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    Wailuku Mixed-Use Redevelopment Opportunity Title is generated by Realmo AI

    16 Maluhia Dr, Wailuku, HI 96793

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    Claim this Listing
    For Sale
    $5,200,000

    Five parcels in Wailuku's central business district for redevelopment.

    Type:Commercial
    Property size:
    9,274 SF
    Lot size:
    1.29 Acres
    Price / SF:
    $560/SF
    Added:
    Apr 17, 2024
    Days on Market:
    780
    Last Refresh:
    Apr 5 at 8:18 pm

    Property Features for 16 Maluhia Dr

    General Information

    Standard status
    Active
    Size
    9,274 SF
    Lot size
    1.29 Acres
    Property subtype
    Commercial

    We can help!

    Listing Contact
    SCOTT J KENAR RS-68944

    Listing agent SCOTT J KENAR RS-68944

    Listing office COMMERCIAL PROP OF MAUI LLC

    Listing date Apr 17, 2024

    Source Corcoran

    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 COMMERCIAL PROP OF MAUI LLC

    HighLights

    • Investment opportunity: five separate TMKs offer redevelopment potential.
    • Located in the Wailuku Redevelopment Area and within an opportunity zone.
    • Ample frontage along Main Street (estimated 341 ft).
    • NOI $382,347.
    • Close to the new municipal county parking structure with 393 parking stalls.
    • Walking distance to County and State buildings, hospital, police station and UH Maui College.

    Overview

    Located in the heart of Wailuku, this investment opportunity consists of five separate parcels that could be consolidated for redevelopment. The properties are in close proximity to a new municipal county parking structure with 393 parking stalls and are located within the opportunity zone. The properties have ample frontage along Main Street, estimated at 341 feet. The location is within walking distance to the County and State buildings on the primary thoroughfare in the central business district of Wailuku. The properties are zoned B-2 and offer a great opportunity for a live/work development. The location is in close proximity to the hospital, police station, and UH Maui College. The properties include: TMK: (2) 3-4-012-004 at 1942 Main Street with 22,154 square feet of land and two buildings of 4,200 square feet and 9,274 square feet; TMK: (2) 3-4-012-006 at 1960 Main Street with 9,460 square feet of land and a 1,900 square foot building; TMK: (2) 3-4-012-016 at 1980 Main Street with 20,552 square feet of land and three buildings of 4,677 square feet, 7,899 square feet, and 208 square feet; TMK: (2) 3-4-012-017 at 1994 Main Street with 1,978 square feet of land; and TMK: (2) 3-4-012-061 at 16 Maluhia Drive with 4,562 square feet of land.
    Property Profile Location Intelligence

    Current Use by Public Records

    Live-work space

    Map

    City
    Wailuku
    County
    Maui
    State
    Hawaii
    Longitude
    -156.501
    Latitude
    20.8884

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    FAQs

    What type of property is this?
    Mixed-use property - Five parcels in Wailuku's central business district for redevelopment.
    Where is this mixed-use property located?
    The property is located at 16 Maluhia Dr Wailuku, HI.
    What is the asking price?
    The asking price for this property is $5,200,000.
    What are key features of this property?
    This property features: Investment opportunity: five separate TMKs offer redevelopment potential.; Located in the Wailuku Redevelopment Area and within an opportunity zone.; Ample frontage along Main Street (estimated 341 ft).
    (808) 244-2200
    We can help!
    Listing Contact
    SCOTT J KENAR RS-68944
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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