Updated Two-Unit
For Sale
$610,000
Pending
346 Lehua Street, Hilo, HI 96720
RM-1 zoning and a pair of two-bedroom residences complement the property’s walkable access to Downtown Hilo.
Property Size1,664 SF
Days on Market141
Property Features for 346 Lehua Street
General Information
Standard status
Pending
Size
1,664 SF
Property subtype
Residential Income / Duplex
Zoning
RM-1
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,692
Amenities
front lanai
screened lanai
in-unit laundry
backyard
Two
2
Ceramic Tile, Hardwood, Laminate
Range, Range Hood, Refrigerator, Washer/Dryer Stacked
4
Feet
Stacked Washer/Dryer
No
Yes
308.0
Square Feet
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Salt Water Real Estate LLC
Listed By:
Sunita R Przewlocki · License #RB-23326
(808) 895-3900
Source:
Compass
Added: Jun 15
Changed: Oct 29
Last Checked: Nov 1 at 8:48AM
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 Salt Water Real Estate LLC
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Investment Insights
Based on property information with market context.
This 1,664-square-foot duplex, built in 1950, contains two 2-bedroom, 1-bath units. Both have upgraded electrical and plumbing. The upper residence features 9-foot ceilings, double-hung windows, a front lanai, and an open kitchen and living area with granite countertops and engineered hardwood floors. Its kitchen includes a gas range and stacked washer/dryer. The lower unit has a screened lanai, in-unit laundry, updated vinyl flooring, drywall, paint, LED lighting, and custom tile in the full bathroom. A full-height basement sits below the building. Piped propane gas and R-30 attic insulation are also present.
The property is zoned RM-1 and located on Lehua Street in Hilo, just over the Wailuku River. Downtown Hilo, public schools, the Farmers Market, public library, Kapalaoa Landing Beach Park, and the Bayfront recreation area are within walking distance. The property is in lava zone 8.
The property is zoned RM-1 and located on Lehua Street in Hilo, just over the Wailuku River. Downtown Hilo, public schools, the Farmers Market, public library, Kapalaoa Landing Beach Park, and the Bayfront recreation area are within walking distance. The property is in lava zone 8.
Key Highlights
- Two 2‑bedroom, 1‑bath units in a 1,664‑square‑foot duplex
- RM‑1 zoning; located in lava zone 8
- Built in 1950; both units have upgraded electrical and plumbing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,954
Cap Rate
4.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$499,080
$499.1K
Cap Rate 7%
$356,486
$356.5K
Cap Rate 9%
$277,267
$277.3K
Market Conditions
NOI Build-Up for 1,664 SF
Gross rent
$36.9K $22.20/SF
− Vacancy
−$1.3K −$0.78/SF
EGI
$35.6K $21.42/SF
− OpEx
−$10.7K −$6.43/SF
NOI
$25.0K $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 Rate 5%
$499,080
Cap Rate 7%
$356,486
Cap Rate 9%
$277,267
Alternative Uses
Best Use
Multifamily LT 5
$356.5K
$311.9K – $415.9K
NOI $24,954 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$326.5K
$285.7K – $381.0K
NOI $22,857 @ 7.0% cap · market cap 3.75%
Theoretical Best
Specialty Retail
$567.9K
$496.9K – $662.5K
NOI $39,752 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
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See the owner, sales and loan history
Open Analytics
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
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
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View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - RM-1 zoning and a pair of two-bedroom residences complement the property’s walkable access to Downtown Hilo.
Where is this duplex located?
The property is located at 346 Lehua Street Hilo, HI.
What is the asking price?
The asking price for this property is $610,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units in a 1,664‑square‑foot duplex; RM‑1 zoning; located in lava zone 8; Built in 1950; both units have upgraded electrical and plumbing
