Renovated Duplex with Separate
New
For Sale
$815,000
87-170 Manuliilii Place, Waianae, HI 96792
Updated duplex-style residence with a private-entry living area, backyard, and open lanai for outdoor use.
Property Size1,766 SF
Price / SF$461.49
Days on Market6
Property Features for 87-170 Manuliilii Place
General Information
Standard status
Active
Size
1,766 SF
Property subtype
Multi-Family
Amenities
private entrance
pantry
wet bar
lanai
Building Details
Year Built
1973
Listing Agency:
Caron B Realty
(808) 593-9826
Listed By:
Holden Lau
(808) 387-3366
Source:
Kakaako
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 26 at 6:54AM
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 Caron B Realty
Investment Insights
Based on property information with market context.
This renovated duplex-style residence offers 1,766 square feet with a four-bedroom, three-bath configuration. The primary living area includes three bedrooms, two bathrooms, an open layout, a modernized kitchen, and a large pantry. A separately accessed one-bedroom, one-bath living area adds a private living room and wet bar, creating flexibility for multigenerational occupancy, guests, or rental use.
Set on a quiet cul-de-sac, the property includes a spacious backyard and an open lanai suited to outdoor gatherings. The home is located in Waianae, minutes from beaches and westside sunset views. Built in 1973 and subsequently renovated, the residence combines updated interiors with a separate-entry layout.
Set on a quiet cul-de-sac, the property includes a spacious backyard and an open lanai suited to outdoor gatherings. The home is located in Waianae, minutes from beaches and westside sunset views. Built in 1973 and subsequently renovated, the residence combines updated interiors with a separate-entry layout.
Key Highlights
- 1,766‑square‑foot renovated duplex‑style residence
- Four bedrooms and three bathrooms overall
- Separate living area with private entrance, living room, bedroom, bath, and wet bar
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
$35,168
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
4.32%
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%
$703,360
$703.4K
Cap Rate 7%
$502,400
$502.4K
Cap Rate 9%
$390,756
$390.8K
Market Conditions
NOI Build-Up for 1,766 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
$54.0K $30.60/SF
− Vacancy
−$3.8K −$2.15/SF
EGI
$50.2K $28.45/SF
− OpEx
−$15.1K −$8.53/SF
NOI
$35.2K $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%
$703,360
Cap Rate 7%
$502,400
Cap Rate 9%
$390,756
Alternative Uses
Best Use
Multifamily LT 5
$502.4K
$439.6K – $586.1K
NOI $35,168 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$462.6K
$404.7K – $539.7K
NOI $32,379 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$715.5K
$626.1K – $834.7K
NOI $50,084 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated duplex-style residence with a private-entry living area, backyard, and open lanai for outdoor use.
Where is this duplex located?
The property is located at 87-170 Manuliilii Place Waianae, HI.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: 1,766‑square‑foot renovated duplex‑style residence; Four bedrooms and three bathrooms overall; Separate living area with private entrance, living room, bedroom, bath, and wet bar
