Renovated One-Bedroom
For Sale
$64,950
1120-x-2481 Kaanapali Pkwy, Lahaina, HI 96761
Annual occupancy runs from November 14 through November 28, with hotel zoning and resort amenities on site.
Property Size901 SF
Price / SF$72.09
Days on Market627
Property Features for 1120-x-2481 Kaanapali Pkwy
General Information
Standard status
Active
Size
901 SF
Property subtype
Residential Income
Zoning
hotel
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Amenities
ocean view pool
state of the art workout facility
underground parking
tennis courts
business center
Beachside BBQs
on-site concierge services
beach activity kiosk
tropical landscaping
Koi fish pond
Building Details
Year Renovated
2013
Listing Agency:
Keller Williams Realty Maui-L
(808) 280-8986
Listed By:
Katie Zimmerman RS-75832
(808) 280-8986
Source:
Exprealty
Added: Nov 23, 2024
Changed: Aug 12
Last Checked: Aug 12 at 6:32AM
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 Keller Williams Realty Maui-L
Investment Insights
Based on property information with market context.
This one-bedroom, one-bathroom suite occupies the north side of Tower I at The Whaler. Renovations completed in 2013 added tile flooring, hardwood cabinetry, granite countertops, stainless steel appliances, and a fully updated bathroom. Subsequent furnishings include a new couch, reupholstered chairs and barstools, plus a blue accent wall. Annual occupancy for the interval is November 14 through November 28.
The property is located on Kaanapali Beach near Black Rock, shopping, dining, and championship golf courses. On-site features include an ocean-view pool, fitness facility, underground parking, tennis courts, business center, beachside BBQs, concierge services, and a beach activity kiosk. Maintenance fees cover property taxes, grounds and building maintenance, unit maintenance, the reserve fund, and housekeeping. The Whaler is zoned hotel, with ongoing building spalling and painting improvements.
The property is located on Kaanapali Beach near Black Rock, shopping, dining, and championship golf courses. On-site features include an ocean-view pool, fitness facility, underground parking, tennis courts, business center, beachside BBQs, concierge services, and a beach activity kiosk. Maintenance fees cover property taxes, grounds and building maintenance, unit maintenance, the reserve fund, and housekeeping. The Whaler is zoned hotel, with ongoing building spalling and painting improvements.
Key Highlights
- 1 bedroom, 1 bathroom suite on the north side of Tower I
- Renovated in 2013 with granite countertops and stainless steel appliances
- Annual occupancy interval runs from November 14 to November 28
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
$5,392
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
8.30%
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%
$107,840
$107.8K
Cap Rate 7%
$77,029
$77.0K
Cap Rate 9%
$59,911
$59.9K
Market Conditions
NOI Build-Up for 901 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
$18.9K $21.00/SF
− Vacancy
−$7.6K −$8.40/SF
EGI
$11.4K $12.60/SF
− OpEx
−$6.0K −$6.62/SF
NOI
$5.4K $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%
$107,840
Cap Rate 7%
$77,029
Cap Rate 9%
$59,911
Alternative Uses
Best Use
Apartment 5plus
$242.1K
$211.9K – $282.5K
NOI $16,948 @ 7.0% cap · market cap 26.09%
Second Best
Hotel Hospitality
$77.0K
$67.4K – $89.9K
NOI $5,392 @ 7.0% cap · market cap 8.30%
Theoretical Best
Specialty Retail
$364.5K
$318.9K – $425.2K
NOI $25,514 @ 7.0% cap · market cap 39.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Annual occupancy runs from November 14 through November 28, with hotel zoning and resort amenities on site.
Where is this residential income property located?
The property is located at 1120-x-2481 Kaanapali Pkwy Lahaina, HI.
What is the asking price?
The asking price for this property is $64,950.
What are key features of this property?
This property features: 1 bedroom, 1 bathroom suite on the north side of Tower I; Renovated in 2013 with granite countertops and stainless steel appliances; Annual occupancy interval runs from November 14 to November 28
