Retail Space with Mixed-Use
For Sale
$6,800,000
1694 Kalakaua Avenue, Honolulu, HI 96826
Retail space on Kalakaua Avenue with a BMX-3 zoned lot, an existing mixed-use building, and an adjacent A-2 stream lot.
Property Size15,340 SF
Price / SF$867.02
Days on Market78
Property Features for 1694 Kalakaua Avenue
General Information
Standard status
Active
Size
15,340 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$64,052
Building Details
Building Size
15,340 SF
Year Built
1948
Buildings
1
Listing Agency:
Coldwell Banker Comm Realty
Listed By:
Jordan P Chow · License #RB-21901
(808) 392-1906
Source:
Commercialinvestmentstrategies
Added: Jun 25
Changed: Sep 8
Last Checked: Sep 9 at 9:43AM
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 Coldwell Banker Comm Realty
Investment Insights
Based on property information with market context.
1694 Kalakaua Avenue offers retail space on a BMX-3 zoned site improved with an existing 7,843 SF mixed-use building. The BMX-3 lot totals 12,932 SF.
The property also includes an adjacent A-2 zoned stream lot totaling 7,497 SF. The site is located along Kalakaua Avenue in Honolulu, near Waikiki and Ala Moana, providing street frontage on one of the area’s prominent commercial corridors.
This assemblage combines an in-place mixed-use structure with a separately zoned adjacent stream lot, creating flexibility for redevelopment and owner-user or investor planning within the mixed zoning configuration described above.
The property also includes an adjacent A-2 zoned stream lot totaling 7,497 SF. The site is located along Kalakaua Avenue in Honolulu, near Waikiki and Ala Moana, providing street frontage on one of the area’s prominent commercial corridors.
This assemblage combines an in-place mixed-use structure with a separately zoned adjacent stream lot, creating flexibility for redevelopment and owner-user or investor planning within the mixed zoning configuration described above.
Key Highlights
- BMX‑3 zoned lot totals 12,932 SF with an existing 7,843 SF mixed‑use building
- Adjacent A‑2 zoned stream lot totals 7,497 SF
- Street frontage along Kalakaua Avenue
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
$207,600
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
3.05%
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%
$4,152,000
$4.2M
Cap Rate 7%
$2,965,714
$3.0M
Cap Rate 9%
$2,306,667
$2.3M
Market Conditions
NOI Build-Up for 7,843 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
$311.5K $39.72/SF
− Vacancy
−$15.0K −$1.91/SF
EGI
$296.6K $37.81/SF
− OpEx
−$89.0K −$11.34/SF
NOI
$207.6K $26.47/SF
Area
Honolulu County, HI
Vacancy
4.80%
Lease Rate
$39.72 /SF/Yr
Expense Ratio
30.00%
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%
$4,152,000
Cap Rate 7%
$2,965,714
Cap Rate 9%
$2,306,667
Alternative Uses
Best Use
Retail
$2.97M
$2.60M – $3.46M
NOI $207,600 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.18M
$2.78M – $3.71M
NOI $222,428 @ 7.0% cap · market cap 3.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Demographics for 96826, HI
30,092
Population
16,564
Households
1.8
Avg Household Size
44
Median Age
38%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
27,356
Density / Sq Mi
$67,743
Median Household Income
$44,393
Median Earnings
$1,604
Median Rent
$485,200
Median Home Value
Check the figures for this property
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space on Kalakaua Avenue with a BMX-3 zoned lot, an existing mixed-use building, and an adjacent A-2 stream lot.
Where is this retail space located?
The property is located at 1694 Kalakaua Avenue Honolulu, HI.
What is the asking price?
The asking price for this property is $6,800,000.
What are key features of this property?
This property features: BMX‑3 zoned lot totals 12,932 SF with an existing 7,843 SF mixed‑use building; Adjacent A‑2 zoned stream lot totals 7,497 SF; Street frontage along Kalakaua Avenue
