Fourplex Adjacent to
For Sale
$1,200,000
94-335 Pupuole Street, Waipahu, HI 96797
Built in 1969 with AMX-2 medium-density apartment zoning and direct adjacency to a neighborhood park.
Property Size2,200 SF
Price / SF$545.45
Days on Market100
Property Features for 94-335 Pupuole Street
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family / Multi-Family
Zoning
17 - AMX-2 Medium Density Apt M
Additional Details
Multifamily Units
4
Amenities
Partial
Composition
Other
Hollow Tile, Wood Frame
Building Details
Year Built
1969
Buildings
1
Listing Agency:
Michael Moran & Associates
(808) 729-4876
Listed By:
Jesusa G Lucas · License #RS-69031
(808) 729-4876
Source:
Compass
Added: May 24
Changed: Aug 30
Last Checked: Aug 30 at 5:21AM
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 Michael Moran & Associates
Investment Insights
Based on property information with market context.
This four-unit property is located at 94-335 Pupuole Street in Waipahu. The improvements date to 1969 and are situated beside a park, providing immediate access to open green space and outdoor recreation.
The property carries 17 - AMX-2 Medium Density Apt M zoning. Its four-unit configuration offers a multifamily layout within an established residential setting, with the park adjacency serving as a notable site characteristic.
The property carries 17 - AMX-2 Medium Density Apt M zoning. Its four-unit configuration offers a multifamily layout within an established residential setting, with the park adjacency serving as a notable site characteristic.
Key Highlights
- Four‑unit property in Waipahu
- Adjacent to a park with access to green space and outdoor recreation
- Zoned 17 - AMX‑2 Medium Density Apt M
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
$43,811
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
3.65%
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%
$876,220
$876.2K
Cap Rate 7%
$625,871
$625.9K
Cap Rate 9%
$486,789
$486.8K
Market Conditions
NOI Build-Up for 2,200 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
$67.3K $30.60/SF
− Vacancy
−$4.7K −$2.15/SF
EGI
$62.6K $28.45/SF
− OpEx
−$18.8K −$8.53/SF
NOI
$43.8K $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%
$876,220
Cap Rate 7%
$625,871
Cap Rate 9%
$486,789
Alternative Uses
Best Use
Multifamily LT 5
$625.9K
$547.6K – $730.2K
NOI $43,811 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$576.2K
$504.2K – $672.3K
NOI $40,337 @ 7.0% cap · market cap 3.36%
Theoretical Best
Specialty Retail
$891.3K
$779.9K – $1.04M
NOI $62,392 @ 7.0% cap · market cap 5.20%
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 - Built in 1969 with AMX-2 medium-density apartment zoning and direct adjacency to a neighborhood park.
Where is this quadplex located?
The property is located at 94-335 Pupuole Street Waipahu, HI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Four‑unit property in Waipahu; Adjacent to a park with access to green space and outdoor recreation; Zoned 17 - AMX‑2 Medium Density Apt M
