Two-Home Multifamily
For Sale
$675,000
619 Mililani St, Hilo, HI 96720
Two separate dwellings support rental use, owner occupancy, or multigenerational living arrangements.
Property Size2,904 SF
Price / SF$232.44
Days on Market190
Property Features for 619 Mililani St
General Information
Standard status
Active
Size
2,904 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,163
Building Details
Buildings
2
Listing Agency:
Coldwell Banker Island Properties - Hilo
(808) 640-4077
Listed By:
Tessie Fontes · License #RS-74487
(808) 640-4077
Source:
Exprealty
Added: Feb 24
Changed: Aug 31
Last Checked: Sep 1 at 11:45PM
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 Coldwell Banker Island Properties - Hilo
Investment Insights
Based on property information with market context.
This 2,904-square-foot multifamily property includes two separate homes on one lot. The first is a multilevel residence built in 1932 and refreshed in 2020, with two bedrooms and two bathrooms configured as one ¾ bath and one ¼ bath. The second multilevel dwelling dates to 1985 and contains two bedrooms plus one full bathroom upstairs, along with another bedroom and a ¾ bathroom on the lower level.
The surrounding area includes both residential and commercial properties. Shopping and dining are minutes away, with Hilo Shopping Center and Wailoa State Park identified among the nearby destinations. The two-home layout accommodates several ownership and occupancy arrangements, including renting both residences, occupying one while leasing the other, or housing multiple generations.
The surrounding area includes both residential and commercial properties. Shopping and dining are minutes away, with Hilo Shopping Center and Wailoa State Park identified among the nearby destinations. The two-home layout accommodates several ownership and occupancy arrangements, including renting both residences, occupying one while leasing the other, or housing multiple generations.
Key Highlights
- Two separate homes on one lot
- 2,904 square feet of total property size
- 1932 home refreshed in 2020
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
$39,889
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
5.91%
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%
$797,780
$797.8K
Cap Rate 7%
$569,843
$569.8K
Cap Rate 9%
$443,211
$443.2K
Market Conditions
NOI Build-Up for 2,904 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
$74.9K $25.80/SF
− Vacancy
−$2.4K −$0.83/SF
EGI
$72.5K $24.97/SF
− OpEx
−$32.6K −$11.24/SF
NOI
$39.9K $13.74/SF
Area
Hawaii County, HI
Vacancy
3.20%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$797,780
Cap Rate 7%
$569,843
Cap Rate 9%
$443,211
Alternative Uses
Best Use
Apartment 5plus
$569.8K
$498.6K – $664.8K
NOI $39,889 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$991.1K
$867.2K – $1.16M
NOI $69,375 @ 7.0% cap · market cap 10.28%
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 96720, HI
46,615
Population
19,826
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
287.8 sq mi
ZIP Area
162
Density / Sq Mi
$78,537
Median Household Income
$41,268
Median Earnings
$1,346
Median Rent
$458,100
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?
Multifamily property - Two separate dwellings support rental use, owner occupancy, or multigenerational living arrangements.
Where is this multifamily property located?
The property is located at 619 Mililani St Hilo, HI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two separate homes on one lot; 2,904 square feet of total property size; 1932 home refreshed in 2020
