Duplex with Two Standalone
For Sale
$1,399,999
4806 Iiwi Rd, Kapaa, HI 96746
Two separate residences offer upgraded interiors, flexible living arrangements, covered parking, and a fenced outdoor area.
Property Size2,718 SF
Price / SF$515.08
Days on Market47
Property Features for 4806 Iiwi Rd
General Information
Standard status
Active
Size
2,718 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
fireplace
split A/C
sun deck
outdoor shower
fenced yard
Building Details
Year Built
1993
Buildings
2
Listing Agency:
Keller Williams Honolulu
(808) 596-2888
Listed By:
Josiah ONYX Sinagra
Source:
Paradisebrokers
Added: Jul 17
Changed: Aug 30
Last Checked: Aug 31 at 6:44PM
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 Keller Williams Honolulu
Investment Insights
Based on property information with market context.
This duplex property includes two standalone homes totaling 6 bedrooms, 4 full baths, and 1 half bath. The front residence has fresh paint, luxury vinyl flooring, a remodeled kitchen, an updated bathroom, and a vaulted great room with a wood-burning tiled fireplace. The rear home features split A/C in the primary bedroom and living room, Koa cabinetry, granite countertops, refreshed bathrooms, an open-concept living room, office space, and a sun deck with an outdoor shower and half bath.
The property sits on over a quarter acre at 4806 Iiwi Road in Kapaa, across from Kapa‘a Elementary and Mahelona Hospital. Kealia Beach, the bike path, and town amenities are minutes away. Additional improvements include a 720-square-foot carport/garage, 5 parking spaces, a level fenced yard, central air, internet connection, and cable availability. Both roofs have been recently redone.
The property sits on over a quarter acre at 4806 Iiwi Road in Kapaa, across from Kapa‘a Elementary and Mahelona Hospital. Kealia Beach, the bike path, and town amenities are minutes away. Additional improvements include a 720-square-foot carport/garage, 5 parking spaces, a level fenced yard, central air, internet connection, and cable availability. Both roofs have been recently redone.
Key Highlights
- Two standalone homes with 6 bedrooms, 4 full baths, and 1 half bath
- Front home updated with remodeled kitchen, luxury vinyl flooring, fresh paint, and vaulted great room
- Rear home includes split A/C, Koa cabinetry, granite counters, office, and sun deck
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
$61,690
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
4.41%
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%
$1,233,800
$1.2M
Cap Rate 7%
$881,286
$881.3K
Cap Rate 9%
$685,444
$685.4K
Market Conditions
NOI Build-Up for 2,718 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
$91.3K $33.60/SF
− Vacancy
−$3.2K −$1.18/SF
EGI
$88.1K $32.42/SF
− OpEx
−$26.4K −$9.73/SF
NOI
$61.7K $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%
$1,233,800
Cap Rate 7%
$881,286
Cap Rate 9%
$685,444
Alternative Uses
Best Use
Multifamily LT 5
$881.3K
$771.1K – $1.03M
NOI $61,690 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$787.3K
$688.9K – $918.5K
NOI $55,108 @ 7.0% cap · market cap 3.94%
Theoretical Best
Specialty Retail
$1.09M
$951.8K – $1.27M
NOI $76,142 @ 7.0% cap · market cap 5.44%
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 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?
Duplex - Two separate residences offer upgraded interiors, flexible living arrangements, covered parking, and a fenced outdoor area.
Where is this duplex located?
The property is located at 4806 Iiwi Rd Kapaa, HI.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: Two standalone homes with 6 bedrooms, 4 full baths, and 1 half bath; Front home updated with remodeled kitchen, luxury vinyl flooring, fresh paint, and vaulted great room; Rear home includes split A/C, Koa cabinetry, granite counters, office, and sun deck
