Multi-Tenant Retail
For Sale
$10,500,000
Pending
41-1537 Kalanianaole Highway, Waimanalo, HI 96795
The center offers second-floor offices, substantial parking, and multiple occupied tenant spaces within a shopping center setting.
Property Size35,809 SF
Lot Size2.20 Acres
Days on Market202
Property Features for 41-1537 Kalanianaole Highway
General Information
Standard status
Pending
Size
35,809 SF
Total Parking Spaces
95
Lot size
2.20 Acres
Property subtype
Industrial
Occupancy
65%
Taxes and HOA fees
Annual Taxes
$111,183
Building Details
Building Size
35,809 SF
Year Built
1983
Tenancy
Multi
Listing Agency:
Marcus Realty
Listed By:
Kevin Y Nishikawa · License #RB-17304
(808) 220-9220
Source:
Deepbluehi
Added: Apr 1
Changed: Oct 8
Last Checked: Oct 16 at 5:46AM
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
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Investment Insights
Based on property information with market context.
This multi-tenant shopping center occupies two contiguous fee simple parcels totaling approximately 2.2 acres. The property contains approximately 36,000 square feet of leasable area, including 6,300 square feet of second-floor offices, along with 95 parking stalls. Approximately 65% of the space is occupied, and the improvements were built in 1983.
The property is located at 41-1537 Kalanianaole Highway in Waimanalo, Hawaii. Both parcels are currently subject to a Master Ground Lease scheduled to expire on 12/14/2026. The sale includes TMK 1-4-1-009: 275 and 278.
The property is located at 41-1537 Kalanianaole Highway in Waimanalo, Hawaii. Both parcels are currently subject to a Master Ground Lease scheduled to expire on 12/14/2026. The sale includes TMK 1-4-1-009: 275 and 278.
Key Highlights
- Approximately 36,000 square feet of leasable area
- Two contiguous fee simple parcels totaling approximately 2.2 acres
- Includes 6,300 sq. ft. of second floor offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$952,899
Cap Rate
9.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$19,057,980
$19.1M
Cap Rate 7%
$13,612,843
$13.6M
Cap Rate 9%
$10,587,767
$10.6M
Market Conditions
NOI Build-Up for 36,000 SF
Gross rent
$1.43M $39.72/SF
− Vacancy
−$68.6K −$1.91/SF
EGI
$1.36M $37.81/SF
− OpEx
−$408.4K −$11.34/SF
NOI
$952.9K $26.47/SF
Area
Honolulu County, HI
Vacancy
4.80%
Lease Rate
$39.72 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$19,057,980
Cap Rate 7%
$13,612,843
Cap Rate 9%
$10,587,767
Alternative Uses
Best Use
Retail
$13.61M
$11.91M – $15.88M
NOI $952,899 @ 7.0% cap · market cap 9.08%
Second Best
Office B
$13.16M
$11.52M – $15.36M
NOI $921,375 @ 7.0% cap · market cap 8.77%
Theoretical Best
Specialty Retail
$14.59M
$12.76M – $17.02M
NOI $1,020,963 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
65%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Demographics for 96795, HI
11,064
Population
2,662
Households
4.2
Avg Household Size
39
Median Age
22%
College-Educated
92%
High-School Grad
11.5 sq mi
ZIP Area
962
Density / Sq Mi
$118,365
Median Household Income
$44,581
Median Earnings
$1,710
Median Rent
$746,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Shopping center - The center offers second-floor offices, substantial parking, and multiple occupied tenant spaces within a shopping center setting.
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: Approximately 36,000 square feet of leasable area; Two contiguous fee simple parcels totaling approximately 2.2 acres; Includes 6,300 sq. ft. of second floor offices
