The historic Manoa Valley Inn is back on the market,and at a reduced price.

The licensed bed & breakfast, which was listed as high as $4.2 million last year, is now listed at $3.7 million. Coldwell Banker Pacific Properties is representing the seller, Theresa Wery.

The 4,424-square-foot house, which was built in 1912 and is on the National Register of Historic Places, sits on about a half acre at the corner of Vancouver and Hunnewell drives.

Wery paid $1.34 million for the inn when she bought it in 1998 from a Japanese owner, Nakamitsu Hawaii Corp. Nakamitsu had purchased the property in 1990 for $1.8 million.

The inn, restored in the late 1980s, has seven bedrooms. It also has a cottage with an eighth bedroom.