Ground-Level Office
For Sale
$1,430,625
3-320 Uluniu St, Kailua, HI 96734
Fully improved workspace with private offices, a breakroom, support rooms, and photovoltaic solar panels.
Property Size2,289 SF
Price / SF$625
Days on Market17
Property Features for 3-320 Uluniu St
General Information
Standard status
Active
Size
2,289 SF
Additional Details
Furnished
No
Taxes and HOA fees
Annual Taxes
$16,224
Building Details
Construction
cedar wood
Listing Agency:
One Source Realty LLC
Listed By:
Evan I Scherman · License #RB-17206
(808) 368-1022
Source:
Exprealty
Added: Sep 1
Changed: Sep 13
Last Checked: Sep 16 at 9:38PM
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 One Source Realty LLC
Investment Insights
Based on property information with market context.
This fully improved office unit provides approximately 1,638 square feet of ground-level space and an additional 651 square feet of mezzanine area. The cedar wood building has vaulted open ceilings and a flexible interior arrangement with multiple private offices, an open cubicle work area, kitchen and breakroom, private restroom, computer room, and storage room. Photovoltaic solar panels are installed at the property and help offset electrical expenses.
The office is located at 3-320 Uluniu St in Kailua’s central business and medical district, within an area described as having vehicle and pedestrian traffic. A short-term lease is currently in place, offering an owner-user the potential to transition into the space.
The office is located at 3-320 Uluniu St in Kailua’s central business and medical district, within an area described as having vehicle and pedestrian traffic. A short-term lease is currently in place, offering an owner-user the potential to transition into the space.
Key Highlights
- Approximately 1,638 square feet of ground‑level office space
- Additional 651 square feet of mezzanine office space
- Multiple private offices, open cubicle area, kitchen, breakroom, and private restroom
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
$58,584
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
4.09%
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%
$1,171,680
$1.2M
Cap Rate 7%
$836,914
$836.9K
Cap Rate 9%
$650,933
$650.9K
Market Conditions
NOI Build-Up for 2,289 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
$89.3K $39.00/SF
− Vacancy
−$11.2K −$4.88/SF
EGI
$78.1K $34.13/SF
− OpEx
−$19.5K −$8.53/SF
NOI
$58.6K $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%
$1,171,680
Cap Rate 7%
$836,914
Cap Rate 9%
$650,933
Alternative Uses
Best Use
Office B
$836.9K
$732.3K – $976.4K
NOI $58,584 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$927.4K
$811.5K – $1.08M
NOI $64,916 @ 7.0% cap · market cap 4.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Demographics for 96734, HI
49,922
Population
18,208
Households
2.7
Avg Household Size
38
Median Age
53%
College-Educated
98%
High-School Grad
21.7 sq mi
ZIP Area
2,301
Density / Sq Mi
$131,554
Median Household Income
$56,374
Median Earnings
$3,297
Median Rent
$1,246,300
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 - Fully improved workspace with private offices, a breakroom, support rooms, and photovoltaic solar panels.
Where is this office units located?
The property is located at 3-320 Uluniu St Kailua, HI.
What is the asking price?
The asking price for this property is $1,430,625.
What are key features of this property?
This property features: Approximately 1,638 square feet of ground‑level office space; Additional 651 square feet of mezzanine office space; Multiple private offices, open cubicle area, kitchen, breakroom, and private restroom
