Cottage Apartment
For Sale
$1,690,000
85-824 Lihue Street, Waianae, HI 96792
MULTI_FAMILY - Cottage - Waianae, HI
Property Size4,378 SF
Price / SF$386.02
Days on Market47
Property Features for 85-824 Lihue Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
05 - R-5 Residential District
Bedrooms
15
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 9, Bedroom 6, Bathroom 6, Bedroom 5, Bedroom 10, Bedroom 3, Bathroom 1, Bedroom 14, Bedroom 12, Bedroom 11, Bedroom 15, Bedroom 1, Bathroom 2, Bedroom 13, Bathroom 5, Bedroom 8
Parking
10
Subdivision
WAIANAE
Lot features
Cleared, Level
View
City
Standard status
Active
APN
1-8-5-012-047-0000
Size
4,378 SF
Taxes and HOA fees
Tax Annual Amount
3840
Utilities
Utilities
Cable Available
Water source
Public
Building Details
Year built
1926
Floors in Building
1
Flooring type
Vinyl
Architectural style
Cottage
Listing Agency:
Fogarty Realty, Inc.
(808) 955-5100
Listed By:
Mike Tavepholjalern · License #RS-28810
(808) 388-5411
Added: Jun 20
Changed: Aug 1
Last Checked: Aug 5 at 4:06PM
MLS# 202612022
Copyright © 2026 HiCentral MLS. 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.
Cottage-style apartment building offering five rental units across four houses on an over one-half-acre lot. The property features vinyl flooring and is served by public water and cable availability. Built in 1926, the main front house was recently remodeled and received new electrical wiring.
The property is positioned next to a public park and an elementary school, with walking-distance access to shops and restaurants.
With multiple bedrooms and bathrooms across the houses, this configuration can support an owner-occupant setup alongside rental income from the remaining units.
The property is positioned next to a public park and an elementary school, with walking-distance access to shops and restaurants.
With multiple bedrooms and bathrooms across the houses, this configuration can support an owner-occupant setup alongside rental income from the remaining units.
Key Highlights
- Five rental units across four houses
- Over one‑half‑acre lot
- Recently remodeled, with new electrical wiring on the main front house
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 | $157.6k | $36.00 |
| − Vacancy | −$11.7k | −$2.66 |
| EGI | $145.9k | $33.34 |
| − OpEx | −$65.7k | −$15.00 |
| NOI | $80.3k | $18.33 |
4,378 SF · lease $36.00/SF/yr · vacancy 7.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,270 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.77M
$1.55M – $2.07M
NOI $124,160 @ 7.0% cap · market cap 7.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
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
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?
Apartment building - Cottage-style multifamily property with five rental units on an over one-half-acre lot, recently remodeled.
Where is this apartment building located?
The property is located at 85-824 Lihue Street Waianae, HI.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Five rental units across four houses; Over one‑half‑acre lot; Recently remodeled, with new electrical wiring on the main front house
