Two-Home Duplex with
For Sale
$1,399,999
4806 IIWI RD, Kapaa, HI 96746
MULTI_FAMILY - Kapaa, HI
Property Size2,718 SF
Lot Size0.26 Acres
Price / SF$515.08
Days on Market244
Property Features for 4806 IIWI RD
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-4
Bedrooms
6
Bathrooms
5
Full bathrooms
4
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 1, Bathroom 4, Bathroom 1, Bedroom 6, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 5
Parking features
Covered
Fireplace
1
Appliances
Dryer, Microwave, Oven, Refrigerator, Washer
Subdivision
KAPAA HOUSE LOTS
Lot features
Dead End
Standard status
Active
APN
4460150850000
Size
2,718 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2332
Utilities
Utilities
Electricity Available
Sewer type
Cesspool
Heating system
Zoned
Cooling system
Zoned, Window Unit(s), Wall/Window Unit(s)
Amenities
fireplace
split AC unit
window A/C units
chef's kitchen with granite countertops and Koa wood cabinetry
open-concept family room
spare office room
outdoor sun deck
outdoor shower
fully fenced yard
Building Details
Year built
1990
Floors in Building
1
Flooring type
Vinyl, Tile - Ceramic
Listing Agency:
Keller Williams Honolulu · Keller Williams Realty
(808) 596-2888
Listed By:
Josiah O Sinagra · License #RS-86644
(808) 634-8238
Added: Dec 9, 2025
Changed: Aug 2
Last Checked: Aug 10 at 3:06AM
MLS# 724656
Copyright © 2026 Hawaii Information Service. 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 duplex-style property features two standalone homes set on a fully fenced lot. The total layout includes 6 bedrooms, 4 full bathrooms, and 1 half bathroom, supporting multi-generational or flexible living. The front home offers freshly upgraded interior and exterior paint, luxury vinyl plank flooring, a remodeled kitchen with white ice laminate countertops, refreshed bathroom updates, and a spacious vaulted-ceiling great room with a slow wood-burning tiled fireplace. The carport and side yard have been freshly painted and newly graveled for additional parking and storage.
The back home includes split AC in the living room and primary bedroom plus window A/C units throughout. It has a chef’s kitchen with solid granite countertops and Koa wood cabinetry, refreshed full bathrooms with new vanities, and a newly added open-concept family room. Additional features include a spare office room, an outdoor sun deck, an outdoor shower, and a convenient half bath near the garage. Both roofs have been recently redone.
A 720 sq ft carport/garage provides driveway space and parking, and the property includes electric service availability with sewer via a cesspool. Lot size is 0.2579 acres with a total property size of 2,718 square feet. The homes are directly across from Kapa’a Elementary, near Mahelona Hospital, and within minutes of Kealia Beach, the coastal bike path, and Kapa’a town amenities.
The back home includes split AC in the living room and primary bedroom plus window A/C units throughout. It has a chef’s kitchen with solid granite countertops and Koa wood cabinetry, refreshed full bathrooms with new vanities, and a newly added open-concept family room. Additional features include a spare office room, an outdoor sun deck, an outdoor shower, and a convenient half bath near the garage. Both roofs have been recently redone.
A 720 sq ft carport/garage provides driveway space and parking, and the property includes electric service availability with sewer via a cesspool. Lot size is 0.2579 acres with a total property size of 2,718 square feet. The homes are directly across from Kapa’a Elementary, near Mahelona Hospital, and within minutes of Kealia Beach, the coastal bike path, and Kapa’a town amenities.
Key Highlights
- Two standalone homes with 6 bedrooms, 4 full baths, and 1 half bath
- 0.2579‑acre lot with fully fenced yard and partially new wood picket fencing
- Front home upgraded with interior/exterior paint, vinyl/tile flooring, remodeled kitchen, and slow wood‑burning tiled fireplace
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
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two standalone homes on a fenced R-4 lot with a covered carport/garage, split and window A/C, and zoning R-4.
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; 0.2579‑acre lot with fully fenced yard and partially new wood picket fencing; Front home upgraded with interior/exterior paint, vinyl/tile flooring, remodeled kitchen, and slow wood‑burning tiled fireplace
