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    378 N Market St Wailuku, HI 96793

    View on Map
    For Sale
    $1,799,000

    Commercial-For Sale - Wailuku, HI

    Property size:
    5,000 SF
    Lot size:
    0.12 Acres
    Added:
    Jul 16, 2025
    Days on Market:
    260
    Last Refresh:
    Apr 1 at 7:06 am

    Property Features for 378 N Market St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    3
    Standard status
    Active
    Size
    5,000 SF
    Lot size
    0.12 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Keith Zielinski

    Listing agent Keith Zielinski License #RB-19421

    Listing office Pacific Shores Realty 181 Walua Place, kihei, HI

    Listing date Jul 16, 2025

    MLS# 406550 Listing URL

    Copyright © 2026 Realtors ® Association of Maui, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Wailuku Mixed-Use Commercial Property

    Located in the Wailuku Redevelopment Area, this commercial property at 378 N Market St offers significant mixed-use potential under its B-2 zoning, which allows for uses such as bed and breakfast, hotel, light manufacturing, and food processing. The property includes a 1960 square foot commercial building built in 1950 and updated in 2025, featuring 980 square feet per floor, hollow tile and concrete construction, approximately 12-foot ceilings on the main floor, and a commercial roll-up door. Additionally, there are two duplexes: one at 378 N Market St, built in 1945 and updated in 2025, with approximately 1830 square feet and 915 square feet per floor, each floor containing three bedrooms and one bathroom, and fully reframed; and another at 372 N Market St, built between 1944-1959 and updated between 2018 and 2023, with approximately 1976 square feet and 988 square feet per floor, each floor offering two bedrooms and two bathrooms, featuring a mix of hollow tile construction and wood framing with a fully updated interior and exterior. A carport/storage area, built in 1944 and updated in 2025, provides approximately 575 square feet with water/drain access and potential for power, making it a strong candidate for conversion to an ADU. Situated on a 0.115-acre lot, this property is currently operating as a short-term rental and generating excellent income. It presents a tremendous opportunity for a business needing a storefront and housing or rental income, targeting bargain-based tourists in an area with historically undervalued properties.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Tamashiro Tofu Factory Grocery & Convenience Store

    Map

    City
    Wailuku
    County
    Maui
    State
    Hawaii
    Longitude
    -156.5044736
    Latitude
    20.8934851

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use commercial property in Wailuku Redevelopment Area with excellent income potential.
    Where is this mixed-use property located?
    The property is located at 378 N Market St Wailuku, HI.
    What is the asking price?
    The asking price for this property is $1,799,000.
    What are key features of this property?
    This property features: Excellent income‑generating short‑term rental property with four buildings totaling approximately 5000 SF.; B‑2 commercial zoning in Wailuku Redevelopment Area allows for mixed‑use.; No AOAO fees, increasing potential profit.
    (808) 298-7111
    We can help!
    Listing Contact
    Keith Zielinski
    Real Estate License ID: RB-19421
    Learn More
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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.

    More about this property
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