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    Pepeekeo Estate with Ocean Views Title is generated by Realmo AI

    28-1187 OLD MAMALAHOA HIGHWAY, Pepeekeo, HI 96783

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    Claim this Listing
    For Sale
    Under Contract
    $4,256,000

    MULTI_FAMILY - Pepeekeo, HI

    Property size:
    6,253 SF
    Lot size:
    11.51 Acres
    Price / SF:
    $680/SF
    Added:
    Nov 7, 2024
    Days on Market:
    553
    Last Refresh:
    May 14 at 10:06 pm

    Property Features for 28-1187 OLD MAMALAHOA HIGHWAY

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RS-10
    Bedrooms
    6
    Bathrooms
    8
    Rooms
    Bathroom 5, Bathroom 7, Bedroom 3, Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 1, Bathroom 8, Bedroom 4, Bathroom 1, Bathroom 6, Bedroom 2, Bathroom 3, Bathroom 4
    Parking features
    Covered
    Security features
    Security System
    Window features
    Blinds
    Interior features
    Enclosed Lanai, High Ceilings, Vaulted Ceiling(s)
    Exterior features
    Lighting
    Appliances
    Dryer, Electric Cooktop, Freezer, Microwave, Range, Range Hood, Refrigerator, Washer
    Standard status
    Active Under Contract
    APN
    3280070830000
    Size
    6,253 SF
    Lot size
    11.51 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    23715

    Utilities

    Utilities
    Cable Available
    Sewer type
    Cesspool

    Building Details

    Year built
    2004
    Floors in Building
    2
    Flooring type
    Stone, Vinyl
    Additional Structures
    Gazebo

    We can help!

    Listing Contact
    Sunita R Przewlocki

    Listing agent Sunita R Przewlocki

    Listing office Salt Water Real Estate LLC 250 Keawe Street, Unit D, Hilo, HI

    Listing date Nov 7, 2024

    MLS# 715590 Listing URL

    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.

    HighLights

    • 11.5‑acre estate with sweeping ocean views, stream frontage, and rich soils, offering a private and tranquil setting.
    • Two beautifully updated homes: a 3‑bed, 3.5‑bath main residence and a renovated 3‑bed, 3‑bath two‑story home, both with high‑end finishes.
    • Producing longan orchard and mature fruit trees on meticulously maintained grounds.
    • Detached 10+ car garage with facilities and a gazebo with a hot tub.
    • Conveniently located 10 minutes from Hilo, with easy access to town amenities and along the scenic 4‑mile drive.
    • Subdivision potential with RS‑10 zoning and new ADU options.

    Overview

    Located along the Old Mamalahoa Highway in Pepeekeo, Hawaii, this 11.5-acre estate features sweeping ocean views, stream frontage, and rich soils. The property includes two updated homes surrounded by landscaping and panoramic ocean vistas. The first home is a 3-bedroom, 3.5-bath residence with a split floor plan, an elegant primary suite, an open-plan great room, and a lanai with triple-track doors. It has natural stone flooring, a custom kitchen with quartz countertops, high-end appliances, new Hardie panel siding, a large rec room, luxurious bathroom fixtures, and a solar hot water heater. A detached garage provides space for 10+ cars and farm equipment. A gazebo with a hot tub is also included. The second home, a renovated two-story residence, features 3 bedrooms and 3 bathrooms. It was updated in 2020 with new Hardie siding, a standing seam metal roof, high-end fixtures, updated bathrooms, a remodeled kitchen, and refreshed lighting. The estate has municipal water, fast internet, underground power, and a grid-tied photovoltaic system. The grounds are meticulously maintained with a producing longan orchard and mature fruit trees. Zoned RS-10, the estate has subdivision potential and new ADU options. It is located near botanical gardens and Onomea Bay, suitable for walking, running, and cycling.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Vineyards

    Map

    City
    Pepeekeo
    County
    Hawaii
    State
    Hawaii
    Longitude
    -155.1008247
    Latitude
    19.8355232

    FAQs

    What type of property is this?
    Vineyard - 11.5 acre estate with two updated homes and subdivision potential.
    Where is this vineyard located?
    The property is located at 28-1187 OLD MAMALAHOA HIGHWAY Pepeekeo, HI.
    What is the asking price?
    The asking price for this property is $4,256,000.
    What are key features of this property?
    This property features: 11.5‑acre estate with sweeping ocean views, stream frontage, and rich soils, offering a private and tranquil setting.; Two beautifully updated homes: a 3‑bed, 3.5‑bath main residence and a renovated 3‑bed, 3‑bath two‑story home, both with high‑end finishes.; Producing longan orchard and mature fruit trees on meticulously maintained grounds.
    (808) 895-3900
    We can help!
    Listing Contact
    Sunita R Przewlocki
    Learn More
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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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