Four-Unit Walk-Up Apartment
For Sale
$1,288,000
94-110 Mokukaua St, Waipahu, HI 96797
Income property with unit-specific laundry areas, tenant-paid utilities, and recent exterior painting.
Property Size2,752 SF
Price / SF$468.02
Days on Market20
Property Features for 94-110 Mokukaua St
General Information
Standard status
Active
Size
2,752 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
4
Amenities
laundry behind building
Building Details
Year Built
1958
Buildings
1
Listing Agency:
Keller Williams Honolulu
(808) 387-3366
Listed By:
Holden Lau
(808) 387-3366
Source:
Kakaako
Added: Aug 9
Changed: Aug 28
Last Checked: Aug 28 at 10:19AM
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 Keller Williams Honolulu
Investment Insights
Based on property information with market context.
This 1958 quadplex contains four walk-up apartment units totaling 2,752 square feet. Each unit has a dedicated laundry setup located behind the building, while the exterior was repainted less than 2 years ago. Tenants pay their own utilities, and the landlord is responsible for property taxes.
The property is less than 10 minutes from Waipahu High and an 8-minute walk from a Rail Transit Station. The larger lot is identified as meeting the "BILL 7" City project plan.
The property is less than 10 minutes from Waipahu High and an 8-minute walk from a Rail Transit Station. The larger lot is identified as meeting the "BILL 7" City project plan.
Key Highlights
- Four‑unit quadplex totaling 2,752 SF
- Built in 1958 with exterior painting completed less than 2 years ago
- Each unit has its own laundry setup behind the building
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
$54,804
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
4.25%
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%
$1,096,080
$1.1M
Cap Rate 7%
$782,914
$782.9K
Cap Rate 9%
$608,933
$608.9K
Market Conditions
NOI Build-Up for 2,752 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
$84.2K $30.60/SF
− Vacancy
−$5.9K −$2.15/SF
EGI
$78.3K $28.45/SF
− OpEx
−$23.5K −$8.53/SF
NOI
$54.8K $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%
$1,096,080
Cap Rate 7%
$782,914
Cap Rate 9%
$608,933
Alternative Uses
Best Use
Multifamily LT 5
$782.9K
$685.1K – $913.4K
NOI $54,804 @ 7.0% cap · market cap 4.25%
Second Best
Apartment 5plus
$720.8K
$630.7K – $841.0K
NOI $50,457 @ 7.0% cap · market cap 3.92%
Theoretical Best
Specialty Retail
$1.11M
$975.6K – $1.30M
NOI $78,047 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Demographics for 96797, HI
78,109
Population
21,327
Households
3.7
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
19.3 sq mi
ZIP Area
4,047
Density / Sq Mi
$110,036
Median Household Income
$44,685
Median Earnings
$1,981
Median Rent
$798,600
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?
Quadplex - Income property with unit-specific laundry areas, tenant-paid utilities, and recent exterior painting.
Where is this quadplex located?
The property is located at 94-110 Mokukaua St Waipahu, HI.
What is the asking price?
The asking price for this property is $1,288,000.
What are key features of this property?
This property features: Four‑unit quadplex totaling 2,752 SF; Built in 1958 with exterior painting completed less than 2 years ago; Each unit has its own laundry setup behind the building
