Legal Duplex with Stand-Alone
For Sale
$1,250,000
47-673 Melekula Road A, Kaneohe, HI 96744
Kaneohe, HI
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
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 2, Bedroom 4, Bedroom 3
Subdivision
AHUIMANU AREA
Standard status
Active
Size
2,184 SF
Lot size
1.23 Acres
Building Details
Year built
1971
Listing Agency:
Engel & Volkers Honolulu Kahala · Engel & Völkers
(808) 369-8880
Listed By:
Joseph Kaleo Ahina · License #RB-21507
Added: Aug 10
Changed: Aug 20
Last Checked: Aug 21 at 7:06AM
MLS# 202615269
Copyright © 2026 Engel & Völkers. 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 legal duplex property comprises two independent dwellings on a fee-simple parcel. The buildings provide 2,184 square feet of combined living area, with 1,092 square feet assigned to each residence. The property is being offered in its existing condition.
The parcel contains 53,718 square feet in the Ahuimanu area of Kaneohe, near the base of the Koolau Mountains. Built in 1971, the property offers a two-dwelling configuration within a single residential holding.
The parcel contains 53,718 square feet in the Ahuimanu area of Kaneohe, near the base of the Koolau Mountains. Built in 1971, the property offers a two-dwelling configuration within a single residential holding.
Key Highlights
- Legal duplex with two stand‑alone dwellings
- 2,184 square feet of total living area
- Each dwelling contains 1,092 square feet
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 ownership includes two separate dwellings on more than one acre of land.
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: Legal duplex with two stand‑alone dwellings; 2,184 square feet of total living area; Each dwelling contains 1,092 square feet
