Triplex with Additional Rental
For Sale
$950,000
75-190 ALAKAI ST, Kailua Kona, HI 96740
MULTI_FAMILY - Kailua Kona, HI
Property Size2,170 SF
Lot Size0.18 Acres
Price / SF$437.79
Days on Market56
Property Features for 75-190 ALAKAI ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RD-3.75
Bedrooms
4
Bathrooms
5
Full bathrooms
3
Half bathrooms
2
Rooms
Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 4, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 4
Subdivision
LONO - KONA SUBDIVISION
View
Ocean
Standard status
Active
APN
3750220870000
Size
2,170 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7630
Utilities
Utilities
Electricity Available
Building Details
Year built
1970
Flooring type
Vinyl, Tile - Ceramic
Listing Agency:
Coldwell Banker Island Properties - Kona · Coldwell Banker Real Estate
(808) 875-7000
Listed By:
Kurtis S Becker
(808) 430-6785
Added: Jun 29
Changed: Aug 4
Last Checked: Aug 23 at 10:06AM
MLS# 731426
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 triplex-style multi-unit property includes a 2-bedroom, 1-bath upper front unit with a kitchen and living area, a 1-bedroom, 1-bath upper rear unit with a kitchen and living area, and a lower 1-bedroom, 1-bath unit. In addition to the three units, there is a separate room currently rented, plus five storage rooms and an additional bathroom that may support storage and other potential uses, subject to buyer due diligence.
Set on a 0.1768-acre lot, the property was built in 1970 and includes 2,170 square feet of building area. Flooring includes vinyl and ceramic tile, and electricity is available. The property is zoned RD-3.75.
Beyond the primary units, the property’s layout provides flexibility for tenants and day-to-day utility, while the extra rental space and storage area can support operational needs in a multi-tenant setup.
Set on a 0.1768-acre lot, the property was built in 1970 and includes 2,170 square feet of building area. Flooring includes vinyl and ceramic tile, and electricity is available. The property is zoned RD-3.75.
Beyond the primary units, the property’s layout provides flexibility for tenants and day-to-day utility, while the extra rental space and storage area can support operational needs in a multi-tenant setup.
Key Highlights
- 2‑bedroom/1‑bath upper front unit plus 1‑bedroom/1‑bath upper rear and lower 1‑bedroom/1‑bath units
- Separate room currently rented, plus five storage rooms and an additional bathroom
- Zoned RD‑3.75
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
$32,542
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
3.43%
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%
$650,840
$650.8K
Cap Rate 7%
$464,886
$464.9K
Cap Rate 9%
$361,578
$361.6K
Market Conditions
NOI Build-Up for 2,170 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
$48.2K $22.20/SF
− Vacancy
−$1.7K −$0.78/SF
EGI
$46.5K $21.42/SF
− OpEx
−$13.9K −$6.43/SF
NOI
$32.5K $15.00/SF
Area
Hawaii County, HI
Vacancy
3.50%
Lease Rate
$22.20 /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%
$650,840
Cap Rate 7%
$464,886
Cap Rate 9%
$361,578
Alternative Uses
Best Use
Multifamily LT 5
$464.9K
$406.8K – $542.4K
NOI $32,542 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$425.8K
$372.6K – $496.8K
NOI $29,807 @ 7.0% cap · market cap 3.14%
Theoretical Best
Specialty Retail
$740.6K
$648.0K – $864.0K
NOI $51,840 @ 7.0% cap · market cap 5.46%
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 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Triplex-style income property with zoning RD-3.75, vinyl/tile flooring, electricity available, and extra currently-rented space
Where is this triplex located?
The property is located at 75-190 ALAKAI ST Kailua Kona, HI.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 2‑bedroom/1‑bath upper front unit plus 1‑bedroom/1‑bath upper rear and lower 1‑bedroom/1‑bath units; Separate room currently rented, plus five storage rooms and an additional bathroom; Zoned RD‑3.75
