Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    3224 Pelekane Drive Honolulu, HI 96817

    View on Map
    Claim this Listing
    For Sale
    $1,199,000

    LAND - Honolulu, HI

    Added:
    Apr 9, 2026
    Days on Market:
    23
    Last Refresh:
    May 1 at 12:06 am

    Property Features for 3224 Pelekane Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    1-2-2-045-053-0000

    Taxes and HOA fees

    Tax Annual Amount
    6816

    Utilities

    Utilities
    Water Available
    Water source
    Public

    We can help!

    Listing Contact
    Liah L Gingerich

    Listing agent Liah L Gingerich License #RS-86353

    Listing office Hawaii Life 4614 Kilauea Avenue Suite 201, Honolulu, HI

    Listing date Apr 9, 2026

    MLS# 202607250 Listing URL

    Copyright © 2026 HiCentral MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Serene Land Parcel in Honolulu

    Located in Dowsett, Honolulu, next to the Nu'uanu Stream, this land parcel includes approved architectural plans and is permitted to build without a DPP wait. The contemporary residence was designed by architect Jim Schmit, and is intended to exist among the trees. The design incorporates expansive floor-to-ceiling windows that frame the greenery. The stream tumbles across terraced tiers into waterfalls. A covered lanai extends living outward. An approved ADU above the four-car carport offers potential for a home office, studio, or guest quarters. The lot contains monstera, Java plum, mango, Hawaiian ginger, 'ulu, ti leaf, and heliconia. The property is located off Pelekane Drive.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Honolulu
    County
    Honolulu
    State
    Hawaii
    Longitude
    -157.832017
    Latitude
    21.338954

    Nearby Similar for Sale

    • $400,000

      Honolulu Retail Space For Sale

      Retail space in Likelike Plaza, Honolulu, near residential and retail.
      745 Keeaumoku Street, Honolulu, HI 96814
      View Details
    • $350,000

      Turnkey Chinese Restaurant in Honolulu

      Established Sichuan restaurant with high traffic location and loyal clientele.
      1450 ala moana Boulevard unit: 2870, Honolulu, HI 96814
      View Details
    • $2,500,000

      Waikiki Restaurant Space For Sale

      2,295 SF restaurant space in Aloha Surf Hotel lobby.
      444 Kanekapolei Street, Honolulu, HI 96815
      View Details
    • $175,000

      Turnkey Restaurant in Honolulu Chinatown

      Authentic Vietnamese restaurant for sale in Honolulu's Chinatown.
      1145 Maunakea Street unit: 6&7, Honolulu, HI 96817
      View Details
    • $8,000

      Turn-Key Restaurant in Honolulu

      Prime restaurant space in a high-traffic Honolulu location.
      909 Kapiolani Boulevard unit: C-B, Honolulu, HI 96814
      View Details
    • $52,000

      Honolulu Office with City Views

      Prime corner office space with flexible layout and covered parking.
      1314 S King Street unit: 1464, Honolulu, HI 96814
      View Details
    • $150,000

      Restaurant Space in Kaka'ako District

      Restaurant/lounge space in Honolulu's rapidly growing Kaka'ako district.
      675 Auahi Street unit: 129/130, Honolulu, HI 96813
      View Details
    • $30,000

      Retail Store in Chinatown

      Prime retail space in Honolulu's busy Chinatown district.
      1120 Maunakea Streets, Honolulu, HI 96817
      View Details
    • $2,288

      Honolulu Commercial Property on Nuuanu

      Commercial property in Honolulu with street frontage and private bathroom.
      1741 Nuuanu Avenue, Honolulu, HI 96817
      View Details
    • $250,000

      Indoor Golf Simulator Business

      Turnkey indoor golf simulator business with premium technology in Honolulu.
      1500 S King Street unit: 100, Honolulu, HI 96826
      View Details
    • $185,000

      Turnkey Salon in Honolulu

      Thriving salon in high-traffic Kaka'ako area with loyal customer base.
      400 Keawe Streets, Honolulu, HI 96813
      View Details
    • $1,500,000

      Industrial Property in Honolulu, HI

      Industrial-zoned property with redevelopment potential in convenient Honolulu location.
      1649 Democrat Street, Honolulu, HI 96819
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Land parcel with approved architectural plans in a coveted neighborhood.
    Where is this residential land & home lot located?
    The property is located at 3224 Pelekane Drive Honolulu, HI.
    What is the asking price?
    The asking price for this property is $1,199,000.
    What are key features of this property?
    This property features: Approved architectural plans and building permit in place - no DPP wait.; Designed by award‑winning architect Jim Schmit in a tropical modern style.; Features a permitted ADU above a four‑car carport.
    (808) 646-9656
    We can help!
    Listing Contact
    Liah L Gingerich
    Real Estate License ID: RS-86353
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!