Kapalua Bay Fractional Resort
For Sale
$139,500
1 Bay Dr Unit 4402, Lahaina, HI 96761
Fourth-floor two-bedroom residence with resort services, lagoon pools, dining, and concierge support.
Property Size1,776 SF
Price / SF$78.55
Days on Market15
Property Features for 1 Bay Dr Unit 4402
General Information
Standard status
Active
Size
1,776 SF
Property subtype
Multi-Family
Amenities
twice daily housekeeping
assigned concierge
in-residence dining
signature restaurant
kids programs
lagoon pools
spa
Building Details
Year Built
2008
Listing Agency:
Coldwell Banker Island Prop-KP
(808) 283-5166
Listed By:
Chris Haigh RS-67890
Source:
The808team
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 26 at 6:48AM
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 fourth-floor residence at Kapalua Bay includes two bedrooms and 2.5 baths within 1,776 of interior area. The home has been remodeled and is positioned to capture views toward Lanai, the Kalohi Channel, and evening sunsets. Ownership is structured as a deeded one-twelfth fractional interest, providing 21 deeded days annually along with access to additional days on a per diem basis.
The ownership calendar includes two consecutive Christmas weeks, identified as weeks 51 and 52, plus one rotating float week. Resort services and amenities include 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 identified as a Forbes Five-Star property, with a Five-Star spa.
The ownership calendar includes two consecutive Christmas weeks, identified as weeks 51 and 52, plus one rotating float week. Resort services and amenities include 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 identified as a Forbes Five-Star property, with a Five-Star spa.
Key Highlights
- Deeded one‑twelfth fractional ownership with 21 deeded days annually
- Two‑bedroom, 2.5‑bath residence on the fourth floor
- Views toward Lanai, the Kalohi Channel, and sunset horizons
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
7.62%
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 7.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$718.4K
$628.6K – $838.2K
NOI $50,291 @ 7.0% cap · market cap 36.05%
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 - Fourth-floor two-bedroom residence with resort services, lagoon pools, dining, and concierge support.
Where is this resort located?
The property is located at 1 Bay Dr Unit 4402 Lahaina, HI.
What is the asking price?
The asking price for this property is $139,500.
What are key features of this property?
This property features: Deeded one‑twelfth fractional ownership with 21 deeded days annually; Two‑bedroom, 2.5‑bath residence on the fourth floor; Views toward Lanai, the Kalohi Channel, and sunset horizons
