Office Unit with Break
For Sale
$250,000
688 KUKUAU PLAZA, Hilo, HI 96720
Commercial Sale, Hilo, HI
Property Size1,217 SF
Price / SF$205.42
Days on Market312
Property Features for 688 KUKUAU PLAZA
General Information
Property type
Residential
Property subtype
Office
Zoning
CG-7.5
Subdivision
South Hilo
Standard status
Active
APN
3240250870051
Size
1,217 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2893
Building Details
Year built
1965
Number of units
1
Listing Agency:
Century 21 Homefinders of Hawaii · Century 21 Real Estate
(808) 935-7119
Listed By:
Reyn Shimooka · License #RB-22420
(808) 990-8325
Added: Oct 28, 2025
Changed: Aug 19
Last Checked: Sep 4 at 2:06AM
MLS# 725231
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.
This 1,217-square-foot office unit occupies space within Kukuau Plaza, a multi-business commercial property in Hilo. The layout includes a primary front office, a rear room that can serve as storage or a second private office, and a break room. Newer air conditioning and fiber-optic service are in place.
Water and sewer connections are available to support installation of an additional bathroom or sink. The plaza includes other businesses, a restaurant, and a bar, with customer parking serving the property. The unit is zoned CG-7.5 and is located at 688 KUKUAU PLAZA in Hilo, HI 96720.
Water and sewer connections are available to support installation of an additional bathroom or sink. The plaza includes other businesses, a restaurant, and a bar, with customer parking serving the property. The unit is zoned CG-7.5 and is located at 688 KUKUAU PLAZA in Hilo, HI 96720.
Key Highlights
- 1,217 SF office unit at Kukuau Plaza
- Front office plus rear storage room or private office
- Break room included in the existing layout
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
$17,325
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
6.93%
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%
$346,500
$346.5K
Cap Rate 7%
$247,500
$247.5K
Cap Rate 9%
$192,500
$192.5K
Market Conditions
NOI Build-Up for 1,217 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
$27.0K $22.20/SF
− Vacancy
−$3.9K −$3.22/SF
EGI
$23.1K $18.98/SF
− OpEx
−$5.8K −$4.75/SF
NOI
$17.3K $14.24/SF
Area
Hawaii County, HI
Vacancy
14.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$346,500
Cap Rate 7%
$247,500
Cap Rate 9%
$192,500
Alternative Uses
Best Use
Office B
$247.5K
$216.6K – $288.8K
NOI $17,325 @ 7.0% cap · market cap 6.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$415.3K
$363.4K – $484.6K
NOI $29,074 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Demographics for 96720, HI
46,615
Population
19,826
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
287.8 sq mi
ZIP Area
162
Density / Sq Mi
$78,537
Median Household Income
$41,268
Median Earnings
$1,346
Median Rent
$458,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Configured with a front office, rear private room, newer AC, and fiber-optic connectivity.
Where is this office units located?
The property is located at 688 KUKUAU PLAZA Hilo, HI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,217 SF office unit at Kukuau Plaza; Front office plus rear storage room or private office; Break room included in the existing layout
