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MLS: 202614927 (Active - For Sale)
 
Asking Price: $1,475,000 FS - Fee Simple
Type: Residential
District: Leeward
Address: 84-916 Hanalei Street, Waianae, HI
Neighborhood: Makaha
Beds: 10   Baths: 4
Living Area: 2,662 SF
Style: Detach Single Family,Multiple Dwellings
Land Area: 0.51 Acres
Parking: 3 Car+,Carport,Street
Days on Market: 4
Year Built: 1938
Zoning: 05 - R-5 Residential District
Land Recorded: Land Court
Property Taxes: $336
Assessed Value: $1,227,000
Assessed Ratio: 120.21%
Listing Courtesy: Asian Pacific Investments LLC
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All Homes For Sale in Makaha


Rare investment opportunity featuring four detached single-family homes on an R-5 zoned lot. Ideal for investors, 1031 exchange buyers, or multi-generational living, this versatile property combines steady cash flow, privacy, and long-term value creation. The property includes two 3-bedroom and two 2-bedroom residences. Each home boasts its own private fenced yard and dedicated parking, providing tenants with single-family independence. Operating expenses remain exceptionally low as tenants pay all utilities—including water, sewer, gas, and electricity. Turnkey performance meets huge upside. Units A (3-bed) and B (2-bed) were renovated in 2025, commanding top-of-market rents. Currently operating at a 5.06% cap rate on $74,640 in annual income, bringing below-market units to prevailing rates unlocks an extra $15,600 annually, pushing the potential cap rate to 6.12%. Don't miss this well-maintained, high-yield asset!

1 Transaction(s) Found in Sales History
MLS List Date Sold Date List Price Sold Price
20180417902/13/201804/12/2018$850,000$875,000

 
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