Two-Home Duplex on
For Sale
$1,249,000
446 AINALAKO RD, Hilo, HI 96720
Residential Income, Hilo, HI
Property Size3,827 SF
Lot Size1.00 Acre
Price / SF$326.37
Days on Market39
Property Features for 446 AINALAKO RD
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
A-1A
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bedroom 2, Bathroom 1, Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 5, Bathroom 2, Bedroom 6, Bedroom 5, Bedroom 4
Parking features
Covered
Fencing
Chain Link
Subdivision
PIERSON II SUBDIVISION
Lot features
Grassy
Standard status
Active
APN
3240780100000
Size
3,827 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7649
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Water source
Public
Amenities
vaulted ceilings
skylights
chef's kitchen
koa cabinetry
lanais
solar system
storage building
fenced
automatic gate
fruit trees
Building Details
Year built
1986
Flooring type
Carpet, Vinyl, Tile - Ceramic
Listing Agency:
Coldwell Banker Island Properties - Kamuela · Coldwell Banker Real Estate
(808) 724-6854
Listed By:
Nani Sanchez
(808) 557-9185
Added: Aug 10
Changed: Sep 16
Last Checked: Sep 17 at 2:06PM
MLS# 730393
Copyright © 2026 Hawaii Information Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex property includes two separate residences totaling approximately 3,827 square feet on 1 acre. The primary home contains 4 bedrooms and 3 bathrooms across two stories, with vaulted ceilings, skylights, koa cabinetry, wood detailing, a gathering-oriented kitchen, and lanais on both levels. The second home offers 2 bedrooms, 2 bathrooms, vaulted ceilings, natural light, and additional lanais. Together, the residences support multi-generational living, guest accommodations, private use, or potential rental use.
The grounds include more than 30 mature fruit-producing trees, including lychee, mangosteen, avocado, and mango. The property is fully fenced and includes an automatic gate, a storage building with electric, covered parking, public water, septic service, and a paid-off solar system. Located at 446 AINALAKO RD in Hilo, the property carries A-1A zoning and was built in 1986.
The grounds include more than 30 mature fruit-producing trees, including lychee, mangosteen, avocado, and mango. The property is fully fenced and includes an automatic gate, a storage building with electric, covered parking, public water, septic service, and a paid-off solar system. Located at 446 AINALAKO RD in Hilo, the property carries A-1A zoning and was built in 1986.
Key Highlights
- Two separate homes on 1 acre at 446 AINALAKO RD, Hilo, HI 96720
- Combined property size of 3,827 Square Feet
- Main home: 4 BD / 3 BA / 2,603 Sq. Ft.; second home: 2 BD / 2 BA / 1,224 Sq. Ft.
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
$57,390
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
4.59%
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%
$1,147,800
$1.1M
Cap Rate 7%
$819,857
$819.9K
Cap Rate 9%
$637,667
$637.7K
Market Conditions
NOI Build-Up for 3,827 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
$85.0K $22.20/SF
− Vacancy
−$3.0K −$0.78/SF
EGI
$82.0K $21.42/SF
− OpEx
−$24.6K −$6.43/SF
NOI
$57.4K $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 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%
$1,147,800
Cap Rate 7%
$819,857
Cap Rate 9%
$637,667
Alternative Uses
Best Use
Multifamily LT 5
$819.9K
$717.4K – $956.5K
NOI $57,390 @ 7.0% cap · market cap 4.59%
Second Best
Apartment 5plus
$751.0K
$657.1K – $876.1K
NOI $52,567 @ 7.0% cap · market cap 4.21%
Theoretical Best
Specialty Retail
$1.31M
$1.14M – $1.52M
NOI $91,425 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences provide flexible living arrangements within a fenced property with covered parking and an automatic gate.
Where is this duplex located?
The property is located at 446 AINALAKO RD Hilo, HI.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Two separate homes on 1 acre at 446 AINALAKO RD, Hilo, HI 96720; Combined property size of 3,827 Square Feet; Main home: 4 BD / 3 BA / 2,603 Sq. Ft.; second home: 2 BD / 2 BA / 1,224 Sq. Ft.
