Legal Duplex With Separate
New
For Sale
$1,250,000
47-673 Melekula Road, Kaneohe, HI 96744
MULTI_FAMILY - Other - Kaneohe, HI
Property Size2,184 SF
Lot Size53,718.00 Acres
Price / SF$572.34
Days on Market3
Property Features for 47-673 Melekula Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
03 - R10 - Residential District
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 4, Bedroom 2, Bathroom 1
Parking
4
Interior features
Bedroom on Main Level, Full Bath on Main Level
Subdivision
AHUIMANU AREA
Lot features
Cul-De-Sac, Level
Standard status
Active
APN
1-4-7-046-089-0000
Size
2,184 SF
Lot size
53,718.00 Acres
Taxes and HOA fees
Tax Annual Amount
7668
Utilities
Utilities
Water Available
Sewer type
Cesspool
Water source
Public
Building Details
Year built
1971
Floors in Building
1
Building materials
Single Wall, Wood Frame
Architectural style
Other
Listing Agency:
Engel & Volkers Honolulu
(808) 369-8880
Listed By:
Joseph Kaleo Ahina · License #RB-21507
(808) 542-6744
Added: Aug 10
Last Checked: Aug 12 at 1:06AM
MLS# 202615269
Copyright © 2026 HiCentral MLS. 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 includes two separate dwellings with a combined living area of 2,184 square feet. Each residence measures 1,092 square feet, and the interiors include bedrooms and full bathrooms on the main level. The property is offered in its existing condition.
The fee-simple parcel encompasses 53,718 square feet, or more than one acre, at 47-673 Melekula Road in Kaneohe. Public water is available, with wastewater handled by a cesspool. Built in 1971, the property uses single-wall and wood-frame construction.
The fee-simple parcel encompasses 53,718 square feet, or more than one acre, at 47-673 Melekula Road in Kaneohe. Public water is available, with wastewater handled by a cesspool. Built in 1971, the property uses single-wall and wood-frame construction.
Key Highlights
- Legal duplex with two separate 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 - Two residences occupy a fee-simple parcel with public water and cesspool service.
Where is this duplex located?
The property is located at 47-673 Melekula Road 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 separate dwellings; 2,184 square feet of total living area; Each dwelling contains 1,092 square feet
