Two-Dwelling Duplex
For Sale
$2,788,000
99-438 Ulune Street, Aiea, HI 96701
Separate residences with individual kitchens provide flexible living arrangements on a spacious lot.
Property Size6,746 SF
Days on Market71
Property Features for 99-438 Ulune Street
General Information
Standard status
Active
Size
6,746 SF
Property subtype
Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,704
Building Details
Building Size
6,746 SF
Year Built
2021
Buildings
2
Listing Agency:
Soldier To Soldier HI Realty
(808) 628-0102
Listed By:
Jane Cheng-Liao · License #RB-22837
(808) 628-0102
Source:
Commercialinvestmentstrategies
Added: Jun 12
Changed: Aug 17
Last Checked: Aug 20 at 12:09PM
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 Soldier To Soldier HI Realty
Investment Insights
Based on property information with market context.
Built in 2021, this duplex property consists of two detached dwellings with separate kitchens and substantial living capacity. Together, the residences provide 15 bedrooms and 9.5 bathrooms, creating a configuration suited to multigenerational occupancy or separate household use. Both homes are situated on a spacious lot with considerable front yard area that can support additional parking or outdoor activities.
The property is located at 99-438 Ulune Street in Aiea’s Halawa area. Its setting provides access to Tripler, Fort Shafter, Pearl Harbor, Hickam, Camp Smith, and major freeways, connecting the residences with established employment and transportation destinations.
The property is located at 99-438 Ulune Street in Aiea’s Halawa area. Its setting provides access to Tripler, Fort Shafter, Pearl Harbor, Hickam, Camp Smith, and major freeways, connecting the residences with established employment and transportation destinations.
Key Highlights
- Two separated dwellings with separate kitchens
- 15 bedrooms and 9.5 bathrooms across the property
- Built in 2021
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
$134,341
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
4.82%
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%
$2,686,820
$2.7M
Cap Rate 7%
$1,919,157
$1.9M
Cap Rate 9%
$1,492,678
$1.5M
Market Conditions
NOI Build-Up for 6,746 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
$206.4K $30.60/SF
− Vacancy
−$14.5K −$2.15/SF
EGI
$191.9K $28.45/SF
− OpEx
−$57.6K −$8.53/SF
NOI
$134.3K $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%
$2,686,820
Cap Rate 7%
$1,919,157
Cap Rate 9%
$1,492,678
Alternative Uses
Best Use
Multifamily LT 5
$1.92M
$1.68M – $2.24M
NOI $134,341 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$1.77M
$1.55M – $2.06M
NOI $123,687 @ 7.0% cap · market cap 4.44%
Theoretical Best
Specialty Retail
$2.73M
$2.39M – $3.19M
NOI $191,317 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Demographics for 96701, HI
42,833
Population
15,407
Households
2.8
Avg Household Size
45
Median Age
39%
College-Educated
94%
High-School Grad
25.3 sq mi
ZIP Area
1,693
Density / Sq Mi
$107,888
Median Household Income
$58,224
Median Earnings
$1,930
Median Rent
$913,300
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?
Duplex - Separate residences with individual kitchens provide flexible living arrangements on a spacious lot.
Where is this duplex located?
The property is located at 99-438 Ulune Street Aiea, HI.
What is the asking price?
The asking price for this property is $2,788,000.
What are key features of this property?
This property features: Two separated dwellings with separate kitchens; 15 bedrooms and 9.5 bathrooms across the property; Built in 2021
