Assisted Living
New
For Sale
$4,449,000
148 Lakeview Circle, Wahiawa, HI 96786
Purpose-configured care property with extensive residential facilities, common areas, offices, parking, and a commercial kitchen area.
Property Size10,697 SF
Price / SF$415.91
Days on Market2
Property Features for 148 Lakeview Circle
General Information
Standard status
Active
Size
10,697 SF
Property subtype
Multi-Family
Amenities
dining hall
living/common areas
office
wet bar
commercial kitchen area
Building Details
Year Built
1981
Listing Agency:
RE/MAX Honolulu
Listed By:
Ben Fieman
(808) 400-7007
Source:
Fieman
Added: Sep 6
Last Checked: Sep 6 at 6:18AM
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 RE/MAX Honolulu
Investment Insights
Based on property information with market context.
This approximately 10,697-square-foot assisted living facility was built in 1981 and includes 20 bedrooms, six full bathrooms, three half bathrooms, and on-site parking. Three full bathrooms are communal in design, with multiple showers, sinks, and toilets.
Interior amenities include a dining hall, three separate living or common areas, office space, a wet bar, and a large commercial kitchen area prepared for build-out. Renovations have been completed, while additional improvements remain for the next owner or operator to finish. The property is offered in its present condition at 148 Lakeview Circle in Wahiawa, Hawaii.
Interior amenities include a dining hall, three separate living or common areas, office space, a wet bar, and a large commercial kitchen area prepared for build-out. Renovations have been completed, while additional improvements remain for the next owner or operator to finish. The property is offered in its present condition at 148 Lakeview Circle in Wahiawa, Hawaii.
Key Highlights
- 20‑bedroom assisted living facility with approximately 10,697 SF of interior space
- Six full bathrooms, including three communal‑style baths with multiple showers, sinks, and toilets
- Three half bathrooms and on‑site parking
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
$196,127
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
4.41%
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%
$3,922,540
$3.9M
Cap Rate 7%
$2,801,814
$2.8M
Cap Rate 9%
$2,179,189
$2.2M
Market Conditions
NOI Build-Up for 10,697 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
$385.1K $36.00/SF
− Vacancy
−$28.5K −$2.66/SF
EGI
$356.6K $33.34/SF
− OpEx
−$160.5K −$15.00/SF
NOI
$196.1K $18.33/SF
Area
Honolulu County, HI
Vacancy
7.40%
Lease Rate
$36.00 /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%
$3,922,540
Cap Rate 7%
$2,801,814
Cap Rate 9%
$2,179,189
Alternative Uses
Best Use
Apartment 5plus
$2.80M
$2.45M – $3.27M
NOI $196,127 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.33M
$3.79M – $5.06M
NOI $303,368 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96786, HI
41,217
Population
14,444
Households
2.9
Avg Household Size
28
Median Age
25%
College-Educated
94%
High-School Grad
89.2 sq mi
ZIP Area
462
Density / Sq Mi
$83,488
Median Household Income
$46,027
Median Earnings
$2,784
Median Rent
$724,400
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Assisted living facility - Purpose-configured care property with extensive residential facilities, common areas, offices, parking, and a commercial kitchen area.
Where is this assisted living facility located?
The property is located at 148 Lakeview Circle Wahiawa, HI.
What is the asking price?
The asking price for this property is $4,449,000.
What are key features of this property?
This property features: 20‑bedroom assisted living facility with approximately 10,697 SF of interior space; Six full bathrooms, including three communal‑style baths with multiple showers, sinks, and toilets; Three half bathrooms and on‑site parking
