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    Ralph S Gray, Honolulu, HI

    License ID: RS-57803
    Years of Experience
    24
    Languages
    English, Spanish

    Service Locations

    Contact details

    Phone:
    (808) 949-0020
    Office Address:
    1920 Ala Moana Blvd, Unit 102, Honolulu, HI 96815

    Property Types

    • Land
    • Residential Multi Family

    Performance

    Listings
    17
    Price range
    $550k - 7.5M
    Average price
    $4M

    Listings

    For Sale (17)

    View map
    • $28,800,000

      Oceanfront Ranch on Oahu's North Shore

      170-acre ranch with over 1/3 mile of stunning oceanfront.
      56-1081 Kamehameha Hwy, Kahuku, HI 96731
      View Details
    • $28,800,000

      Oceanfront Ranch or Farm Opportunity

      170-acre ranch/farm with over 1/3 mile of stunning oceanfront.
      56-1081 Kamehameha Hwy, Kahuku, HI 96731
      View Details
    • $800,000

      North Shore Agricultural Land Opportunity

      5+ acre agricultural land near Haleiwa with stream frontage.
      64-486 Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $800,000

      Haleiwa Land Near Anahulu Stream

      1.678 acres of land with stream access and fruit trees.
      Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $725,000

      Agricultural Land in Haleiwa, HI

      5.76 acres of land in the Laukiha'a Farms Community.
      64-486 Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $700,000

      North Shore Agricultural Land Opportunity

      5.76 acres in Laukiha'a Farms Community, near Haleiwa Town.
      64-486 Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $650,000
      18.00 Acres

      North Shore Agricultural Land Opportunity

      18 acres of farmable land in Haleiwa, North Shore.
      64-486 Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $750,000

      North Shore Agricultural Land Opportunity

      5+ acre agricultural land near Haleiwa with stream frontage.
      64-486 Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $750,000

      North Shore Agricultural Land Opportunity

      5+ acre agricultural land in thriving North Shore community.
      64-486 Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • New
      $5,000,000
      3,508 SF

      Seaside Beach House - North Shore

      Spacious 5-bedroom beachfront home with ocean views and rental potential.
      61-707 Papailoa Rd, Haleiwa, HI 96712
      View Details
    • $1,100,000

      Anahulu Stream Front Land

      1.6 acres for farming, family compound, or yoga retreat.
      Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • New
      $3,500,000
      0.48 Acres

      Waianae Oceanfront Estate with Income

      Oceanfront estate with modern suite and charming bungalows for sale.
      84-485 Farrington Hwy, Waianae, HI 96792
      View Details
    • $600,000

      North Shore Agricultural Land Opportunity

      Agricultural land for farm dwelling near Haleiwa's North Shore Marketplace.
      Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $1,500,000

      Haleiwa Agricultural Land with Ocean Views

      11.232 acre farm/ranch with ocean views in Haleiwa, HI.
      64-486 Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $600,000

      North Shore Agricultural Land Opportunity

      Agricultural land for sale in Haleiwa, North Shore.
      0000 Kamehameha Hwy, Haleiwa, HI 96712
      View Details
    • $1,400,000

      Stream-Front Agricultural Lot Opportunity

      5.482-acre agricultural property with stream access near Haleiwa.
      61-1121 Kaukonahua Rd, Waialua, HI 96791
      View Details
    • $1,100,000

      Anahulu Stream Front Farmland

      1.6 acres stream front land, farm home potential.
      0000 Kamehameha Hwy, Haleiwa, HI 96712
      View Details

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    Ralph S Gray, Honolulu, HI
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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