Warehouse with Office
For Sale
$2,800,000
4-74-567 Honokohau St, Kailua Kona, HI 96740
First-floor warehouse with office/storage mezzanine, three-phase electric, and deeded parking spaces included with purchase.
Property Size7,920 SF
Price / SF$353.54
Days on Market121
Property Features for 4-74-567 Honokohau St
General Information
Standard status
Active
Size
7,920 SF
Total Parking Spaces
5
Additional Details
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$17,856
Listing Agency:
Go Commercial, LLC
(808) 329-6446
Listed By:
Gregory G. Ogin · License ##RB-16053
(808) 329-6446
Source:
Exprealty
Added: Apr 25
Changed: Aug 20
Last Checked: Aug 22 at 9:00AM
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 Go Commercial, LLC
Investment Insights
Based on property information with market context.
This sale includes TMK parcels 3-4-24-3-4, 5, 11, and 12. The offering consists of a 7,920 sq ft first-floor warehouse area with an office/storage mezzanine included at 4,032 sq ft. The configuration supports warehouse operations with dedicated upper-area storage and flexible office use. The property also includes three-phase electric, and a septic tank is planned to be installed for the building.
The property is located at 4-74-567 Honokohau St in Kailua-Kona, HI 96740. Each TMK includes five parking spaces that will be deeded with the purchase. The seller notes that bays may be sold separately, providing an option for buyers seeking a smaller footprint within the overall warehouse structure.
For buyers and tenants looking for a warehouse setup that also accommodates office or organized storage, this building offers a straightforward live/work style layout within the same structure. Deeded parking tied to the TMKs supports day-to-day access for staff and visitors, while the presence of three-phase electric is well-suited for a range of light industrial and warehousing activities. The option to purchase bays separately may also appeal to operators planning phased occupancy or smaller-scale operations.
The property is located at 4-74-567 Honokohau St in Kailua-Kona, HI 96740. Each TMK includes five parking spaces that will be deeded with the purchase. The seller notes that bays may be sold separately, providing an option for buyers seeking a smaller footprint within the overall warehouse structure.
For buyers and tenants looking for a warehouse setup that also accommodates office or organized storage, this building offers a straightforward live/work style layout within the same structure. Deeded parking tied to the TMKs supports day-to-day access for staff and visitors, while the presence of three-phase electric is well-suited for a range of light industrial and warehousing activities. The option to purchase bays separately may also appeal to operators planning phased occupancy or smaller-scale operations.
Key Highlights
- First‑floor warehouse with office/storage mezzanine, totaling 4,032 sq ft
- Sale includes TMK 3‑4‑24‑3‑4, 5, 11, and 12
- Three‑phase electric
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
$124,511
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
4.45%
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%
$2,490,220
$2.5M
Cap Rate 7%
$1,778,729
$1.8M
Cap Rate 9%
$1,383,456
$1.4M
Market Conditions
NOI Build-Up for 7,920 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
$148.3K $18.72/SF
− Vacancy
−$1.8K −$0.22/SF
EGI
$146.5K $18.50/SF
− OpEx
−$22.0K −$2.77/SF
NOI
$124.5K $15.72/SF
Area
Hawaii County, HI
Vacancy
1.20%
Lease Rate
$18.72 /SF/Yr
Expense Ratio
15.00%
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%
$2,490,220
Cap Rate 7%
$1,778,729
Cap Rate 9%
$1,383,456
Alternative Uses
Best Use
Warehouse
$1.78M
$1.56M – $2.08M
NOI $124,511 @ 7.0% cap · market cap 4.45%
Second Best
Flex RnD
$1.61M
$1.41M – $1.88M
NOI $112,679 @ 7.0% cap · market cap 4.02%
Theoretical Best
Specialty Retail
$2.70M
$2.37M – $3.15M
NOI $189,206 @ 7.0% cap · market cap 6.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Heavy power
Location Intelligence
Demographics for 96740, HI
38,234
Population
19,119
Households
2
Avg Household Size
45
Median Age
35%
College-Educated
94%
High-School Grad
242.4 sq mi
ZIP Area
158
Density / Sq Mi
$94,091
Median Household Income
$42,605
Median Earnings
$1,692
Median Rent
$730,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - First-floor warehouse with office/storage mezzanine, three-phase electric, and deeded parking spaces included with purchase.
Where is this flex space located?
The property is located at 4-74-567 Honokohau St Kailua Kona, HI.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: First‑floor warehouse with office/storage mezzanine, totaling 4,032 sq ft; Sale includes TMK 3‑4‑24‑3‑4, 5, 11, and 12; Three‑phase electric
