Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Honolulu Vacant Lot with Views Title is generated by Realmo AI

    900 Alewa Drive, Honolulu, HI 96817

    View on Map
    Claim this Listing
    For Sale
    $599,000

    LAND - Honolulu, HI

    Added:
    Jan 5, 2026
    Days on Market:
    136
    Last Refresh:
    May 21 at 6:06 pm

    Property Features for 900 Alewa Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    1-1-8-023-073-0001

    Taxes and HOA fees

    Tax Annual Amount
    1888

    We can help!

    Listing Contact
    Lena Ching Aipa

    Listing agent Lena Ching Aipa License #RB-21260

    Listing office REMAX Hawaii 319 Hahani Street, Honolulu, HI

    Listing date Jan 5, 2026

    MLS# 202600087 Listing URL

    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.

    HighLights

    • Expansive ocean and city views.
    • Large 11,773 sq ft vacant lot.
    • Prime location in the desirable Alewa Heights neighborhood.
    • Opportunity to design and build a custom dream home.
    • Part of a 5‑unit CPR with covenants to maintain development integrity.
    • Close proximity to downtown Honolulu without a long commute.

    Overview

    This is an opportunity to own an 11,773 sq ft vacant lot in the Alewa Heights neighborhood. The property offers expansive ocean and city views, presenting a canvas for designing and building a home. Located within a 5-unit CPR, this lot includes a covenant guiding construction to maintain the integrity and vision of the development. The property fronts Alewa Drive, offering potential for architectural design. This property is located minutes from downtown Honolulu, offering a peaceful hillside community with city light views and convenient access to the city.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Honolulu
    County
    Honolulu
    State
    Hawaii
    Longitude
    -157.853252
    Latitude
    21.332175

    Nearby Similar for Sale

    • $5,295,000
      4,400 SF

      Honolulu Mixed-Use Commercial Property

      Multi-tenant office building and warehouse in Honolulu for sale.
      2045 Kamehameha IV Road, Honolulu, HI 96819
      View Details
    • $2,500,000

      Waikiki Restaurant Space For Sale

      2,295 SF restaurant space in Aloha Surf Hotel lobby.
      444 Kanekapolei Street, Honolulu, HI 96815
      View Details
    • $400,000

      Honolulu Retail Space For Sale

      Retail space in Likelike Plaza, Honolulu, near residential and retail.
      745 Keeaumoku Street, Honolulu, HI 96814
      View Details
    • $2,288

      Honolulu Commercial Property on Nuuanu

      Commercial property in Honolulu with street frontage and private bathroom.
      1741 Nuuanu Avenue, Honolulu, HI 96817
      View Details
    • $695,000
      2,438 SF

      Honolulu Office Unit For Sale

      Office unit with storage, conference rooms, and covered parking.
      222 Vineyard Street, Honolulu, HI 96813
      View Details
    • $350,000

      Turnkey Chinese Restaurant in Honolulu

      Established Sichuan restaurant with high traffic location and loyal clientele.
      1450 ala moana Boulevard, Honolulu, HI 96814
      View Details
    • $1,500,000

      Industrial Property in Honolulu, HI

      Industrial-zoned property with redevelopment potential in convenient Honolulu location.
      1649 Democrat Street, Honolulu, HI 96819
      View Details
    • $660,000
      2,438 SF

      Honolulu Commercial Office Space

      Open office space with storage, conference rooms, and parking.
      222 Vineyard Street, Honolulu, HI 96813
      View Details
    • $220,000

      Honolulu Medical Office Space

      Prime medical office space in Honolulu, convenient location.
      321 N Kuakini Street, Honolulu, HI 96817
      View Details
    • $175,000
      1,048 SF

      Turnkey Restaurant in Honolulu Chinatown

      Authentic Vietnamese restaurant for sale in Honolulu's Chinatown.
      1145 Maunakea Street, Honolulu, HI 96817
      View Details
    • $8,000

      Turn-Key Restaurant in Honolulu

      Prime restaurant space in a high-traffic Honolulu location.
      909 Kapiolani Boulevard, Honolulu, HI 96814
      View Details
    • $2,700,000

      Honolulu Commercial Property with Parking

      Fee Simple commercial property with on-site parking in Honolulu.
      1726 S King Street, Honolulu, HI 96826
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Prime vacant lot in Alewa Heights with ocean and city views.
    Where is this residential land & home lot located?
    The property is located at 900 Alewa Drive Honolulu, HI.
    What is the asking price?
    The asking price for this property is $599,000.
    What are key features of this property?
    This property features: Expansive ocean and city views.; Large 11,773 sq ft vacant lot.; Prime location in the desirable Alewa Heights neighborhood.
    (808) 561-7841
    We can help!
    Listing Contact
    Lena Ching Aipa
    Real Estate License ID: RB-21260
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    900 Alewa Drive, Honolulu, HI 96817
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!