Fractional Resort
For Sale
$259,000
1 Bay Dr Unit 3705, Lahaina, HI 96761
Deeded ownership includes a recurring June stay, concierge service, and twice-daily housekeeping.
Property Size2,087 SF
Price / SF$124.10
Days on Market33
Property Features for 1 Bay Dr Unit 3705
General Information
Standard status
Active
Size
2,087 SF
Property subtype
Multi-Family
Building Details
Year Built
2008
Listing Agency:
Coldwell Banker Island Prop-KP
(808) 283-5166
Listed By:
Chris Haigh RS-67890
Source:
The808team
Added: Jul 29
Changed: Aug 30
Last Checked: Aug 25 at 5:36AM
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 penthouse residence at The Resort at Kapalua Bay offers 2,087 square feet with three bedrooms and three and one-half baths. The fractional interest is deeded at one-twelfth ownership and provides 21 deeded days each year, along with access to additional per diem dates. The fixed annual period consists of three consecutive weeks in June, identified as weeks 22 through 24.
The residence includes ocean and Molokai views, while resort services feature twice-daily housekeeping, an assigned concierge, in-residence dining, a signature restaurant, children’s programs, and lagoon pools. The property was built in 2008 and is located at 1 Bay Dr Unit 3705 in Lahaina, Hawaii. Future deeded dates listed for the interest are May 28 through June 18 in 2027 and 2028.
The residence includes ocean and Molokai views, while resort services feature twice-daily housekeeping, an assigned concierge, in-residence dining, a signature restaurant, children’s programs, and lagoon pools. The property was built in 2008 and is located at 1 Bay Dr Unit 3705 in Lahaina, Hawaii. Future deeded dates listed for the interest are May 28 through June 18 in 2027 and 2028.
Key Highlights
- 1/12 deeded fractional ownership interest
- 21 deeded days annually, with additional per diem access
- Three consecutive fixed weeks in June: weeks 22–24
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
$12,491
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
4.82%
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%
$249,820
$249.8K
Cap Rate 7%
$178,443
$178.4K
Cap Rate 9%
$138,789
$138.8K
Market Conditions
NOI Build-Up for 2,087 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
$43.8K $21.00/SF
− Vacancy
−$17.5K −$8.40/SF
EGI
$26.3K $12.60/SF
− OpEx
−$13.8K −$6.62/SF
NOI
$12.5K $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%
$249,820
Cap Rate 7%
$178,443
Cap Rate 9%
$138,789
Alternative Uses
Best Use
Hotel Hospitality
$178.4K
$156.1K – $208.2K
NOI $12,491 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$844.3K
$738.7K – $985.0K
NOI $59,098 @ 7.0% cap · market cap 22.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Resort - Deeded ownership includes a recurring June stay, concierge service, and twice-daily housekeeping.
Where is this resort located?
The property is located at 1 Bay Dr Unit 3705 Lahaina, HI.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: 1/12 deeded fractional ownership interest; 21 deeded days annually, with additional per diem access; Three consecutive fixed weeks in June: weeks 22–24
