Two-Family Duplex with Private
For Sale
$590,000
84-871 Lahaina Street, Waianae, HI 96792
Legal duplex with separate living spaces, fenced yards, tandem parking, and solar equipment serving the property.
Property Size1,200 SF
Price / SF$491.67
Days on Market29
Property Features for 84-871 Lahaina Street
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$1,813
Building Details
Building Size
1,200 SF
Year Built
1973
Listing Agency:
eXp Realty
(808) 354-4744
Listed By:
Ashliey K Wasson · License #RS-73275
(808) 354-4744
Source:
Careyluxury
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 31 at 12:35AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This legal two-family duplex contains 1,200 square feet and was built in 1973. The two residences are configured for separate occupancy, with each side offering a fully fenced private yard and two tandem parking stalls—one covered and one uncovered. Additional street parking is also available. CMU block construction and an energy system comprising 10 leased solar panels with a Tesla battery are included.
The property is located on Lahaina Street in Waianae, on Oahu’s Leeward coast. Papaoneone Beach is within walking distance, while Makaha Beach is a short drive away. The two-unit layout supports owner occupancy alongside a second residence or use of both units as income-producing housing, consistent with the property’s legal duplex designation.
The property is located on Lahaina Street in Waianae, on Oahu’s Leeward coast. Papaoneone Beach is within walking distance, while Makaha Beach is a short drive away. The two-unit layout supports owner occupancy alongside a second residence or use of both units as income-producing housing, consistent with the property’s legal duplex designation.
Key Highlights
- Legal two‑family duplex with 1,200 square feet, built in 1973
- Two fully fenced private yards, one serving each residence
- Each unit includes 2 tandem parking stalls: 1 covered and 1 uncovered
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
$23,897
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
4.05%
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%
$477,940
$477.9K
Cap Rate 7%
$341,386
$341.4K
Cap Rate 9%
$265,522
$265.5K
Market Conditions
NOI Build-Up for 1,200 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
$36.7K $30.60/SF
− Vacancy
−$2.6K −$2.15/SF
EGI
$34.1K $28.45/SF
− OpEx
−$10.2K −$8.53/SF
NOI
$23.9K $19.91/SF
Area
Honolulu County, HI
Vacancy
7.03%
Lease Rate
$30.60 /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%
$477,940
Cap Rate 7%
$341,386
Cap Rate 9%
$265,522
Alternative Uses
Best Use
Multifamily LT 5
$341.4K
$298.7K – $398.3K
NOI $23,897 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$314.3K
$275.0K – $366.7K
NOI $22,002 @ 7.0% cap · market cap 3.73%
Theoretical Best
Specialty Retail
$486.2K
$425.4K – $567.2K
NOI $34,032 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96792, HI
51,965
Population
15,516
Households
3.3
Avg Household Size
35
Median Age
16%
College-Educated
91%
High-School Grad
61.1 sq mi
ZIP Area
850
Density / Sq Mi
$83,927
Median Household Income
$39,666
Median Earnings
$1,820
Median Rent
$551,400
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?
Duplex - Legal duplex with separate living spaces, fenced yards, tandem parking, and solar equipment serving the property.
Where is this duplex located?
The property is located at 84-871 Lahaina Street Waianae, HI.
What is the asking price?
The asking price for this property is $590,000.
What are key features of this property?
This property features: Legal two‑family duplex with 1,200 square feet, built in 1973; Two fully fenced private yards, one serving each residence; Each unit includes 2 tandem parking stalls: 1 covered and 1 uncovered
