Hilo Stand Alone Retail
For Sale
$839,000
374 KAMEHAMEHA AVE, Hilo, HI 96720
High-visibility corner location near Hilo Farmers Market.
Property Size1,280 SF
Price / SF$655.47
Days on Market156
Property Features for 374 KAMEHAMEHA AVE
General Information
Standard status
Active
Size
1,280 SF
Property subtype
Business Opportunities
Taxes and HOA fees
Annual Taxes
$2,344
Amenities
3
Corner Lot.
Bay, Ocean, Coastline View
Street Lights. Corner, Paved Road, Country Road.
Building Details
Year Built
1944
Stories
1
Listing Agency:
Hilo Farmers Market Realty LLC
(808) 990-8090
Listed By:
Keith De La Cruz · License #RB-22301
(808) 990-8090
Source:
Xome
Added: Mar 30
Changed: Aug 31
Last Checked: Sep 1 at 5:37PM
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 Hilo Farmers Market Realty LLC
Investment Insights
Based on property information with market context.
This stand-alone building is situated on a high-visibility corner location at the entrance to historic downtown Hilo, adjacent to the Hilo Farmers Market. The property benefits from significant foot traffic and open Hilo Bay views. Located across Kamehameha Avenue are the Mooheau bandstand, bus station, and park. The property is zoned CDH - Commercial Downtown Hilo, which is one of the highest and most dense use zoning designations allowed on Hawai'i Island. The property offers potential for an owner-user with a mid- to long-term business model. The building has 1280 square feet of space. In the first nine months of 2025, the Hawaii DBEDT reported approximately 1.32 million visitors to Hawai'i Island, with an estimated 264,000 to 396,000 visiting the downtown Hilo area.
Key Highlights
- High visibility corner location at the entrance to historic downtown Hilo and adjacent to the Hilo Farmers Market.
- Rare, stand‑alone building on Kamehameha Ave with fantastic foot traffic.
- Open Hilo Bay views.
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
$27,646
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
3.30%
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%
$552,920
$552.9K
Cap Rate 7%
$394,943
$394.9K
Cap Rate 9%
$307,178
$307.2K
Market Conditions
NOI Build-Up for 1,280 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
$42.2K $33.00/SF
− Vacancy
−$2.7K −$2.15/SF
EGI
$39.5K $30.86/SF
− OpEx
−$11.8K −$9.26/SF
NOI
$27.6K $21.60/SF
Area
Hawaii County, HI
Vacancy
6.50%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
30.00%
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%
$552,920
Cap Rate 7%
$394,943
Cap Rate 9%
$307,178
Alternative Uses
Best Use
Retail
$394.9K
$345.6K – $460.8K
NOI $27,646 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$436.8K
$382.2K – $509.7K
NOI $30,579 @ 7.0% cap · market cap 3.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96720, HI
46,615
Population
19,826
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
287.8 sq mi
ZIP Area
162
Density / Sq Mi
$78,537
Median Household Income
$41,268
Median Earnings
$1,346
Median Rent
$458,100
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - High-visibility corner location near Hilo Farmers Market.
Where is this storefront property located?
The property is located at 374 KAMEHAMEHA AVE Hilo, HI.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: High visibility corner location at the entrance to historic downtown Hilo and adjacent to the Hilo Farmers Market.; Rare, stand‑alone building on Kamehameha Ave with fantastic foot traffic.; Open Hilo Bay views.
