Two-Home Multifamily Property with Guest
For Sale
$1,675,000
73-1153 AHIKAWA ST, Kailua Kona, HI 96740
MULTI_FAMILY - Kailua-Kona, HI
Property Size3,930 SF
Lot Size0.42 Acres
Price / SF$426.21
Days on Market241
Property Features for 73-1153 AHIKAWA ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A-5A
Bedrooms
8
Bathrooms
6
Full bathrooms
5
Rooms
Bathroom 6, Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 5, Bedroom 5, Bedroom 7
Appliances
Dryer
Subdivision
KONA COASTVIEW SUBDIVISION
Lot features
Cleared
View
Ocean
Standard status
Active
APN
3730220330000
Size
3,930 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
11177
Utilities
Utilities
Cable Available
Sewer type
Cesspool
Water source
Public
Building Details
Year built
1988
Floors in Building
2
Flooring type
Carpet
Architectural style
Other
Listing Agency:
Nathalie Mullinix Realty Universal, Inc.
(808) 261-0350
Listed By:
Nathalie C Mullinix · License #RB-17596
(808) 327-4466
Added: Dec 11, 2025
Changed: Aug 1
Last Checked: Aug 9 at 8:06PM
MLS# 726148
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 multifamily property features one lot with two updated homes, each designed with upper-level main living areas and lower-level guest quarters. The North located home includes a great room with open-beam ceilings separating the two-bedroom suites, walk-in closets, four-piece bathrooms, and sliding doors to private covered tiled lanais. Each guest quarters area has bedrooms with vinyl and tile flooring, plus a wet-bar and cabinets. Separate entrances serve storage and laundry, and there are two storage buildings toward the back of the property.
The South located home includes a two-car carport and a laundry closet, with a new roof and open-beam ceilings. It offers covered lanai space spanning the full length of the house on both levels, with updated kitchen, bathrooms, and tile floors. Guest quarters include a 1-bedroom, 1-bath configuration with a wet bar and updated finishes.
Built in 1988, this property sits on 0.416 acres and includes 3,930 square feet. Zoning is A-5A. Utilities include cable available, with public water and a cesspool sewer system.
The South located home includes a two-car carport and a laundry closet, with a new roof and open-beam ceilings. It offers covered lanai space spanning the full length of the house on both levels, with updated kitchen, bathrooms, and tile floors. Guest quarters include a 1-bedroom, 1-bath configuration with a wet bar and updated finishes.
Built in 1988, this property sits on 0.416 acres and includes 3,930 square feet. Zoning is A-5A. Utilities include cable available, with public water and a cesspool sewer system.
Key Highlights
- 0.416‑acre lot with two updated homes
- 3,930 SF total building size
- North and South homes each include lower guest quarters with private entrances
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
$53,982
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
3.22%
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%
$1,079,640
$1.1M
Cap Rate 7%
$771,171
$771.2K
Cap Rate 9%
$599,800
$599.8K
Market Conditions
NOI Build-Up for 3,930 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
$101.4K $25.80/SF
− Vacancy
−$3.2K −$0.83/SF
EGI
$98.1K $24.97/SF
− OpEx
−$44.2K −$11.24/SF
NOI
$54.0K $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%
$1,079,640
Cap Rate 7%
$771,171
Cap Rate 9%
$599,800
Alternative Uses
Best Use
Apartment 5plus
$771.2K
$674.8K – $899.7K
NOI $53,982 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.34M
$1.17M – $1.56M
NOI $93,886 @ 7.0% cap · market cap 5.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96740, HI
38,234
Population
19,119
Households
2
Avg Household Size
45
Median Age
35%
College-Educated
94%
High-School Grad
242.4 sq mi
ZIP Area
158
Density / Sq Mi
$94,091
Median Household Income
$42,605
Median Earnings
$1,692
Median Rent
$730,600
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 updated homes on one lot with upper living areas and lower guest quarters, each with private entrances and ocean views.
Where is this multifamily property located?
The property is located at 73-1153 AHIKAWA ST Kailua Kona, HI.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 0.416‑acre lot with two updated homes; 3,930 SF total building size; North and South homes each include lower guest quarters with private entrances
