901 Lower Main St · Wailuku, HI 96793

$2,035,000

None bd · None ba · — sqft · MultiFamily · 135 Days on market

0.59 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Rare development opportunity in the heart of Central Maui. This A-2 apartment-zoned vacant parcel at 901 Lower Main Street offers exceptional visibility, strong street frontage, and prime positioning within the Wailuku–Kahului. Community Plan. The sale includes architectural plans for a 23-unit multifamily project, with some preliminary site work and planning already completed—saving significant time and soft costs for the next developer. The property features ocean and West Maui Mountain views, enhancing possible long-term rental or resale value. A documented burial site is located on a portion of the property and has been identified and incorporated into prior archaeological review and planning efforts, with related documentation available. This parcel presents an ideal opportunity for investors or builders seeking a centrally located apartment development site with meaningful progress already in place. Price increase due to seller moving forward with obtaining entitlements for the property. The owner is currently working with architects, contractors, and other professionals to complete the project.

Key facts

• Architectural plans
• Prime positioning
• Apartment zoned

Tags

• DEVELOPMENT OPPORTUNITY
• APARTMENT ZONED
• EXCEPTIONAL VISIBILITY
• STRONG STREET FRONTAGE
• PRIME POSITIONING
• ARCHITECTURAL PLANS

What this means for you Summary

Snapshot

• This is a multifamily listed at $2.04M.

Deal economics

• At list price, monthly cash flow is $26k ($307k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($50k rent vs $2.04M).
• Recommended offer: $1.79M (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 77/100 on livability (#8 in HI, #2,917 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment A-; Watch: cost of living F.
• Hawaii Department Of Education (suburban): math 32% / reading 50% proficiency, ranked #1 of 1 in HI (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.3%/yr); 119 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 906 units permitted in Maui County in 2024 (289 in 5+ unit buildings).
• At $50,291/mo this rent would consume 561% of the median local household income ($108k/yr) (locally 794% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $14k of loan paydown is wiped out by about $61k of value loss. Plan a longer hold.
• Maui County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $570k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($1.79M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask is 14% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $295k; list at $2.04M implies a 590% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,790,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.47% ✓
• Cap rate: 21.43%
• Cash-on-cash: 54.05%
• DSCR: 3.41
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.31% rent growth · sell at horizon

5-year hold

• IRR: 52.4%
• Equity multiple: 3.31×
• Total profit: $1,317,254
• Equity at exit: $303,425

10-year hold

• IRR: 57.8%
• Equity multiple: 6.82×
• Total profit: $3,314,765
• Equity at exit: $175,950

Cash invested: $569,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 37 Tenant-Leaning
• State Hawaii: 37 Tenant-Leaning · D+13
• County: — inherits STATE
• City: — inherits STATE

Honolulu has source-of-income protections; warranty of habitability strong.

Methodology + full state rankings →

ZIP-level market 96793

• Home prices YoY: -8.8%
• Rents YoY: 3.3%
• Active inventory: 119
• Price-to-rent: 77.6×

Monthly cashflow live

• Estimated rent: $50,291 high
• Mortgage (P&I): −$10,672
• Tax est. 1.5%: −$2,544 /mo · $30,525/yr
• Insurance: −$848
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,561
• Net cashflow: $25,600

Break-even live

Break-even rent $17,886

Max offer price $2,035,000

Occupancy floor 44%

23-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 23× units	1	1	$50,301
Total (23 units)			$50,291

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $508,750
• Closing costs: $61,050
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
529 Pio Dr Unit 2 Wailuku, HI	1.0	1.0	525	$1,650	$3.14	43d	1	0.02mi
493 Pio Dr #202 Wailuku, HI	1.0	1.0	586	$2,900	$4.95	23d	1	0.09mi
1697 Nana St Unit 8 Wailuku, HI	1.0	1.0	—	$1,900	—	14d	1	0.10mi
1063 Lower Main St #402 Wailuku, HI	2.0	1.5	757	$2,800	$3.70	43d	1	0.21mi
335 Momi Pl Wailuku, HI	3.0	1.0	—	$2,500	—	23d	1	0.23mi
60 Kapi Ln Unit 15-201 1 Wailuku, HI	2.0	1.0	657	$2,800	$4.26	43d	1	0.30mi
71 Waiaka Ln Unit 35-204 Wailuku, HI	3.0	2.0	980	$3,450	$3.52	43d	1	0.36mi
80 Waiaka Ln Wailuku, HI	3.0	2.0	—	$3,800	—	43d	1	0.37mi
1140 Eha St Unit 30-203 Wailuku, HI	2.0	2.0	—	$2,800	—	23d	1	0.47mi
694 Kaae Rd Wailuku, HI	1.0	1.0	540	$2,300	$4.26	23d	1	0.51mi
1371 Lower Main St Unit 11 Wailuku, HI	2.0	1.0	—	$3,600	—	23d	1	0.55mi
1371 Lower Main St Unit 8 Wailuku, HI	2.0	1.0	651	$2,850	$4.38	43d	1	0.55mi
1371 Lower Main St Apt 6 Wailuku, HI	1.0	1.0	651	$2,600	$3.99	17d	1	0.55mi
960 Wailupe Dr Unit Upstairs 3/2 Wailuku, HI	3.0	2.0	—	$3,400	—	43d	1	0.89mi
731 Makiki St Unit 2 Wailuku, HI	2.0	2.0	700	$2,800	$4.00	43d	1	0.95mi
111 Kahului Beach Rd Unit D126 Kahului, HI	2.0	1.5	787	$2,950	$3.75	43d	1	1.02mi
111 Kahului Beach Rd Unit A104 Kahului, HI	2.0	1.5	787	$2,399	$3.05	16d	1	1.02mi
111 Kahului Beach Rd Kahului, HI	2.0	1.5	800	$2,875	$3.59	3d	1	1.04mi
47 Nano St Unit 3 Kahului, HI	2.0	1.0	500	$2,500	$5.00	43d	1	1.08mi
76 Keoneloa St Wailuku, HI	3.0	2.5	2695	$5,250	$1.95	3d	1	1.10mi
92 S Wakea Ave Unit 1 Kahului, HI	2.0	1.0	—	$2,400	—	23d	1	1.17mi
1885 Main St #507 Wailuku, HI	2.0	2.0	1265	$3,500	$2.77	43d	1	1.21mi
499 Kaao Cir Kahului, HI	3.0	1.0	1884	$3,700	$1.96	43d	1	1.22mi
368 N Market St Wailuku, HI	1.0	1.0	—	$1,900	—	43d	1	1.24mi
340 Alahee Dr Unit B Wailuku, HI	2.0	1.0	—	$2,100	—	43d	1	1.24mi
434 Aleo Pl Kahului, HI	2.0	1.0	600	$2,500	$4.17	43d	1	1.24mi
432 Aleo Pl Kahului, HI	3.0	1.0	864	$3,000	$3.47	43d	1	1.25mi
290 Makua St Unit 3 Wailuku, HI	3.0	1.0	—	$3,400	—	43d	1	1.38mi
2114 Hewahewa Dr Unit A Wailuku, HI	3.0	1.0	1025	$3,200	$3.12	3d	1	1.40mi
1367 Kakae Pl Wailuku, HI	3.0	3.0	1527	$4,900	$3.21	23d	1	1.47mi

Listing history 29 events

1. 2026-06-18
   days on market $2,035,000 Active 135 DOM
2. 2026-06-17
   days on market $2,035,000 Active 134 DOM
3. 2026-06-16
   days on market $2,035,000 Active 133 DOM
4. 2026-06-15
   days on market $2,035,000 Active 132 DOM
5. 2026-06-13
   days on market $2,035,000 Active 130 DOM
6. 2026-06-13
   days on market $2,035,000 Active 129 DOM
7. 2026-06-10
   days on market $2,035,000 Active 127 DOM
8. 2026-06-09
   days on market $2,035,000 Active 126 DOM
9. 2026-06-08
   days on market $2,035,000 Active 125 DOM
10. 2026-06-07
    days on market $2,035,000 Active 124 DOM
11. 2026-06-05
    days on market $2,035,000 Active 121 DOM
12. 2026-06-03
    days on market $2,035,000 Active 120 DOM
13. 2026-06-02
    days on market $2,035,000 Active 119 DOM
14. 2026-06-01
    days on market $2,035,000 Active 118 DOM
15. 2026-05-31
    days on market $2,035,000 Active 117 DOM
16. 2026-04-09
    price $2,035,000 1130-char remark

    Show marketing remark (1130 chars)

    Rare development opportunity in the heart of Central Maui. This A-2 apartment-zoned vacant parcel at 901 Lower Main Street offers exceptional visibility, strong street frontage, and prime positioning within the Wailuku–Kahului. Community Plan. The sale includes architectural plans for a 23-unit multifamily project, with some preliminary site work and planning already completed—saving significant time and soft costs for the next developer. The property features ocean and West Maui Mountain views, enhancing possible long-term rental or resale value. A documented burial site is located on a portion of the property and has been identified and incorporated into prior archaeological review and planning efforts, with related documentation available. This parcel presents an ideal opportunity for investors or builders seeking a centrally located apartment development site with meaningful progress already in place. Price increase due to seller moving forward with obtaining entitlements for the property. The owner is currently working with architects, contractors, and other professionals to complete the project.

17. 2026-02-03
    listed $1,785,000 Active 1130-char remark

    Show marketing remark (1130 chars)

    Rare development opportunity in the heart of Central Maui. This A-2 apartment-zoned vacant parcel at 901 Lower Main Street offers exceptional visibility, strong street frontage, and prime positioning within the Wailuku–Kahului. Community Plan. The sale includes architectural plans for a 23-unit multifamily project, with some preliminary site work and planning already completed—saving significant time and soft costs for the next developer. The property features ocean and West Maui Mountain views, enhancing possible long-term rental or resale value. A documented burial site is located on a portion of the property and has been identified and incorporated into prior archaeological review and planning efforts, with related documentation available. This parcel presents an ideal opportunity for investors or builders seeking a centrally located apartment development site with meaningful progress already in place. Price increase due to seller moving forward with obtaining entitlements for the property. The owner is currently working with architects, contractors, and other professionals to complete the project.

18. 2017-10-02
    soldstatus $295,000 Sold 200-char remark

    Show marketing remark (200 chars)

    This Apartment Zoned vacant lot is highly visible, excellent street frontage, app. 240 ft. Designated as Business/Commercial under community plan. Archaeological Survey has been done on this property.

19. 2017-10-02
    soldstatus $295,000

    Show marketing remark (200 chars)

    This Apartment Zoned vacant lot is highly visible, excellent street frontage, app. 240 ft. Designated as Business/Commercial under community plan. Archaeological Survey has been done on this property.

20. 2017-08-15
    historical Pending - Continue to Show 200-char remark

    Show marketing remark (200 chars)

    This Apartment Zoned vacant lot is highly visible, excellent street frontage, app. 240 ft. Designated as Business/Commercial under community plan. Archaeological Survey has been done on this property.

21. 2017-06-24
    price $329,000 200-char remark

    Show marketing remark (200 chars)

    This Apartment Zoned vacant lot is highly visible, excellent street frontage, app. 240 ft. Designated as Business/Commercial under community plan. Archaeological Survey has been done on this property.

22. 2017-04-15
    listed $399,000 Active 200-char remark

    Show marketing remark (200 chars)

    This Apartment Zoned vacant lot is highly visible, excellent street frontage, app. 240 ft. Designated as Business/Commercial under community plan. Archaeological Survey has been done on this property.

23. 2015-04-22
    historical
24. 2015-04-03
    listed $500,000 Active
25. 2014-10-22
    historical
26. 2014-04-23
    listed $500,000
27. 2006-08-31
    soldstatus $585,000
28. 1992-09-28
    soldstatus $551,389
29. 1990-12-31
    soldstatus $455,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $603,492
• − Mortgage interest: −$113,992
• − Property taxes: −$30,525
• − Insurance: −$10,972
• − Repairs & maintenance: −$48,279
• − Management: −$48,279
• − Depreciation: −$59,200
• Taxable income: $292,244
• Est. tax owed @ 24.0%: −$70,139
• After-tax cash flow: $237,061/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hawaii Department Of Education
• NCES district ID: 1500030
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $69,005
• Composite: 37.07/100
• National rank: #4504
• State rank: #1 of 1 in HI

Livability — Wailuku

• Score: 77/100
• State rank: #8
• US rank: #2917

Category grades

Amenities C Commute A+ Cost of living F Crime B Employment A- Housing C+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wailuku, HI
• County: Maui County · 114,195 people
• City population: 32,739
• Metro: Kahului-Wailuku-Lahaina, HI
• Population (ZIP): 32,739
• Household income: $107,668
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 794.0

Population outlook (Maui County) Hauer SSP2

• Today (2025): 185,013 people
• By 2030: 194,315 · +5.0%
• By 2040: 210,917 · +14.0%
• By 2050: 226,396 · +22.4%
• By 2075: 270,475 · +46.2%
• By 2100: 316,825 · +71.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.85)
• Race & ethnicity: Asian 34% Two or more races 31% White 16% Pacific Islander 15% Hispanic / Latino 9% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Russian 3% Lithuanian 1% Italian 1%
• Foreign-born: 14% · Canada, South Korea, China
• Languages at home: 78% English-only · Other Asian/Pacific 12% Tagalog/Filipino 5% Spanish 2%

Political lean MEDSL · Maui

• 2024 margin: Strong D (+25.9) · D 61.9% · R 36.0% · Other 2.2%
• 2008→2024 swing: -29.3pp toward R · 2008: 55.2pp · 2024: 25.9pp
• All cycles: 2024: D+25.9 2020: D+35.5 2016: D+38.6 2012: D+50.3 2008: D+55.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.52%
• Current HPI: 540.6458
• Rent YoY: ▲ 3.31%
• Metro: Kahului-Wailuku-Lahaina, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+347.3% since first listed

14 events — show timeline

• 2026-04-09 Price Changed $2,035,000 RAM MLS
• 2026-02-03 Listed $1,785,000 RAM MLS
• 2017-10-02 Sold (Public Records) $295,000 Public Records
• 2017-10-02 Sold (MLS) $295,000 RAM MLS
• 2017-08-15 Contingent — RAM MLS
• 2017-06-24 Price Changed $329,000 RAM MLS
• 2017-04-15 Listed $399,000 RAM MLS
• 2015-04-22 Listing Removed — RAM MLS
• 2015-04-03 Listed $500,000 RAM MLS
• 2014-10-22 Listing Removed — RAM MLS
• 2014-04-23 Listed $500,000 RAM MLS
• 2006-08-31 Sold (Public Records) $585,000 Public Records
• 1992-09-28 Sold (Public Records) $551,389 Public Records
• 1990-12-31 Sold (Public Records) $455,000 Public Records

Property tax history

+12.9%/yr

Latest (2025): $1,212 · +5.9% YoY. Source: county tax records.