Multi-Tenant Retail Center with Ground
41-1537 Kalanianaole Highway Waimanalo, HI 96795
For Sale
$10,500,000
Multi-tenant retail center offers leasable space, second-floor offices, and 95 parking stalls under a master ground lease.
Property Size35,809 SF
Lot Size2.20 Acres
Price / SF$293.22
Days on Market138
Property Features for 41-1537 Kalanianaole Highway
General Information
- Standard status
- Active
- Size
- 35,809 SF
- Lot size
- 2.20 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1983
Listing Agency:
Marcus Realty
(808) 220-9220
Listed By:
Kevin Nishikawa · License #RB-17304
(808) 220-9220
Source:
Xome
Added: Mar 7
Changed: Jul 23
Last Checked: Jul 23 at 3:57AM
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 Marcus Realty
Investment Insights
Based on property information with market context.
This multi-tenant retail center includes both fee simple parcels under Master Ground Lease TMK 1-4-1-009: 275 and 278. The property totals approximately 36,000 square feet of leasable area, including about 6,300 square feet of second-floor offices. The center also provides 95 parking stalls and is approximately 65% occupied.
The asset is located at 41-1537 Kalanianaole Highway in Waimanalo, Hawaii. The Master Ground Lease is set to expire on 12/14/2026.
The sale includes the contiguous parcel interests as described above. Please do not disturb tenants; call the listing broker for additional information and next steps. Buyer should conduct their own due diligence and verify all information.
The asset is located at 41-1537 Kalanianaole Highway in Waimanalo, Hawaii. The Master Ground Lease is set to expire on 12/14/2026.
The sale includes the contiguous parcel interests as described above. Please do not disturb tenants; call the listing broker for additional information and next steps. Buyer should conduct their own due diligence and verify all information.
Key Highlights
- Multi‑tenant retail center with ~36,000 sq. ft. of leasable area, including 6,300 sq. ft. of second‑floor offices
- Two contiguous fee simple parcels (TMK 1‑4‑1‑009: 275 & 278) totaling about 2.2 acres
- Master ground lease expires 12/14/2026
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.42M | $39.72 |
| − Vacancy | −$68.3k | −$1.91 |
| EGI | $1.35M | $37.81 |
| − OpEx | −$406.2k | −$11.34 |
| NOI | $947.8k | $26.47 |
35,809 SF · lease $39.72/SF/yr · vacancy 4.80% · expense 30.00%
Alternative Uses
Best Use
Retail
$13.54M
$11.85M – $15.80M
NOI $947,843 @ 7.0% cap · market cap 9.03%
Second Best
Office B
$13.09M
$11.46M – $15.27M
NOI $916,487 @ 7.0% cap · market cap 8.73%
Theoretical Best
Specialty Retail
$14.51M
$12.69M – $16.93M
NOI $1,015,546 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Shopping centers
FAQs
What type of property is this?
Shopping center - Multi-tenant retail center offers leasable space, second-floor offices, and 95 parking stalls under a master ground lease.
Where is this shopping center located?
The property is located at 41-1537 Kalanianaole Highway Waimanalo, HI.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Multi‑tenant retail center with ~36,000 sq. ft. of leasable area, including 6,300 sq. ft. of second‑floor offices; Two contiguous fee simple parcels (TMK 1‑4‑1‑009: 275 & 278) totaling about 2.2 acres; Master ground lease expires 12/14/2026
