4-Home Multifamily
New
For Sale
$2,199,000
305 Makua St, Wailuku, HI 96793
Detached residences provide individual-home appeal within a tenant-occupied multifamily configuration.
Property Size3,552 SF
Days on Market5
Property Features for 305 Makua St
General Information
Standard status
Active
Size
3,552 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
4
Building Details
Building Size
3,552 SF
Buildings
4
Listing Agency:
Pacific Image Properties
Listed By:
Michelle C. Cerizo RS-80094
(808) 856-1764
Source:
Jasonbrody.kw
Added: Sep 6
Changed: Sep 8
Last Checked: Sep 9 at 5:24AM
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 Pacific Image Properties
Investment Insights
Based on property information with market context.
This multifamily property comprises four detached residences on a single parcel. Each home has undergone renovation and is currently occupied by tenants, creating an established rental setup across individually separated dwellings. The configuration combines the privacy associated with standalone homes with the operational advantages of multiple residences at one location.
Located in Wailuku, the property offers access to shopping, dining, schools, medical facilities, and other Central Maui amenities. Showings are available by appointment, and prospective purchasers should independently verify permitted uses, zoning, rental income, and other property details as part of their due diligence.
Located in Wailuku, the property offers access to shopping, dining, schools, medical facilities, and other Central Maui amenities. Showings are available by appointment, and prospective purchasers should independently verify permitted uses, zoning, rental income, and other property details as part of their due diligence.
Key Highlights
- Four detached homes on one property
- All four residences have been renovated
- Current tenant occupancy across the property
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
$66,813
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
3.04%
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%
$1,336,260
$1.3M
Cap Rate 7%
$954,471
$954.5K
Cap Rate 9%
$742,367
$742.4K
Market Conditions
NOI Build-Up for 3,552 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
$127.9K $36.00/SF
− Vacancy
−$6.4K −$1.80/SF
EGI
$121.5K $34.20/SF
− OpEx
−$54.7K −$15.39/SF
NOI
$66.8K $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 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%
$1,336,260
Cap Rate 7%
$954,471
Cap Rate 9%
$742,367
Alternative Uses
Best Use
Apartment 5plus
$954.5K
$835.2K – $1.11M
NOI $66,813 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,583 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Detached residences provide individual-home appeal within a tenant-occupied multifamily configuration.
Where is this multifamily property located?
The property is located at 305 Makua St Wailuku, HI.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Four detached homes on one property; All four residences have been renovated; Current tenant occupancy across the property
