Eight-Unit Multifamily
733 Kihapai Place Kailua, HI 96734
733 Kihapai Place, Kailua, HI, 96734
$3,700,000
For Sale
$3,700,000
Built in 1960, this eight-unit 2BR/1BA property sits at a cul-de-sac end with dedicated off-street parking.
Property Size8,394 SF
Price / SF$440.79
Days on Market9
Property Features for 733 Kihapai Place
General Information
- Standard status
- Active
- Size
- 8,394 SF
- Property subtype
- Multifamily
Listing agency
(808) 541-5184
Listed by
James Shipman · License #RB-17830
(808) 541-5184
Source
Cbre
Added: Jul 13 Updated: Jul 20 at 6:16PM Checked: Jul 21 at 3:30AM
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 James Shipman
Investment Insights
Based on property information with market context.
Built in 1960 and positioned at the end of a cul-de-sac, the property offers eight well-maintained 2-bedroom, 1-bathroom units. The units are described as approximately 545 square feet each, and the asset is currently fully leased with a consistent 100% occupancy history. Dedicated off-street parking is provided for tenant convenience.
Located in Kailua Town, the property is marketed with a “Moderately Walkable” score of 70/100, with residents described as a 6-to-9-minute walk from Kailua Town Center and major anchors including Target, Whole Foods Market, Foodland, and Longs Drug Store, as well as financial institutions.
Access to key destinations is also highlighted, including Marine Corps Base Hawaii (4.7 miles away) and Adventist Health Castle (1.5 miles away).
Located in Kailua Town, the property is marketed with a “Moderately Walkable” score of 70/100, with residents described as a 6-to-9-minute walk from Kailua Town Center and major anchors including Target, Whole Foods Market, Foodland, and Longs Drug Store, as well as financial institutions.
Access to key destinations is also highlighted, including Marine Corps Base Hawaii (4.7 miles away) and Adventist Health Castle (1.5 miles away).
Key Highlights
- Eight (8) units built in 1960, featuring eight 2BR/1BA apartments, approx. 545 SF each
- Fully leased with a consistent 100% occupancy history
- Situated at the end of a cul‑de‑sac with dedicated off‑street parking for tenant convenience
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $302.2k | $36.00 |
| − Vacancy | −$22.4k | −$2.66 |
| EGI | $279.8k | $33.34 |
| − OpEx | −$125.9k | −$15.00 |
| NOI | $153.9k | $18.33 |
8,394 SF · lease $36.00/SF/yr · vacancy 7.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.20M
$1.92M – $2.57M
NOI $153,902 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.40M
$2.98M – $3.97M
NOI $238,055 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
L White Designs, ...
Interior Design
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FAQs
What type of property is this?
Apartment building - Built in 1960, this eight-unit 2BR/1BA property sits at a cul-de-sac end with dedicated off-street parking.
Where is this apartment building located?
The property is located at 733 Kihapai Place Kailua, HI.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Eight (8) units built in 1960, featuring eight 2BR/1BA apartments, approx. 545 SF each; Fully leased with a consistent 100% occupancy history; Situated at the end of a cul‑de‑sac with dedicated off‑street parking for tenant convenience
