Two-Bedroom Resort
New
For Sale
$179,500
1 Bay Dr Unit 3504, Lahaina, HI 96761
Deeded fractional ownership combines scheduled stays with ocean-facing resort amenities.
Property Size1,776 SF
Price / SF$101.07
Days on Market4
Property Features for 1 Bay Dr Unit 3504
General Information
Standard status
Active
Size
1,776 SF
Property subtype
Multi-Family
Amenities
kitchen
laundry room
lanai with panoramic ocean views
direct elevator access
twice daily housekeeping
complimentary storage
Building Details
Year Built
2008
Listing Agency:
Coldwell Banker Island Prop-KP
Listed By:
Chris Haigh RS-67890
(808) 283-5166
Source:
The808team
Added: Sep 18
Last Checked: Sep 21 at 12:48PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Island Prop-KP
Investment Insights
Based on property information with market context.
This 1,776 SF resort residence at The Resort at Kapalua Bay was built in 2008 and features two bedrooms, each with an en suite master bathroom, plus an additional half bath. The floor plan includes a complete kitchen, laundry room, direct elevator access, and a large lanai oriented toward panoramic ocean views. Twice-daily housekeeping, complimentary storage, and valet parking are included amenities.
The deeded one-twelfth fractional interest provides 21 deeded days each year. Fixed occupancy includes two consecutive weeks during late June or early July, identified as weeks 25 and 26, along with one float week covering specified winter or Thanksgiving periods. Owners may move weeks during the year and may access additional days on a per diem basis. Future deeded dates include June 20–July 4, 2026, and January 9–16 plus June 19–July 3, 2027.
The deeded one-twelfth fractional interest provides 21 deeded days each year. Fixed occupancy includes two consecutive weeks during late June or early July, identified as weeks 25 and 26, along with one float week covering specified winter or Thanksgiving periods. Owners may move weeks during the year and may access additional days on a per diem basis. Future deeded dates include June 20–July 4, 2026, and January 9–16 plus June 19–July 3, 2027.
Key Highlights
- 1,776 SF resort residence built in 2008
- Two bedrooms with separate en suite master bathrooms, plus a half bath
- Large lanai with panoramic ocean views
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
$10,629
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
5.92%
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%
$212,580
$212.6K
Cap Rate 7%
$151,843
$151.8K
Cap Rate 9%
$118,100
$118.1K
Market Conditions
NOI Build-Up for 1,776 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
$37.3K $21.00/SF
− Vacancy
−$14.9K −$8.40/SF
EGI
$22.4K $12.60/SF
− OpEx
−$11.7K −$6.62/SF
NOI
$10.6K $5.98/SF
Area
Maui County, HI
Vacancy
40.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
52.50%
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%
$212,580
Cap Rate 7%
$151,843
Cap Rate 9%
$118,100
Alternative Uses
Best Use
Hotel Hospitality
$151.8K
$132.9K – $177.2K
NOI $10,629 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$718.4K
$628.6K – $838.2K
NOI $50,291 @ 7.0% cap · market cap 28.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Demographics for 96761, HI
23,167
Population
11,851
Households
2
Avg Household Size
42
Median Age
28%
College-Educated
93%
High-School Grad
95.3 sq mi
ZIP Area
243
Density / Sq Mi
$94,229
Median Household Income
$45,107
Median Earnings
$2,099
Median Rent
$905,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Resort - Deeded fractional ownership combines scheduled stays with ocean-facing resort amenities.
Where is this resort located?
The property is located at 1 Bay Dr Unit 3504 Lahaina, HI.
What is the asking price?
The asking price for this property is $179,500.
What are key features of this property?
This property features: 1,776 SF resort residence built in 2008; Two bedrooms with separate en suite master bathrooms, plus a half bath; Large lanai with panoramic ocean views
