Remodeled Duplex with PV
For Sale
$1,600,000
3920 Likini Street, Honolulu, HI 96818
Tenant-occupied property with split and window air conditioning plus an owned photovoltaic system.
Property Size2,925 SF
Price / SF$547.01
Days on Market9
Property Features for 3920 Likini Street
General Information
Standard status
Active
Size
2,925 SF
Property subtype
Duplex
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,372
Amenities
split and window A/C
owned photovoltaic system
Building Details
Building Size
2,925 SF
Year Built
1954
Year Renovated
2022
Tenancy
Single
Listing Agency:
Realty Brokerage LLC
(808) 358-2003
Listed By:
Hana Yoo · License #RB-21720
(808) 358-2003
Source:
Careyluxury
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 28 at 7:10PM
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 Realty Brokerage LLC
Investment Insights
Based on property information with market context.
This duplex offers approximately 2,925 square feet with seven bedrooms and four bathrooms. The property was remodeled in 2022 and includes laminate and vinyl flooring, split and window air conditioning, and an owned photovoltaic system. Interior space is arranged for flexible household use, with views extending toward the city, coastline, mountains, and ocean.
The property is located near shopping, schools, the airport, military bases, and freeway access. It is currently tenant occupied, and showings require advance notice. The 1954-built property is situated at 3920 Likini Street in Honolulu, Hawaii.
The property is located near shopping, schools, the airport, military bases, and freeway access. It is currently tenant occupied, and showings require advance notice. The 1954-built property is situated at 3920 Likini Street in Honolulu, Hawaii.
Key Highlights
- Seven‑bedroom, four‑bath duplex with approximately 2,925 square feet
- Remodeled in 2022 with laminate and vinyl flooring
- Owned photovoltaic system included
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
$58,249
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
3.64%
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%
$1,164,980
$1.2M
Cap Rate 7%
$832,129
$832.1K
Cap Rate 9%
$647,211
$647.2K
Market Conditions
NOI Build-Up for 2,925 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
$89.5K $30.60/SF
− Vacancy
−$6.3K −$2.15/SF
EGI
$83.2K $28.45/SF
− OpEx
−$25.0K −$8.53/SF
NOI
$58.2K $19.91/SF
Area
Honolulu County, HI
Vacancy
7.03%
Lease Rate
$30.60 /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%
$1,164,980
Cap Rate 7%
$832,129
Cap Rate 9%
$647,211
Alternative Uses
Best Use
Multifamily LT 5
$832.1K
$728.1K – $970.8K
NOI $58,249 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$766.1K
$670.4K – $893.8K
NOI $53,629 @ 7.0% cap · market cap 3.35%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.38M
NOI $82,953 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Demographics for 96818, HI
51,851
Population
19,719
Households
2.6
Avg Household Size
34
Median Age
38%
College-Educated
92%
High-School Grad
10.8 sq mi
ZIP Area
4,801
Density / Sq Mi
$99,933
Median Household Income
$49,629
Median Earnings
$3,185
Median Rent
$653,400
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?
Duplex - Tenant-occupied property with split and window air conditioning plus an owned photovoltaic system.
Where is this duplex located?
The property is located at 3920 Likini Street Honolulu, HI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Seven‑bedroom, four‑bath duplex with approximately 2,925 square feet; Remodeled in 2022 with laminate and vinyl flooring; Owned photovoltaic system included
