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Ohana
* Second home allowed on either a residential or an agricultural zoned property.
Surf
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Kapalama Multi-Family Homes for sale

7 multi-family home for sale

Multi-Family Home
$1,170,000
Centrally located to various businesses servicing Oahu communities. This property is located near North King Street, providing easy access to H-1 East or H-1 West on-ramps and the bus line. This hollow-tile, two-story walk-up has 4 vacant two-bedroom, one-bathroom units with lanais that provide space for water heaters and washers. It was re-roofed in September 2025. There are four parking stalls in front of the building, 2 open and 2 covered. There are four electric meters, one per unit and one water line serving the building. The Income Information in the MLS is hypothetical. The units have been vacant for many years, and no financial information is available. The buyer must do their own due diligence for this component. Do not walk onto the property without a confirmed appointment. Note: One or more photos may have been enhanced.
Multi-Family Home
$1,359,000
A rare investment opportunity awaits in Kapalama with this well-maintained four-unit apartment building. The property features four units, each offering two bedrooms, one bathroom, and one assigned parking stall. All units are equipped with washer connections and are individually metered for electricity allowing tenants to cover this utility cost and helping reduce owner expenses. Located in a strong rental market, the property is 100% occupied and produces strong income with an estimated net cap rate of approximately 5%!! Whether you are entering the investment market for the first time or expanding an existing portfolio, this property offers solid long-term potential. Conveniently situated near everyday essentials including shopping, dining, gas stations, convenience stores, and major bus routes, the location provides excellent accessibility for tenants. Please respect privacy and do not disturb tenants or enter the property without a confirmed appointment.
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Multi-Family Home
$1,495,000
Well-located two-story, 4-unit apartment building in the heart of Kalihi, offering stable income today with multiple layers of future upside. The apartments have been recently lightly renovated. Although currently operated as a 4-unit residential apartment building generating immediate rental income, the property is zoned for I-2 Intensive Industrial District, allowing for potential conversion, redevelopment, or alternative use, subject to buyer’s due diligence and approvals. The property is located just a few blocks from Amazon’s Honolulu distribution center, a major employment hub that supports long-term rental demand and neighborhood appreciation. Conveniently located with easy access to major streets and highways, and close to bus lines, schools, shopping, and dining, making it attractive to both tenants and future redevelopment-minded buyers.
$2.7m  $100,000
Kapalama
1039 Wong Lane, Honolulu
Multi-Family Home
$2,700,000  $100,000
Excellent investment opportunity in Honolulu with NOI of 5%, ideal for investors looking to start or expand their real estate portfolio. This income-producing property features eight detached homes (addresses 1039A to 1039H) situated on a large, level 21,290 sq ft lot. The unit mix includes six 2-bedroom, 1-bath homes and two 3-bedroom, 1-bath homes, offering broad rental appeal. Each unit has a separate electric meter, allowing tenants to cover their own utilities and minimizing operating expenses for the owner. Located near Chinatown, Downtown, Lanakila Health Center, shopping centers, and major bus lines, the property benefits from high rental demand and strong occupancy potential. One unit (Unit F) has already been renovated with the opportunity to improve other units over time and boost rental income. This is a cash-flowing asset with long-term appreciation potential. The lot size may also offer future development or expansion potential (buyer to verify). Rarely does a property with this scale, flexibility, and location come to market. Offers are subject to inspection. Please do not disturb tenants or drive by without an appointment. Property to be sold in “As Is” condition.
$2.55m  $138,000
Kapalama
219 Kalihi Street, Honolulu
Multi-Family Home
$2,550,000  $138,000
An incredible opportunity to acquire a fee-simple, I-2 Zoned property with an existing 6 unit apartment building and excess parking lot leased to a commercial transportation company. Collect the cash-flow while you plan your redevelopment of the property for your business. Utilities are separately metered, owner pays for water. Washer and dryer hook ups are available. The corner lot property is well positioned in Kalihi Kai, within proximity to Amazon's new distribution center, Honolulu Harbor, Daniel K. Inouye International Airport, future Skyline stations, Downtown Honolulu, and major thoroughfares.
Multi-Family Home
$1,995,000
Prime Industrial-Zoned Investment Property on a corner lot. Exceptional opportunity to acquire an industrial-zoned property featuring two detached structures with a mix of renovated residential units and an industrial space. Structure One: Four (4) 2 bed / 1 bath units. Structure Two: Two (2) 2 bed / 1 bath units, one (1) 3 bed / 1 bath unit, plus an industrial unit offering versatile use options. All residential units were fully renovated in 2021, ensuring modern finishes and strong rental appeal. The property spans 7,164 sq. ft. of land, offering solid income-producing potential. Perfect for investors seeking stable cash flow with upside potential, or for an owner-user looking to combine industrial operations with on-site housing.
$2.99m  $477,000
Kapalama
815 Lopez Lane, Honolulu
Multi-Family Home
$2,988,000  $477,000
Completely renovated inside and out, this 3-structure legal, non-conforming gem earns better than a 7.8% return (actual). Off the ground construction means repairs are simple! All 12 two-bedrooms are permitted & renovated with new electric, plumbing, kitchens, and bathrooms, windows, doors, new roofs, paint, and more. Separately metered for water, electric, and gas (not hooked up) mean recurring utility expenses for this excellent opportunity are close to zero. Private lane access runs with the property & includes 3 parking spaces that are rented out for add’l income.
1 – 7 of 7 homes for sale
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Lifestyle & outdoors In Kapalama

3 surf spots in this area

Point Panics
Type: surfing
Flies
Type: surfing
Point Panic
Type: body-surfing
Kaka'ako, Honolulu 1-5 Dangerous rocks and reef bottom

25 parks in this area

Fern Community Park

Kamehameha Community Park

Kalihi Waena Neighborhood Park

Mokauea Street Mini Park

Peter Buck Mini Park

Loi Kalo Mini Park

Alewa Neighborhood Park

Kalakaua District Park

Lanakila District Park

Kunawai Neighborhood Park

Kunawai Springs

Auld Lane Mini Park

Kanoa Street Mini Park

Palama Triangle Mini Park

Banyan Court Mall

Liliuokalani Botanical Garden

Foster Botanical Garden

Kauluwela Community Park

Kauluwela Mall

Beretania Community Park

College Walk Mall

Pauahi Recreation Center

River Street/Sun Yet Sen Mall

Aala Park

Kila Kalikimaka Mall

3 beaches in this area

Unnamed beach

Unnamed beach

Unnamed beach

2 golf courses in this area

Fort Shafter Golf Course

Oʻahu Country Club

Essentials in Kapalama

Farmers market is about 13 min walk
Hospital is about 2 min drive
Supermarket is about 11 min walk
Airport is about 8 min drive
Costco is about 18 min drive
* distance is calculated by average per house. Some homes maybe closer to the essentials

Walkability in Kapalama

15 / 20
Very walkable
18-20
15-18
10-15
1-10
Walkability according to the National Walkability Index

Living in Kapalama Kapalama is a neighborhood in the Honolulu district of Oahu.

Supermarkets are about 11 min walk, the nearest Hospital is about 2 min drive and the airport is about 8 min drive.

Kapalama is very walkable.

There are 25 parks in this area, and 3 public beaches. Nearby lifestyles include surfing, body surfing and golf.

Housing Market Trends for Kapalama

There are currently 19 real estate listings for sale in Kapalama. This includes homes, condos, multi-family homes, and vacant land.
The average listing price in Kapalama for condos is $233,902 and for homes is $1,104,698. The median sales price for Kapalama over the last 90 days is $592,500, a 74% increase of $350,000 year over year. If we break this down per property types we see that the median sales price for homes is $1,295,000 and for condos $310,000.
The number of sales in the last 60 days are 5. The average days Kapalama properties stay on the market before being sold is 108 days.

Kapalama is a neighborhood located in the
Honolulu
district on the island of
Oahu
.

Average Listing Price Kapalama for condos & homes

Median Sales Price Kapalama for condos & homes

Number Of Sales Kapalama for condos & homes

* information deemed reliable, but not guaranteed
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