Quadplex with Four Income
For Sale
$2,200,000
4639 LEHUA ST, Kapaa, HI 96746
Residential Income, Duplex, Kapaa, HI
Property Size2,970 SF
Lot Size0.19 Acres
Price / SF$740.74
Days on Market47
Property Features for 4639 LEHUA ST
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
SPA-A
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 8, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 7
Parking features
Assigned
Fencing
Chain Link
Appliances
Range, Refrigerator
Subdivision
KAPAA TOWN LOTS
Standard status
Active
APN
4450100210000
Size
2,970 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5382
Utilities
Utilities
Cable Available
Building Details
Year built
1986
Floors in Building
1
Number of units
4
Flooring type
Tile - Ceramic
Architectural style
Other
Listing Agency:
RE/MAX Kauai - Princeville Office · RE/MAX International
(808) 826-9675
Listed By:
Yelena Okhman · License #72677
(808) 635-6552
Added: Jul 6
Changed: Aug 19
Last Checked: Aug 21 at 6:06AM
MLS# 731472
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 quadplex features two duplexes with two units each, for a total of four income-producing units. The configuration is supported by separate utilities at the unit level: each duplex has its own water meter, each unit has its own electric meter, and there is an additional meter for exterior lighting and security, for 2 water meters and 5 electric meters total. All units are connected to sewer.
Inside, each unit includes a full kitchen with refrigerator and range/stove, ceramic tile flooring, and granite kitchen counters. Other on-site features include chain link fencing, assigned parking, and cable available. The property was built in 1986 and sits on a 0.188-acre lot, totaling 2,970 SF.
The property is zoned SPA-A, and the listing describes the space as versatile for commercial business, rental income, or owner-occupied residence. Buyers and agents are encouraged to verify permitted uses with the County.
Inside, each unit includes a full kitchen with refrigerator and range/stove, ceramic tile flooring, and granite kitchen counters. Other on-site features include chain link fencing, assigned parking, and cable available. The property was built in 1986 and sits on a 0.188-acre lot, totaling 2,970 SF.
The property is zoned SPA-A, and the listing describes the space as versatile for commercial business, rental income, or owner-occupied residence. Buyers and agents are encouraged to verify permitted uses with the County.
Key Highlights
- Two duplexes with two units each for four total income‑producing units
- SPA‑A zoning with described versatility for commercial business, rental income, or owner‑occupied residence
- Metering details: 2 water meters and 5 electric meters (each duplex has its own water meter; each unit has its own electric meter plus exterior lighting/security meter)
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
$67,409
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
3.06%
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%
$1,348,180
$1.3M
Cap Rate 7%
$962,986
$963.0K
Cap Rate 9%
$748,989
$749.0K
Market Conditions
NOI Build-Up for 2,970 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
$99.8K $33.60/SF
− Vacancy
−$3.5K −$1.18/SF
EGI
$96.3K $32.42/SF
− OpEx
−$28.9K −$9.73/SF
NOI
$67.4K $22.70/SF
Area
Kauai County, HI
Vacancy
3.50%
Lease Rate
$33.60 /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%
$1,348,180
Cap Rate 7%
$962,986
Cap Rate 9%
$748,989
Alternative Uses
Best Use
Multifamily LT 5
$963.0K
$842.6K – $1.12M
NOI $67,409 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$860.2K
$752.7K – $1.00M
NOI $60,217 @ 7.0% cap · market cap 2.74%
Theoretical Best
Specialty Retail
$1.19M
$1.04M – $1.39M
NOI $83,201 @ 7.0% cap · market cap 3.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Demographics for 96746, HI
19,991
Population
8,178
Households
2.4
Avg Household Size
43
Median Age
32%
College-Educated
95%
High-School Grad
29.8 sq mi
ZIP Area
671
Density / Sq Mi
$89,681
Median Household Income
$41,624
Median Earnings
$2,053
Median Rent
$830,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Zoned SPA-A quadplex with four individually metered units, ceramic tile interiors, and assigned parking.
Where is this quadplex located?
The property is located at 4639 LEHUA ST Kapaa, HI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Two duplexes with two units each for four total income‑producing units; SPA‑A zoning with described versatility for commercial business, rental income, or owner‑occupied residence; Metering details: 2 water meters and 5 electric meters (each duplex has its own water meter; each unit has its own electric meter plus exterior lighting/security meter)
