Sand Island Land Lease
For Sale
$4,000,000
1002 Puuwai Street, Honolulu, HI 96819
Large lot with warehouse and office space for sale.
Property Size27,027 SF
Days on Market152
Property Features for 1002 Puuwai Street
General Information
Standard status
Active
Size
27,027 SF
Property subtype
Industrial
Building Details
Building Size
27,027 SF
Year Built
1996
Listing Agency:
NAI CBI Hawaii
(808) 271-4697
Listed By:
Brant Yasaka · License #HI #RB-68051
Source:
Naiglobal
Added: Mar 6
Changed: Jul 6
Last Checked: Jul 6 at 10:36AM
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 NAI CBI Hawaii
Investment Insights
Based on property information with market context.
This property presents an opportunity for a long-term ground lease. It is the only large lot available on Sand Island. The lease offers fixed rent through 2047. The property is centrally located in Honolulu, near the airport, ports, and central business district, with convenient access to the freeway and major thoroughfares. It features a high cube warehouse with office space and a large paved yard. The location is in close proximity to the airport, shipping facilities, the central business district, and transportation hubs, with easy access to major thoroughfares.
Key Highlights
- Long‑term ground lease available through 2047, providing fixed rent during uncertain economic times.
- Large lot, the only one currently available on Sand Island.
- Central Honolulu location near the airport, ports, and central business district.
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $512.4k | $18.96 |
| − Vacancy | −$5.8k | −$0.21 |
| EGI | $506.6k | $18.75 |
| − OpEx | −$152.0k | −$5.62 |
| NOI | $354.6k | $13.12 |
27,027 SF · lease $18.96/SF/yr · vacancy 1.13% · expense 30.00%
Alternative Uses
Best Use
Office B
$9.88M
$8.65M – $11.53M
NOI $691,722 @ 7.0% cap · market cap 17.29%
Second Best
Warehouse
$6.15M
$5.38M – $7.18M
NOI $430,645 @ 7.0% cap · market cap 10.77%
Theoretical Best
Specialty Retail
$10.95M
$9.58M – $12.77M
NOI $766,488 @ 7.0% cap · market cap 19.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96819, HI
53,334
Population
13,287
Households
4
Avg Household Size
39
Median Age
22%
College-Educated
84%
High-School Grad
21.8 sq mi
ZIP Area
2,447
Density / Sq Mi
$96,346
Median Household Income
$40,897
Median Earnings
$1,789
Median Rent
$963,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Large lot with warehouse and office space for sale.
Where is this warehouse located?
The property is located at 1002 Puuwai Street Honolulu, HI.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Long‑term ground lease available through 2047, providing fixed rent during uncertain economic times.; Large lot, the only one currently available on Sand Island.; Central Honolulu location near the airport, ports, and central business district.
