Duplex with Separate
For Sale
$1,250,000
47-673 Melekula Road A, Kaneohe, HI 96744
Fee simple property with two detached residences on a parcel exceeding one acre.
Property Size2,184 SF
Lot Size1.23 Acres
Price / SF$572.34
Days on Market12
Property Features for 47-673 Melekula Road A
General Information
Standard status
Active
Size
2,184 SF
Lot size
1.23 Acres
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,668
Building Details
Building Size
2,184 SF
Year Built
1971
Listing Agency:
Engel & Volkers Honolulu
(808) 542-6744
Listed By:
Joseph Kaleo Ahina · License #RB-21507
(808) 542-6744
Source:
Careyluxury
Added: Aug 10
Changed: Aug 15
Last Checked: Aug 20 at 11:15AM
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 Engel & Volkers Honolulu
Investment Insights
Based on property information with market context.
This fee simple duplex property includes two detached residential structures, creating a two-dwelling configuration on one parcel. Combined living area totals 2,184 square feet, with 1,092 square feet assigned to each residence. The property was built in 1971 and is offered in its existing condition.
The parcel encompasses 53,718 square feet at 47-673 Melekula Road A in Kaneohe, Hawaii. Its setting is in the Ahuimanu area near the base of the Koolau Mountains. The separate-building layout and substantial land area distinguish the property from a typical attached duplex configuration.
The parcel encompasses 53,718 square feet at 47-673 Melekula Road A in Kaneohe, Hawaii. Its setting is in the Ahuimanu area near the base of the Koolau Mountains. The separate-building layout and substantial land area distinguish the property from a typical attached duplex configuration.
Key Highlights
- Two detached dwellings on one duplex property
- 2,184 sq ft of total living area
- Each residence contains 1,092 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
$43,493
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
3.48%
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%
$869,860
$869.9K
Cap Rate 7%
$621,329
$621.3K
Cap Rate 9%
$483,256
$483.3K
Market Conditions
NOI Build-Up for 2,184 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
$66.8K $30.60/SF
− Vacancy
−$4.7K −$2.15/SF
EGI
$62.1K $28.45/SF
− OpEx
−$18.6K −$8.53/SF
NOI
$43.5K $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%
$869,860
Cap Rate 7%
$621,329
Cap Rate 9%
$483,256
Alternative Uses
Best Use
Multifamily LT 5
$621.3K
$543.7K – $724.9K
NOI $43,493 @ 7.0% cap · market cap 3.48%
Second Best
Apartment 5plus
$572.0K
$500.5K – $667.4K
NOI $40,043 @ 7.0% cap · market cap 3.20%
Theoretical Best
Specialty Retail
$884.8K
$774.2K – $1.03M
NOI $61,938 @ 7.0% cap · market cap 4.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Demographics for 96744, HI
57,746
Population
18,695
Households
3.1
Avg Household Size
44
Median Age
40%
College-Educated
96%
High-School Grad
33.8 sq mi
ZIP Area
1,708
Density / Sq Mi
$129,263
Median Household Income
$56,395
Median Earnings
$2,410
Median Rent
$1,001,400
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 - Fee simple property with two detached residences on a parcel exceeding one acre.
Where is this duplex located?
The property is located at 47-673 Melekula Road A Kaneohe, HI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two detached dwellings on one duplex property; 2,184 sq ft of total living area; Each residence contains 1,092 sq ft
