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    3737 Manoa Road, Honolulu, HI 96822

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    For Sale
    $21,000,000

    LAND - Honolulu, HI

    Added:
    Jun 3, 2024
    Days on Market:
    709
    Last Refresh:
    May 12 at 5:06 am

    Property Features for 3737 Manoa Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Rain Gutters
    Standard status
    Active
    APN
    1-2-9-055-005-0000

    Taxes and HOA fees

    Tax Annual Amount
    300

    Utilities

    Utilities
    Cable Available
    Water source
    Public

    We can help!

    Listing Contact
    Mariko M Tahara

    Listing agent Mariko M Tahara License #RB-17300

    Listing office List Sotheby's Int'l Realty 4211 Waialae Avenue Suite 8060, Honolulu, HI

    Listing date Jun 3, 2024

    MLS# 202412528 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.

    HighLights

    • 76+ acres of versatile land, ideal for agriculture, farming, and aquaculture.
    • Zoned for zoological and botanical garden use.
    • Existing infrastructure includes a 10,000 sq ft restaurant with a liquor license and a 300‑seat amphitheater.
    • Revenue‑generating park with gift shops, hula/dance classes, and a museum.
    • Significant paved, covered walkways (43,000 sq ft) and ample parking (179 stalls).
    • Buildings constructed of concrete and steel.

    Overview

    Available for purchase is a 76.2798-acre parcel of land, encompassing TMK 1290550050000 (28.816 acres), TMK 1290540080000 (35.164 acres), and TMK 129054018 (12.2998 acres). The property, located in Honolulu, HI, was formerly a cultural center with Hawaiian-Polynesian attractions. Currently, the site includes gift shops, hula and dance classes, a museum, and a restaurant with a liquor license and offices. The restaurant has a large stage with dressing rooms upstairs and can remain open until 10:00 pm. The interior building area is approximately 40,000 sq ft, with an additional 43,000 sq ft of paved, covered walkways. There are approximately 179 parking stalls available. Zoned for zoological and botanical gardens, the property also features a 300-seat amphitheater and buildings constructed of concrete and steel. The grounds are suitable for agriculture, farming, and aquaculture. The restaurant spans 10,000 sq ft. The park currently generates revenue from various sources. All parcels are to be sold together.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pro Health Erectile ... Medical Clinic Surf You To The Moon Travel Agency Thomas Square Development ... Accounting Firm Honolulu Pineapple Co. Restaurant Baby Filisi Travel Agency

    Map

    City
    Honolulu
    County
    Honolulu
    State
    Hawaii
    Longitude
    -157.800995
    Latitude
    21.330227

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    FAQs

    What type of property is this?
    Wedding venue - 76+ acres suitable for agriculture, restaurant, retail, or cultural attractions.
    Where is this wedding venue located?
    The property is located at 3737 Manoa Road Honolulu, HI.
    What is the asking price?
    The asking price for this property is $21,000,000.
    What are key features of this property?
    This property features: 76+ acres of versatile land, ideal for agriculture, farming, and aquaculture.; Zoned for zoological and botanical garden use.; Existing infrastructure includes a 10,000 sq ft restaurant with a liquor license and a 300‑seat amphitheater.
    (808) 224-8411
    We can help!
    Listing Contact
    Mariko M Tahara
    Real Estate License ID: RB-17300
    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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