Four-Unit Quadplex
For Sale
$2,200,000
4639 Lehua St, Kapaa, HI 96746
Two duplex buildings provide flexible residential income use within SPA-A zoning in central Kapaʻa.
Property Size2,970 SF
Price / SF$740.74
Days on Market43
Property Features for 4639 Lehua St
General Information
Standard status
Active
Size
2,970 SF
Property subtype
Residential Income
Zoning
SPA-A
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,382
Building Details
Buildings
2
Listing Agency:
RE/MAX Kauai - Princeville Office
(808) 635-6552
Listed By:
Yelena Okhman · License #72677
(808) 635-6552
Source:
Exprealty
Added: Jun 29
Changed: Aug 8
Last Checked: Aug 9 at 10:22AM
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 RE/MAX Kauai - Princeville Office
Investment Insights
Based on property information with market context.
This quadplex property comprises two separate duplex buildings with four total units and 2,970 square feet of property size. Every unit includes a full kitchen with a refrigerator and stove, ceramic tile flooring, and granite countertops. The property is connected to sewer, with each duplex separately metered for water and each unit individually metered for electricity. An additional electric meter serves exterior lighting and security, bringing the total to 2 water meters and 5 electric meters.
Located at 4639 Lehua St in central Kapaʻa, the property is within walking distance of downtown amenities identified in the source, including the beach, parks, beachside library, recreational pathway, public transit, restaurants, shops, and farmers market. SPA-A zoning is described as allowing potential commercial business, rental income, or owner-occupied residential use; permitted uses should be verified with the County.
Located at 4639 Lehua St in central Kapaʻa, the property is within walking distance of downtown amenities identified in the source, including the beach, parks, beachside library, recreational pathway, public transit, restaurants, shops, and farmers market. SPA-A zoning is described as allowing potential commercial business, rental income, or owner-occupied residential use; permitted uses should be verified with the County.
Key Highlights
- Two duplex buildings with four total income‑producing units
- 2,970 square feet of property size
- 2 water meters and 5 electric meters total
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
Current Use
Lease Details
4
Residential units
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Two duplex buildings provide flexible residential income use within SPA-A zoning in central Kapaʻa.
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 duplex buildings with four total income‑producing units; 2,970 square feet of property size; 2 water meters and 5 electric meters total
