Oceanfront Triplex With Sea
For Sale
$1,475,000
91-507 Ewa Beach Road, Ewa Beach, HI 96706
Triplex for sale with 55 linear feet of ocean frontage and an approved sea wall on a fee simple lot.
Property Size2,679 SF
Lot Size0.32 Acres
Price / SF$550.58
Days on Market151
Property Features for 91-507 Ewa Beach Road
General Information
Standard status
Active
Size
2,679 SF
Lot size
0.32 Acres
Property subtype
Multi-Family / Multi-Family
Zoning
05 - R-5 Residential District
Net Operating Income
$42,000
Amenities
Dryer, Washer
Asphalt Shingle
Single Wall, Wood Frame
Building Details
Year Built
1936
Listing Agency:
Horita Realty LLC
(808) 487-1561
Listed By:
Linda Dusty Woodstock · License #RB-12155
(808) 487-1561
Source:
Compass
Added: Mar 24
Changed: Aug 8
Last Checked: Jul 31 at 11:24AM
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 Horita Realty LLC
Investment Insights
Based on property information with market context.
This oceanfront triplex features three permitted residential dwellings on a fee simple, all-level lot. The closest-to-street unit is a 2-bedroom, 1-bath. The middle unit is a 3-bedroom, 1-bath, and includes a 150 SF detached covered lanai. The studio closest to the ocean has newer sliding vinyl windows.
The property has 55 linear feet of ocean frontage and includes an approved sea wall. A perimeter lava rock wall is present on some portions of the property, and the site borders a beach access lane. Per seller, sandy beach is seasonal.
At the time of listing, there are long-term tenants on month-to-month leases, and they are not to be disturbed. Showings require a pre-approval letter and proof of funds via a bank statement, and prospective parties should not walk or drive onto the property without permission from the listing agent.
The property has 55 linear feet of ocean frontage and includes an approved sea wall. A perimeter lava rock wall is present on some portions of the property, and the site borders a beach access lane. Per seller, sandy beach is seasonal.
At the time of listing, there are long-term tenants on month-to-month leases, and they are not to be disturbed. Showings require a pre-approval letter and proof of funds via a bank statement, and prospective parties should not walk or drive onto the property without permission from the listing agent.
Key Highlights
- 55 linear feet of ocean frontage with an approved sea wall
- Fee simple, all level 13,750 SF lot (250 x 55) with no association and no association fee
- 3 permitted residential dwellings: 2BR/1BA near street, 3BR/1BA in the middle with a 150 SF detached covered lanai, and a studio near the ocean
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
$53,350
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
3.62%
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%
$1,067,000
$1.1M
Cap Rate 7%
$762,143
$762.1K
Cap Rate 9%
$592,778
$592.8K
Market Conditions
NOI Build-Up for 2,679 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
$82.0K $30.60/SF
− Vacancy
−$5.8K −$2.15/SF
EGI
$76.2K $28.45/SF
− OpEx
−$22.9K −$8.53/SF
NOI
$53.4K $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%
$1,067,000
Cap Rate 7%
$762,143
Cap Rate 9%
$592,778
Alternative Uses
Best Use
Multifamily LT 5
$762.1K
$666.9K – $889.2K
NOI $53,350 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$701.7K
$614.0K – $818.7K
NOI $49,119 @ 7.0% cap · market cap 3.33%
Theoretical Best
Specialty Retail
$1.09M
$949.7K – $1.27M
NOI $75,977 @ 7.0% cap · market cap 5.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96706, HI
80,299
Population
24,305
Households
3.3
Avg Household Size
35
Median Age
30%
College-Educated
93%
High-School Grad
17.1 sq mi
ZIP Area
4,696
Density / Sq Mi
$125,879
Median Household Income
$51,435
Median Earnings
$2,785
Median Rent
$796,600
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?
Triplex - Triplex for sale with 55 linear feet of ocean frontage and an approved sea wall on a fee simple lot.
Where is this triplex located?
The property is located at 91-507 Ewa Beach Road Ewa Beach, HI.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: 55 linear feet of ocean frontage with an approved sea wall; Fee simple, all level 13,750 SF lot (250 x 55) with no association and no association fee; 3 permitted residential dwellings: 2BR/1BA near street, 3BR/1BA in the middle with a 150 SF detached covered lanai, and a studio near the ocean
