Remodeled Single-Level
New
For Sale
$249,000
85-170 Ala Hema St #F, Waianae, HI 96792
Three-bedroom layout with a two-car carport and fully fenced backyard.
Property Size952 SF
Lot Size0.07 Acres
Price / SF$261.55
Days on Market2
Property Features for 85-170 Ala Hema St #F
General Information
Standard status
Active
Size
952 SF
Total Parking Spaces
2
Lot size
0.07 Acres
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
fully fenced backyard
Building Details
Year Built
1974
Buildings
1
Stories
1
Listing Agency:
Coldwell Banker Realty
(808) 596-0456
Listed By:
Jordan T. Kam
(808) 351-0876
Source:
Hawaiihomes
Added: Sep 20
Last Checked: Sep 21 at 6:35AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 952-square-foot duplex was built in 1974 and has been newly remodeled for single-level living. The property includes a three-bedroom layout, a two-car carport, and a fully fenced backyard on a 3,193-square-foot lot.
Located at 85-170 Ala Hema St #F in Waianae, HI 96792, the property is subject to a lease through April 29, 2030. The lease may be extended to 2055, as detailed in the supplemental lease information.
Located at 85-170 Ala Hema St #F in Waianae, HI 96792, the property is subject to a lease through April 29, 2030. The lease may be extended to 2055, as detailed in the supplemental lease information.
Key Highlights
- 952‑square‑foot duplex built in 1974
- Three‑bedroom single‑level layout
- Newly remodeled interior
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
$18,958
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
7.61%
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%
$379,160
$379.2K
Cap Rate 7%
$270,829
$270.8K
Cap Rate 9%
$210,644
$210.6K
Market Conditions
NOI Build-Up for 952 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
$29.1K $30.60/SF
− Vacancy
−$2.0K −$2.15/SF
EGI
$27.1K $28.45/SF
− OpEx
−$8.1K −$8.53/SF
NOI
$19.0K $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%
$379,160
Cap Rate 7%
$270,829
Cap Rate 9%
$210,644
Alternative Uses
Best Use
Multifamily LT 5
$270.8K
$237.0K – $316.0K
NOI $18,958 @ 7.0% cap · market cap 7.61%
Second Best
Apartment 5plus
$249.4K
$218.2K – $290.9K
NOI $17,455 @ 7.0% cap · market cap 7.01%
Theoretical Best
Specialty Retail
$385.7K
$337.5K – $450.0K
NOI $26,999 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Three-bedroom layout with a two-car carport and fully fenced backyard.
Where is this duplex located?
The property is located at 85-170 Ala Hema St #F Waianae, HI.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: 952‑square‑foot duplex built in 1974; Three‑bedroom single‑level layout; Newly remodeled interior
