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    Kapalua Estate Site with Views Title is generated by Realmo AI

    238 Keoawa St #Lot 21, Lahaina, HI 96761

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    Claim this Listing
    For Sale
    $3,000,000

    Premier 5.28-acre homesite with panoramic ocean and island views.

    Type:Land or Vacant Lot
    Lot size:
    5.28 Acres
    Added:
    Dec 12, 2025
    Days on Market:
    176
    Last Refresh:
    Apr 5 at 9:30 pm

    Property Features for 238 Keoawa St #Lot 21

    General Information

    Standard status
    Active
    Lot size
    5.28 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    ERIC S. WEST RB-20968

    Listing agent ERIC S. WEST RB-20968

    Listing office REAL BROKER

    Listing date Dec 12, 2025

    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 REAL BROKER

    HighLights

    • Unobstructed panoramic views of the Pacific Ocean, year‑round sunsets, Lana'i, Moloka'i, and Dragon's Teeth.
    • Large 5.28‑acre estate homesite in a private, manned‑gated community within Kapalua's Plantation Estates.
    • Zoning allows for a main home, guest house, and accessory farm building, offering flexibility.
    • Infrastructure in place: private paved roads, private water, and underground electricity.
    • Exclusive eligibility for Kapalua Club membership, providing access to golf courses, spa, tennis, and beach club.
    • Proximity to Kapalua Resort amenities: championship golf, dining, beaches, and outdoor activities.

    Overview

    Located at 238 Keoawa Street, Lot 21, this 5.28-acre homesite is positioned near the top of Honolua Ridge Phase II. The gently sloping agricultural parcel offers unobstructed views of the Pacific Ocean, year-round sunsets, the island of Lana‘i, the mountains of Moloka‘i, and Dragon's Teeth or Makaluapuna Point. It is located within a manned gated community. The usable topography provides a foundation for a future residence, with zoning that allows for a main home, a guest house, and an accessory farm building. Private paved roads, private water, and underground electricity are already in place. The elevation provides a sense of peace, openness, and privacy. Honolua Ridge Phase II, within the Plantation Estates of Kapalua, is defined by its natural beauty, cooler upland climate, and proximity to the Kapalua Resort. Residents have access to championship golf, dining, spa facilities, and beaches. The Plantation Course clubhouse and the Plantation House Restaurant are nearby, as are Merriman’s Kapalua, Sansei Seafood Restaurant Sushi Bar, Taverna, and the Honolua Store. Kapalua is known as the annual host of the PGA TOUR’s Sentry Tournament of Champions. Ownership in Honolua Ridge offers eligibility for Kapalua Club membership, providing preferred access and privileges at the Plantation and Bay Golf Courses, the Spa and fitness facilities at Montage Kapalua Bay, the Ritz-Carlton pool, the Kapalua Tennis Garden and pickleball courts, and the Kapalua Beach Club and Restaurant. The surrounding landscape offers access to D.T. Fleming Beach, Honolua Bay, and Kapalua Bay for swimming, snorkeling, surfing, and seasonal whale watching, along with hiking trails, an oceanfront boardwalk, and mountain biking trails. The agricultural zoning allows for a main residence, guest house, accessory farm structures, and the ability to keep animals. Keoawa St features private road access at the end of the cul-de-sac, creating a direct connection to the beaches of Honolua Bay and Slaughterhouse Beach. Maui Preparatory Academy is minutes away.
    Location Intelligence

    Current Use by Public Records

    Agricultural land / Farmland

    Map

    City
    Lahaina
    County
    Maui
    State
    Hawaii
    Longitude
    -156.6257316
    Latitude
    20.9870663

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - Premier 5.28-acre homesite with panoramic ocean and island views.
    Where is this agricultural land / farmland located?
    The property is located at 238 Keoawa St #Lot 21 Lahaina, HI.
    What is the asking price?
    The asking price for this property is $3,000,000.
    What are key features of this property?
    This property features: Unobstructed panoramic views of the Pacific Ocean, year‑round sunsets, Lana'i, Moloka'i, and Dragon's Teeth.; Large 5.28‑acre estate homesite in a private, manned‑gated community within Kapalua's Plantation Estates.; Zoning allows for a main home, guest house, and accessory farm building, offering flexibility.
    (808) 650-5145
    We can help!
    Listing Contact
    ERIC S. WEST RB-20968
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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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