Multi-Tenant Retail
41-1537 Kalanianaole Highway Waimanalo, HI 96795
41-1537 Kalanianaole Highway, Waimanalo, HI, 96795
$10,500,000
For Sale
Under Contract
$10,500,000
COMMERCIAL - Waimanalo, HI
Property Size36,000 SF
Lot Size2.20 Acres
Price / SF$291.67
Days on Market110
Property Features for 41-1537 Kalanianaole Highway
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active Under Contract
- APN
- 1-4-1-009-275-0000
- Lot size
- 2.20 Acres
Taxes and HOA fees
- Tax Annual Amount
- 111183
Utilities
- Utilities
- Natural Gas Available
Building Details
- Year built
- 1983
- Floors in Building
- 2
- Building materials
- Wood Frame
Listing Agency
Marcus Realty
(808) 839-7446
1045 Mapunapuna Street, Honolulu, HI
Listed by
Kevin Y Nishikawa · License #RB-17304
(808) 220-9220
Added: Mar 31 Checked: Jul 18 at 11:06 am
MLS# 202606637
Copyright © 2026 HiCentral MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multi-tenant retail center includes two contiguous fee simple parcels (TMK 1-4-1-009: 275 & 278). The offering includes approximately 36,000 square feet of leasable area, including 6,300 square feet of second-floor offices, and 95 parking stalls. The property is currently approximately 65% occupied.
The parcels are held under a Master Ground Lease that expires on 12/14/2026. The seller notes the sale is subject to the existing ground lease structure, and tenants are not to be disturbed.
Additional details regarding income, lease terms, and the condition of improvements are not provided in the public remarks; buyers are advised to conduct their own due diligence and verify all information.
The parcels are held under a Master Ground Lease that expires on 12/14/2026. The seller notes the sale is subject to the existing ground lease structure, and tenants are not to be disturbed.
Additional details regarding income, lease terms, and the condition of improvements are not provided in the public remarks; buyers are advised to conduct their own due diligence and verify all information.
Key Highlights
- Value‑add multi‑tenant retail center
- Includes two contiguous fee simple parcels (~2.2 acres)
- Approximately 36,000 square feet of leasable area
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.43M | $39.72 |
| − Vacancy | −$68.6k | −$1.91 |
| EGI | $1.36M | $37.81 |
| − OpEx | −$408.4k | −$11.34 |
| NOI | $952.9k | $26.47 |
36,000 SF · lease $39.72/SF/yr · vacancy 4.80% · expense 30.00%
Alternative Uses
Best Use
Retail
$13.61M
$11.91M – $15.88M
NOI $952,899 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.59M
$12.76M – $17.02M
NOI $1,020,963 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Shopping centers
Similar For Sale Nearby
FAQs
What type of property is this?
Shopping center - Value-add shopping center with 36,000 sq. ft. of leasable area, 6,300 sq. ft. second-floor offices, and 95 parking stalls.
Where is this shopping center located?
The property is located at 41-1537 Kalanianaole Highway Waimanalo, HI.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Value‑add multi‑tenant retail center; Includes two contiguous fee simple parcels (~2.2 acres); Approximately 36,000 square feet of leasable area
