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Wailuku Mixed-Use Property with Bakery

1005 Lower Main Street, Wailuku, HI 96793

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For Sale

$3,750,000

Mixed-use property with retail, office, and industrial space.

Type:Mixed Use

Property size:

11,748 SF

Lot size:

3.54 Acres

Price / SF:

$319/SF

HighLights

High‑value investment opportunity with an attractive 4.8 CAP rate and existing one‑year lease with renewal option
Large 2.848 acre land parcel (92,670 sq ft) across two TMKs, zoned B‑2 and A‑2, offering diverse development potential
Substantial 10,564 sq ft metal frame building with 23 ft ceilings, previously a full‑service bakery, featuring industrial‑grade kitchen infrastructure
Significant cost savings with 200 owned solar panels (57.6 kW) installed in 2017, reducing electric bills
Prime Lower Main Street frontage (approximately 625 linear ft) providing excellent visibility and access
Includes 15 paved parking stalls with additional parking available on the adjacent vacant land

We can help!

Listing Contact

Shane Fuke

For Sale

$3,750,000

Mixed-use property with retail, office, and industrial space.

Type:Mixed Use

Property size:

11,748 SF

Lot size:

3.54 Acres

Price / SF:

$319/SF

Added:: Jul 31, 2024
Days on Market:: 690
Last Refresh:: May 13 at 8:19 pm

Property Features for 1005 Lower Main Street

General Information

Standard status: Active
Size: 11,748 SF
Lot size: 3.54 Acres
Property subtype: Mixed Use

Building Details

Year Built: 1982

We can help!

Listing Contact

Shane Fuke

Listing agent Shane Fuke License #RS-85663

Listing office Five Star Realty, Inc.

Listing date Jul 31, 2024

Source Xome

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 Five Star Realty, Inc.

HighLights

High‑value investment opportunity with an attractive 4.8 CAP rate and existing one‑year lease with renewal option
Large 2.848 acre land parcel (92,670 sq ft) across two TMKs, zoned B‑2 and A‑2, offering diverse development potential
Substantial 10,564 sq ft metal frame building with 23 ft ceilings, previously a full‑service bakery, featuring industrial‑grade kitchen infrastructure
Significant cost savings with 200 owned solar panels (57.6 kW) installed in 2017, reducing electric bills
Prime Lower Main Street frontage (approximately 625 linear ft) providing excellent visibility and access
Includes 15 paved parking stalls with additional parking available on the adjacent vacant land

Overview

This mixed-use property features a 10,564 sq ft metal frame building with 23 feet ceilings, situated on 0.721 acres (31,428 sq ft) of land. The property includes an adjacent vacant lot of 2.127 acres (61,242 sq ft). The building currently houses Maui’s Home Maid Bakery, which has been in operation for over 35 years and is currently leased at a one-year term, with an option to renew for an additional year. Originally operated as a full-service bakery, the property includes industrial-size walk-in freezers, refrigerators, mixers, ovens, and a commercial stainless-steel kitchen. The building consists of approximately 1,200 sq ft of retail space on the bottom floor with office space mezzanine directly above. The property has approximately 625 linear ft of frontage on Lower Main Street. There are 15 paved parking stalls with additional parking available on the adjacent vacant land. The property includes 200 owned solar panels (345 W) producing 57.6 kw (AC) installed in 2017. The property is zoned B-2 Business - Community & A-2 Apartment.

Local Financial Insights For Retail

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$422.9k	$36.00
− Vacancy	−$22.0k	−$1.87
EGI	$400.9k	$34.13
− OpEx	−$120.3k	−$10.24
NOI	$280.7k	$23.89

11,748 SF · lease $36.00/SF/yr · vacancy 5.20% · expense 30.00%

Alternative Uses

Best Use

Retail

$4.01M

$3.51M – $4.68M (±1% cap)

NOI $280,655 @ 7.0% cap · market cap 7.48%

Second Best

Mixed Use

$3.47M

$3.04M – $4.05M (±1% cap)

NOI $243,184 @ 7.0% cap · market cap 6.48%

Theoretical Best

Specialty Retail

$4.75M

$4.16M – $5.54M (±1% cap)

NOI $332,671 @ 7.0% cap · market cap 8.87%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Retail space

Map

City: Wailuku
County: Maui
State: Hawaii
Longitude: -156.489102
Latitude: 20.898741

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For sale
Mixed-use properties
HI
Wailuku
96793
1005 Lower Main Street

What type of property is this?

Mixed-use property - Mixed-use property with retail, office, and industrial space.

Where is this mixed-use property located?

The property is located at 1005 Lower Main Street Wailuku, HI.

What is the asking price?

The asking price for this property is $3,750,000.

What are key features of this property?

This property features: High‑value investment opportunity with an attractive 4.8 CAP rate and existing one‑year lease with renewal option; Large 2.848 acre land parcel (92,670 sq ft) across two TMKs, zoned B‑2 and A‑2, offering diverse development potential; Substantial 10,564 sq ft metal frame building with 23 ft ceilings, previously a full‑service bakery, featuring industrial‑grade kitchen infrastructure