Retail Building with Residential
27-302 MILL RD Papaikou, HI 96781
27-302 MILL RD, Papaikou, HI, 96781
$1,750,000
For Sale
$1,750,000
SINGLE_FAMILY - Papaikou, HI
Property Size10,379 SF
Lot Size0.34 Acres
Price / SF$168.61
Days on Market66
Property Features for 27-302 MILL RD
General Information
- Property type
- Residential
- Property subtype
- Retail
- Zoning
- CV-10
- Bedrooms
- 13
- Bathrooms
- 4
- Rooms
- Bedroom 13, Bedroom 2, Bedroom 3, Bedroom 9, Bedroom 10, Bedroom 12, Bedroom 11, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 4, Bedroom 7, Bedroom 8, Bathroom 3, Bedroom 6, Bedroom 5
- Standard status
- Active
- APN
- 3270330180000
- Size
- 10,379 SF
- Lot size
- 0.34 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 8007
Utilities
- Utilities
- Electricity Available
Building Details
- Year built
- 1918
- Number of units
- 1
- Flooring type
- Carpet
Listing Agency
Savio Realty Ltd. - Hilo Office
(808) 934-7300
162 Kinoole Street, #201, Hilo, HI
Listed by
Dana G Kenny
(808) 936-5948
Added: May 14 Checked: Jul 18 at 11:06 am
MLS# 730408
Copyright © 2026 Hawaii Information Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering features a fully rented retail building in exceptional condition for its age, with four retail spaces currently leased. An additional approximately 1,000 square feet of upstairs space can be used as office, additional retail, or storage. The property also includes two separate free-standing residences: a two-story 7-bedroom home with nice ocean views and a second 3-bedroom, 1-1/2-bath home with an attached carport.
The retail area is positioned in the center of Papaikou, next to the Papaikou post office, providing a centrally located setting for continued use. A large staging area separates the retail from the residential components, which may support additional income opportunities depending on use. Zoning is listed as CV-10.
From a tenant or buyer standpoint, the configuration supports mixed-use occupancy, including owner-user scenarios that combine retail leasing with office or storage use upstairs, while keeping two residential units on-site. The third home is referenced under its own TMK (3-2-7-33-17), though the county has no record of a legal subdivision and additional research is noted as required. The property is described as fully rented long term.
The retail area is positioned in the center of Papaikou, next to the Papaikou post office, providing a centrally located setting for continued use. A large staging area separates the retail from the residential components, which may support additional income opportunities depending on use. Zoning is listed as CV-10.
From a tenant or buyer standpoint, the configuration supports mixed-use occupancy, including owner-user scenarios that combine retail leasing with office or storage use upstairs, while keeping two residential units on-site. The third home is referenced under its own TMK (3-2-7-33-17), though the county has no record of a legal subdivision and additional research is noted as required. The property is described as fully rented long term.
Key Highlights
- Fully rented retail building with long‑term tenants and four retail spaces currently rented
- Approximately 1,000 sq ft upstairs for office, additional retail space, or storage
- Two separate free‑standing residences: a two‑story 7‑bedroom home with ocean views
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $230.4k | $22.20 |
| − Vacancy | −$33.4k | −$3.22 |
| EGI | $197.0k | $18.98 |
| − OpEx | −$49.3k | −$4.75 |
| NOI | $147.8k | $14.24 |
10,379 SF · lease $22.20/SF/yr · vacancy 14.50% · expense 25.00%
Alternative Uses
Best Use
Retail
$3.20M
$2.80M – $3.74M
NOI $224,171 @ 7.0% cap · market cap 12.81%
Second Best
Office B
$2.11M
$1.85M – $2.46M
NOI $147,753 @ 7.0% cap · market cap 8.44%
Theoretical Best
Specialty Retail
$3.54M
$3.10M – $4.13M
NOI $247,950 @ 7.0% cap · market cap 14.17%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
FAQs
What type of property is this?
Storefront property - Fully rented retail building with additional upstairs space and two separate residences in Papaikou.
Where is this storefront property located?
The property is located at 27-302 MILL RD Papaikou, HI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Fully rented retail building with long‑term tenants and four retail spaces currently rented; Approximately 1,000 sq ft upstairs for office, additional retail space, or storage; Two separate free‑standing residences: a two‑story 7‑bedroom home with ocean views
