Two-Unit Property with Detached
For Sale
$1,395,000
2609 Kahekili Hwy, Wailuku, HI 96793
A separate cottage adds a second dwelling alongside the renovated main residence.
Property Size2,388 SF
Price / SF$584.17
Days on Market163
Property Features for 2609 Kahekili Hwy
General Information
Standard status
Active
Size
2,388 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/3BA, 1 x 2BR/1BA
Multifamily Units
2
Individually Metered Utilities
water, electricity
Additional Details
Utilities to Site
Yes
Amenities
wraparound covered lanai
tropical landscaping
gourmet kitchen
spa-inspired bathrooms
finished basement
wet bar
propane tankless water heater
Building Details
Building Size
2,388 SF
Buildings
2
Listing Agency:
Carol Ball & Assocs
Listed By:
Rachel Ball Phillips · License #RB-18465
(808) 283-9043
Source:
Emeraldclubrealty
Added: May 19
Changed: Oct 26
Last Checked: Oct 26 at 2:33PM
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 Carol Ball & Assocs
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Investment Insights
Based on property information with market context.
The property includes a 3-bedroom, 3-bath main home and a detached 2-bedroom, 1-bath cottage on nearly one acre. The main residence was renovated in 2018 and features vaulted open-beam ceilings, eucalyptus and travertine flooring, and a wraparound covered lanai. Its kitchen has granite counters, cherry cabinetry, and Viking appliances. A finished lower-level area includes a full bath and wet bar. The cottage received renovations in 2022 and has a 1-car carport. The property measures 2,388 square feet, with two county water meters and two electric meters.
Located at 2609 Kahekili Hwy in Wailuku, the property has ocean views. The main home’s roof, windows, and doors were replaced in 2018; electrical and plumbing updates and interior and exterior painting followed in 2020. The main residence uses a propane tankless water heater.
Located at 2609 Kahekili Hwy in Wailuku, the property has ocean views. The main home’s roof, windows, and doors were replaced in 2018; electrical and plumbing updates and interior and exterior painting followed in 2020. The main residence uses a propane tankless water heater.
Key Highlights
- 3‑bedroom, 3‑bath main home and detached 2‑bedroom, 1‑bath cottage
- 2,388 square feet on nearly one acre
- Main residence renovated in 2018; cottage renovated in 2022
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,918
Cap Rate
3.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$898,360
$898.4K
Cap Rate 7%
$641,686
$641.7K
Cap Rate 9%
$499,089
$499.1K
Market Conditions
NOI Build-Up for 2,388 SF
Gross rent
$86.0K $36.00/SF
− Vacancy
−$4.3K −$1.80/SF
EGI
$81.7K $34.20/SF
− OpEx
−$36.8K −$15.39/SF
NOI
$44.9K $18.81/SF
Area
Maui County, HI
Vacancy
5.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$898,360
Cap Rate 7%
$641,686
Cap Rate 9%
$499,089
Alternative Uses
Best Use
Apartment 5plus
$641.7K
$561.5K – $748.6K
NOI $44,918 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$966.0K
$845.3K – $1.13M
NOI $67,622 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Demographics for 96793, HI
31,939
Population
11,510
Households
2.8
Avg Household Size
41
Median Age
29%
College-Educated
94%
High-School Grad
76.1 sq mi
ZIP Area
420
Density / Sq Mi
$104,220
Median Household Income
$47,026
Median Earnings
$1,797
Median Rent
$776,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - A separate cottage adds a second dwelling alongside the renovated main residence.
Where is this multifamily property located?
The property is located at 2609 Kahekili Hwy Wailuku, HI.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 3‑bedroom, 3‑bath main home and detached 2‑bedroom, 1‑bath cottage; 2,388 square feet on nearly one acre; Main residence renovated in 2018; cottage renovated in 2022
