Residential Income Estate with
For Sale
$2,750,000
12-1098 KAIMU MAKENA HOMESTEAD RD, Pahoa, HI 96778
Residential Income, Pahoa, HI
Property Size6,896 SF
Lot Size10.02 Acres
Price / SF$398.78
Days on Market8
Property Features for 12-1098 KAIMU MAKENA HOMESTEAD RD
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
A-3A
Bedrooms
10
Bathrooms
8
Full bathrooms
6
Rooms
Bathroom 2, Bedroom 4, Bathroom 4, Bedroom 2, Bathroom 5, Bathroom 3, Bedroom 3, Bedroom 9, Bathroom 6, Bedroom 5, Bathroom 1, Bathroom 7, Bedroom 1, Bedroom 6, Bedroom 7, Bedroom 8, Bedroom 10, Bathroom 8
Parking features
Assigned
Subdivision
KAIMU - MAKENA HOMESTEADS
View
Forest, Ocean
Standard status
Active
APN
3120060400000
Size
6,896 SF
Lot size
10.02 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
5341
Utilities
Utilities
Phone Available
Sewer type
Septic Tank, Cesspool
Water source
Well
Building Details
Year built
2014
Floors in Building
1
Listing Agency:
Hilo Bay Realty LLC
(808) 965-9903
Listed By:
Rachel M Nack · License #RS-55640
(808) 333-2809
Added: Sep 28
Last Checked: Oct 5 at 11:06AM
MLS# 733705
Copyright © 2026 Hawaii Information Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This residential income property includes a permitted residence, a resort-style spa, a yoga shala, and multiple cabins. Additional improvements include a barn, garden center, greenhouse, fenced gardens, and a covered wood dance floor. The grounds feature fruit trees, food gardens, herbs, hardwoods, and lotus ponds. The property was built in 2014 and is zoned A-3A. Three owner-owned solar systems, a well, and water catchment systems support its on-site infrastructure. Furnishings, tools, and equipment are included.
The property is on a paved road, 8 miles from Pahoa and 24 miles from Hilo. Ocean views extend across the grounds, and Uncle Robert's Farmers Market is described as nearby. The property also has Starlink connectivity.
The property is on a paved road, 8 miles from Pahoa and 24 miles from Hilo. Ocean views extend across the grounds, and Uncle Robert's Farmers Market is described as nearby. The property also has Starlink connectivity.
Key Highlights
- Permitted residence with spa, yoga shala, and multiple cabins
- Three owner‑owned solar systems, a well, and multiple water catchment systems
- Barn, garden center, greenhouse, fenced gardens, and covered wood dance floor
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
$94,723
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
3.44%
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%
$1,894,460
$1.9M
Cap Rate 7%
$1,353,186
$1.4M
Cap Rate 9%
$1,052,478
$1.1M
Market Conditions
NOI Build-Up for 6,896 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
$177.9K $25.80/SF
− Vacancy
−$5.7K −$0.83/SF
EGI
$172.2K $24.97/SF
− OpEx
−$77.5K −$11.24/SF
NOI
$94.7K $13.74/SF
Area
Hawaii County, HI
Vacancy
3.20%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,894,460
Cap Rate 7%
$1,353,186
Cap Rate 9%
$1,052,478
Alternative Uses
Best Use
Apartment 5plus
$1.35M
$1.18M – $1.58M
NOI $94,723 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.35M
$2.06M – $2.75M
NOI $164,743 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Demographics for 96778, HI
14,687
Population
6,814
Households
2.2
Avg Household Size
44
Median Age
22%
College-Educated
90%
High-School Grad
211.5 sq mi
ZIP Area
69
Density / Sq Mi
$34,863
Median Household Income
$29,821
Median Earnings
$1,321
Median Rent
$241,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A wellness-oriented property combines a permitted residence with cabins, gathering spaces, gardens, and on-site water and solar systems.
Where is this residential income property located?
The property is located at 12-1098 KAIMU MAKENA HOMESTEAD RD Pahoa, HI.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Permitted residence with spa, yoga shala, and multiple cabins; Three owner‑owned solar systems, a well, and multiple water catchment systems; Barn, garden center, greenhouse, fenced gardens, and covered wood dance floor
