Manoa Valley Commercial
For Sale
Contact for pricing
2830 Kaonawai Place, Honolulu, HI 96822
Affordable commercial space in Honolulu's Manoa Valley.
Property Size798 SF
Price / SF$736.84
Days on Market206
Property Features for 2830 Kaonawai Place
General Information
Standard status
Active
Size
798 SF
Total Parking Spaces
4
Property subtype
Retail
Zoning
B-1
Investment Type
Owner/User
Building Details
Year Built
1980
Tenancy
Single
Listing Agency:
Colliers - Honolulu, Hawaii
Listed By:
Karen Birkett · License #HI 50512
Source:
Crexi
Added: Jan 27
Changed: Aug 13
Last Checked: Aug 20 at 10:24PM
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 Colliers - Honolulu, Hawaii
Investment Insights
Based on property information with market context.
This property offers a rarely available fee simple opportunity within the Manoa Valley. Situated in the verdant and vibrant Manoa Valley neighborhood, this property benefits from strong local demand and proximity to residential communities, educational institutions, and established retail nodes. The location strikes a balance between serene surroundings and excellent accessibility to major Honolulu thoroughfares. This unit represents an excellent value proposition for buyers seeking an affordable commercial foothold in Honolulu’s Manoa area. With a functional core already in place and clear potential for interior design tailored to your business needs, this highly productive commercial environment can be utilized to meet the needs of your business. The property has a size of 798 square feet.
Key Highlights
- Rare fee simple opportunity in Manoa Valley
- Strong local demand and proximity to residential communities, educational institutions, and retail
- Excellent accessibility to major Honolulu thoroughfares
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
$20,424
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
3.47%
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%
$408,480
$408.5K
Cap Rate 7%
$291,771
$291.8K
Cap Rate 9%
$226,933
$226.9K
Market Conditions
NOI Build-Up for 798 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
$31.1K $39.00/SF
− Vacancy
−$3.9K −$4.88/SF
EGI
$27.2K $34.13/SF
− OpEx
−$6.8K −$8.53/SF
NOI
$20.4K $25.59/SF
Area
Honolulu County, HI
Vacancy
12.50%
Lease Rate
$39.00 /SF/Yr
Expense Ratio
25.00%
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%
$408,480
Cap Rate 7%
$291,771
Cap Rate 9%
$226,933
Alternative Uses
Best Use
Office B
$291.8K
$255.3K – $340.4K
NOI $20,424 @ 7.0% cap · market cap 3.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$323.3K
$282.9K – $377.2K
NOI $22,631 @ 7.0% cap · market cap 3.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96822, HI
42,231
Population
19,960
Households
2.1
Avg Household Size
45
Median Age
58%
College-Educated
95%
High-School Grad
8.0 sq mi
ZIP Area
5,279
Density / Sq Mi
$95,594
Median Household Income
$49,159
Median Earnings
$1,736
Median Rent
$985,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Affordable commercial space in Honolulu's Manoa Valley.
Where is this office units located?
The property is located at 2830 Kaonawai Place Honolulu, HI.
What is the asking price?
The asking price for this property is $588,000.
What are key features of this property?
This property features: Rare fee simple opportunity in Manoa Valley; Strong local demand and proximity to residential communities, educational institutions, and retail; Excellent accessibility to major Honolulu thoroughfares
