Building Details

Building Size 6,253 SF

Year Built 2004

Listing Agency: Salt Water Real Estate LLC

Listed By: Sunita R Przewlocki · License #RB-23326 Show Phone

Source: Deepbluehi

Added: Nov 8, 2024 Changed: Oct 14 Last Checked: Oct 16 at 5:41AM

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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 Salt Water Real Estate LLC

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Investment Insights

Based on property information with market context.

This 11.5-acre agricultural estate includes two updated residences, a producing longan orchard, mature fruit trees, stream frontage, and ocean views. The primary home offers 3 bedrooms and 3.5 baths, with a split-bedroom layout, open great room, custom kitchen, large recreation room, and lanai fitted with triple-track doors. Improvements include natural stone flooring, quartz countertops, high-end appliances, Hardie panel siding, and a solar hot water heater. A detached garage accommodates more than 10 cars and includes its own facilities, while a gazebo with a hot tub serves the surrounding grounds.

The second residence provides 3 bedrooms and 3 baths across two stories and received a complete renovation in 2020. Updates include Hardie siding, a standing seam metal roof, remodeled kitchen and bathrooms, high-end fixtures, and refreshed lighting. The property also has municipal water, fast internet, underground power, and a grid-tied photovoltaic system.

Zoned RS-10, the estate includes subdivision potential and new ADU options. Its location along Old Mamalahoa Highway is approximately 10 minutes from Hilo, with access to Onomea Bay and nearby botanical gardens noted in the property information.

Key Highlights

• 11.5‑acre agricultural estate with a producing longan orchard
• Two updated homes, including a 3‑bedroom, 3.5‑bath primary residence
• Second residence has 3 bedrooms and 3 baths and was completely updated in 2020

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$131,182

Cap Rate

3.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,623,640 $2.6M

Cap Rate 7%

$1,874,029 $1.9M

Cap Rate 9%

$1,457,578 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,253 SF

Gross rent

$202.6K $32.40/SF

− Vacancy

−$15.2K −$2.43/SF

EGI

$187.4K $29.97/SF

− OpEx

−$56.2K −$8.99/SF

NOI

$131.2K $20.98/SF

Area

Maui County, HI

Vacancy

7.50%

Lease Rate

$32.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,623,640

Cap Rate 7%

$1,874,029

Cap Rate 9%

$1,457,578

Alternative Uses

Best Use

Multifamily LT 5

$1.87M

$1.64M – $2.19M (±1% cap)

NOI $131,182 @ 7.0% cap · market cap 3.08%

Second Best

Apartment 5plus

$1.68M

$1.47M – $1.96M (±1% cap)

NOI $117,619 @ 7.0% cap · market cap 2.76%

Theoretical Best

Specialty Retail

$2.53M

$2.21M – $2.95M (±1% cap)

NOI $177,068 @ 7.0% cap · market cap 4.16%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Location Intelligence

Demographics for 96783, HI

2,222

Population

660

Households

3.4

Avg Household Size

42

Median Age

32%

College-Educated

86%

High-School Grad

8.3 sq mi

ZIP Area

268

Density / Sq Mi

$65,313

Median Household Income

$41,286

Median Earnings

$805

Median Rent

$485,400

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Frequently Asked Questions

What type of property is this?

Farm - Gated agricultural estate with two updated homes and a producing longan orchard.

Where is this farm located?

The property is located at 28-1187 OLD MAMALAHOA HIGHWAY Pepeekeo, HI.

What is the asking price?

The asking price for this property is $4,256,000.

What are key features of this property?

This property features: 11.5‑acre agricultural estate with a producing longan orchard; Two updated homes, including a 3‑bedroom, 3.5‑bath primary residence; Second residence has 3 bedrooms and 3 baths and was completely updated in 2020