Ground-Floor Office Unit in
For Sale
$449,000
64-1061 MAMALAHOA HIGHWAY, Kamuela, HI 96743
MULTI_FAMILY - Kamuela, HI
Property Size616 SF
Price / SF$728.90
Days on Market145
Property Features for 64-1061 MAMALAHOA HIGHWAY
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CN-7.5
Bathrooms
1
Rooms
Bathroom 1
Parking features
Assigned
Appliances
Washer/Dryer Stacked
Subdivision
PUUKAPU HOMESTEADS
Standard status
Active
APN
3640060230001
Size
616 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3362
HOA Fee
$706 Monthly
Utilities
Utilities
Cable Available
Amenities
assigned parking stall
Building Details
Year built
1984
Number of units
1
Architectural style
Other
Listing Agency:
Hapuna Realty
(808) 657-4292
Listed By:
Kemi Kidani
(808) 228-4661
Added: Mar 19
Changed: Aug 3
Last Checked: Aug 10 at 1:06AM
MLS# 728722
Copyright © 2026 Hawaii Information Service. 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.
Unit 101 at Waimea Town Plaza is a ground-floor office unit with a flexible layout suited to a range of neighborhood commercial uses. The space is zoned CN-7.5 and is positioned for convenient client access and visible storefront presence along the main corridor. The unit size is 616 square feet, and the building was constructed in 1984.
The unit is located along Mamalahoa Highway, the primary connection between Kona and Hilo. Waimea Town Plaza brings together local businesses with residential condominiums, and the property is described as being within walking distance of shops, restaurants, professional services, and daily conveniences.
On-site conveniences include ample guest parking nearby plus an assigned parking stall. The unit also includes a washer/dryer stacked and has cable available. The interior includes one bathroom.
The unit is located along Mamalahoa Highway, the primary connection between Kona and Hilo. Waimea Town Plaza brings together local businesses with residential condominiums, and the property is described as being within walking distance of shops, restaurants, professional services, and daily conveniences.
On-site conveniences include ample guest parking nearby plus an assigned parking stall. The unit also includes a washer/dryer stacked and has cable available. The interior includes one bathroom.
Key Highlights
- Unit 101 ground‑floor office unit at Waimea Town Plaza
- Zoned CN‑7.5 for neighborhood commercial uses
- 616 square feet office unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,305
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$266,100
$266.1K
Cap Rate 7%
$190,071
$190.1K
Cap Rate 9%
$147,833
$147.8K
Market Conditions
NOI Build-Up for 616 SF
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.
Gross rent
$20.3K $33.00/SF
− Vacancy
−$1.3K −$2.15/SF
EGI
$19.0K $30.86/SF
− OpEx
−$5.7K −$9.26/SF
NOI
$13.3K $21.60/SF
Area
Hawaii County, HI
Vacancy
6.50%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$266,100
Cap Rate 7%
$190,071
Cap Rate 9%
$147,833
Alternative Uses
Best Use
Retail
$190.1K
$166.3K – $221.8K
NOI $13,305 @ 7.0% cap · market cap 2.96%
Second Best
Office B
$125.3K
$109.6K – $146.2K
NOI $8,769 @ 7.0% cap · market cap 1.95%
Theoretical Best
Specialty Retail
$210.2K
$184.0K – $245.3K
NOI $14,716 @ 7.0% cap · market cap 3.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Demographics for 96743, HI
13,339
Population
6,690
Households
2
Avg Household Size
44
Median Age
42%
College-Educated
95%
High-School Grad
292.3 sq mi
ZIP Area
46
Density / Sq Mi
$98,177
Median Household Income
$51,000
Median Earnings
$2,023
Median Rent
$724,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Ground-floor office unit in CN-7.5 with assigned parking and cable available, located in Waimea Town Plaza on Mamalahoa Highway.
Where is this office units located?
The property is located at 64-1061 MAMALAHOA HIGHWAY Kamuela, HI.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Unit 101 ground‑floor office unit at Waimea Town Plaza; Zoned CN‑7.5 for neighborhood commercial uses; 616 square feet office unit
