| Description | 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! |
|---|---|
| Status | Active since 08-04-2026 |
| MLS# | 202614924 |
| Price | $1,400,000 |
| Original Price | $1,475,000 |
| Price Change | $-75,000 (-5.08%) |
| Studio Units | 0 |
| One Bed Units | 0 |
| Two Bed Units | 2 |
| Three Bed Units | 3 |
| Living Sq Ft | 2,662 |
| Land Sq Ft | 22,000 |
| Land Tenure | FS - Fee Simple |
| Maintenance Fee | $0 |
| Address | 84-916 Hanalei Street Waianae HI 96792 |
| Region | Leeward |
| Neighborhood | Makaha |
| Days on Market | 54 |
| Year Built | 1938 |
| Year Remodeled | 1971 |
| Condition | Average |
| View | None |
| Frontage | Other |
| Parking | Assigned, Covered |
| Zoning | 05 - R-5 Residential District |
| Flood Zone | Zone X |
| Tax Amount | $336 |
| Assessed Land | $926,100 |
| Assessed Building | $300,900 |
| Assessed Total | $1,227,000 |
| Assessed Ratio | 114% |
| Utilities | Gas, Internet, Public Water, Sewer Fee, Telephone, Water |
| Construction | Above Ground, Single Wall, Wood Frame |
| Lot Features | Other |
| Disclosures | 1031 Exchange, Call Listor, Licensed Owner, Pet on Property, Property Disclosure Stmt |
| Land Recorded | Land Court |
| Possession | At Closing |
| Sale Conditions | None |
| Topography | Level |
| Roofing | Asphalt Shingle |
| Easements | None |
| Parcel # | 1-8-4-015-003-0000 |
| Listing courtesy of | Asian Pacific Investments LLC |
Property History from MLS
| Date | MLS# | Change | Old Value | New Value | List Price | Sold Price | Assessed Total | Land | Building |
|---|---|---|---|---|---|---|---|---|---|
| 08-25-2026 | 202614924 | Price Decrease | $1,475,000 | $1,400,000 | $1,400,000 | $0 | $1,227,000 | $926,100 | $300,900 |
| 08-04-2026 | 202614924 | New Listing | A | $1,400,000 | $0 | $1,227,000 | $926,100 | $300,900 | |
| 08-03-2026 | 202512790 | Expired | A | X | $1,500,000 | $0 | $1,154,700 | $1,025,300 | $129,400 |
| 05-09-2026 | 202512790 | Price Decrease | $1,550,000 | $1,500,000 | $1,500,000 | $0 | $1,154,700 | $1,025,300 | $129,400 |
| 02-12-2026 | 202512790 | Back On Market | C | A | $1,500,000 | $0 | $1,154,700 | $1,025,300 | $129,400 |
| 10-24-2025 | 202512790 | Active Under Contract | A | C | $1,500,000 | $0 | $1,154,700 | $1,025,300 | $129,400 |
| 09-24-2025 | 202512790 | Price Decrease | $1,600,000 | $1,550,000 | $1,500,000 | $0 | $1,154,700 | $1,025,300 | $129,400 |
| 08-03-2025 | 202512790 | New Listing | A | $1,500,000 | $0 | $1,154,700 | $1,025,300 | $129,400 | |
| 04-12-2018 | 201804179 | Sold | C | S | $850,000 | $875,000 | $749,900 | $540,200 | $209,700 |
| 02-26-2018 | 201804179 | In Escrow Showing | A | C | $850,000 | $875,000 | $749,900 | $540,200 | $209,700 |
| 02-13-2018 | 201804179 | New Listing | A | $850,000 | $875,000 | $749,900 | $540,200 | $209,700 | |
| 02-13-2018 | 201804179 | $850,000 | $850,000 | $875,000 | $749,900 | $540,200 | $209,700 |
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