a custom home on a fee‑simple CPR lot.; Located minutes from Kailua Beach, Whole Foods, and Kailua Town amenities.
    (800) 667-5028
    We can help!
    Listing Contact
    Cherie Tsukamoto
    Real Estate License ID: RB-14911
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    221 Kihapai Street, Kailua, HI 96734

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!