Updated Multifamily
For Sale
$1,675,000
73-1153 Ahikawa Street A & B, Kailua Kona, HI 96740
Two homes offer separate living areas, guest quarters, private entrances, and panoramic ocean and sunset views.
Property Size3,930 SF
Price / SF$426.21
Days on Market17
Property Features for 73-1153 Ahikawa Street A & B
General Information
Standard status
Active
Size
3,930 SF
Property subtype
Multi-Family
Amenities
laundry closet
covered lanai
storage buildings
Building Details
Year Built
1988
Buildings
2
Listing Agency:
Nathalie Mullinix R. U., Inc.
(808) 261-0350
Listed By:
Nathalie C Mullinix · License #RB-17596
Source:
Paradisebrokers
Added: Aug 14
Changed: Aug 30
Last Checked: Aug 30 at 4:04AM
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 Nathalie Mullinix R. U., Inc.
Investment Insights
Based on property information with market context.
This 3,930-square-foot multifamily property includes two updated homes on one lot, each arranged with an upper-level main residence and lower-level guest quarters accessed through private entrances. Built in 1988, the property combines open-beam ceilings, covered lanais, kitchens, bathrooms, laundry areas, storage, and separate guest accommodations.
The north home features two bedroom suites with walk-in closets and four-piece bathrooms, a great room, covered tiled lanais, and a guest level with two bedrooms, one full bath, wet bar, and cabinets. The south home offers three bedrooms, one and three-quarter baths, an updated kitchen, a new roof, a two-car carport, and full-length covered lanais on both levels. Its guest quarters include one bedroom, one bath, an updated bathroom, wet bar, and cabinets.
Located at 73-1153 Ahikawa Street A & B in Kailua Kona, the property sits above the airport and offers panoramic ocean and sunset views, with access to Kailua-Kona town and the Kohala Gold Coast. Restaurants, shopping, and beaches are noted in both areas.
The north home features two bedroom suites with walk-in closets and four-piece bathrooms, a great room, covered tiled lanais, and a guest level with two bedrooms, one full bath, wet bar, and cabinets. The south home offers three bedrooms, one and three-quarter baths, an updated kitchen, a new roof, a two-car carport, and full-length covered lanais on both levels. Its guest quarters include one bedroom, one bath, an updated bathroom, wet bar, and cabinets.
Located at 73-1153 Ahikawa Street A & B in Kailua Kona, the property sits above the airport and offers panoramic ocean and sunset views, with access to Kailua-Kona town and the Kohala Gold Coast. Restaurants, shopping, and beaches are noted in both areas.
Key Highlights
- Two updated homes occupy one lot, each with upper‑level living and lower‑level guest quarters
- 3,930 square feet on one lot; built in 1988
- Separate entrances provide distinct access to the guest quarters
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 homes offer separate living areas, guest quarters, private entrances, and panoramic ocean and sunset views.
Where is this multifamily property located?
The property is located at 73-1153 Ahikawa Street A & B 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: Two updated homes occupy one lot, each with upper‑level living and lower‑level guest quarters; 3,930 square feet on one lot; built in 1988; Separate entrances provide distinct access to the guest quarters
