Fractional Resort Residence with Bay
For Sale
$299,000
4402-1 Bay Dr, Lahaina, HI 96761
Fourth-floor two-bedroom residence with scheduled annual occupancy and resort services, dining, pools, and family programming.
Property Size1,776 SF
Price / SF$168.36
Days on Market62
Property Features for 4402-1 Bay Dr
General Information
Standard status
Active
Size
1,776 SF
Property subtype
Residential Income
Listing Agency:
Coldwell Banker Island Prop-KP
(808) 283-5166
Listed By:
Chris Haigh RS-67890
(808) 283-5166
Source:
Exprealty
Added: Jun 10
Changed: Aug 10
Last Checked: Aug 10 at 5:43AM
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 Coldwell Banker Island Prop-KP
Investment Insights
Based on property information with market context.
This fourth-floor resort residence includes two bedrooms and 2 ½ baths, with views toward Lanai, the Kalohi Channel, and sunset exposure. The offering conveys a deeded one-twelfth fractional ownership interest with 21 deeded days annually, including two consecutive weeks over Christmas and one rotating float week. Additional days may be obtained on a per diem basis.
On-property services and amenities include twice-daily housekeeping, an assigned concierge, in-residence dining, a signature restaurant, lagoon pools, children’s programs, and a spa. The residence is associated with the Resort at Kapalua Bay, formerly identified as Montage, and the source materials include a virtual tour showing a remodeled interior floor plan.
On-property services and amenities include twice-daily housekeeping, an assigned concierge, in-residence dining, a signature restaurant, lagoon pools, children’s programs, and a spa. The residence is associated with the Resort at Kapalua Bay, formerly identified as Montage, and the source materials include a virtual tour showing a remodeled interior floor plan.
Key Highlights
- Deeded one‑twelfth fractional ownership interest with 21 deeded days annually
- Fourth‑floor residence with 2 bedrooms and 2 ½ baths
- Views of Lanai, the Kalohi Channel, and sunsets
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
$10,629
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
3.55%
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%
$212,580
$212.6K
Cap Rate 7%
$151,843
$151.8K
Cap Rate 9%
$118,100
$118.1K
Market Conditions
NOI Build-Up for 1,776 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
$37.3K $21.00/SF
− Vacancy
−$14.9K −$8.40/SF
EGI
$22.4K $12.60/SF
− OpEx
−$11.7K −$6.62/SF
NOI
$10.6K $5.98/SF
Area
Maui County, HI
Vacancy
40.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
52.50%
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%
$212,580
Cap Rate 7%
$151,843
Cap Rate 9%
$118,100
Alternative Uses
Best Use
Apartment 5plus
$477.2K
$417.6K – $556.8K
NOI $33,407 @ 7.0% cap · market cap 11.17%
Second Best
Hotel Hospitality
$151.8K
$132.9K – $177.2K
NOI $10,629 @ 7.0% cap · market cap 3.55%
Theoretical Best
Specialty Retail
$718.4K
$628.6K – $838.2K
NOI $50,291 @ 7.0% cap · market cap 16.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Demographics for 96761, HI
23,167
Population
11,851
Households
2
Avg Household Size
42
Median Age
28%
College-Educated
93%
High-School Grad
95.3 sq mi
ZIP Area
243
Density / Sq Mi
$94,229
Median Household Income
$45,107
Median Earnings
$2,099
Median Rent
$905,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Resort - Fourth-floor two-bedroom residence with scheduled annual occupancy and resort services, dining, pools, and family programming.
Where is this resort located?
The property is located at 4402-1 Bay Dr Lahaina, HI.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Deeded one‑twelfth fractional ownership interest with 21 deeded days annually; Fourth‑floor residence with 2 bedrooms and 2 ½ baths; Views of Lanai, the Kalohi Channel, and sunsets
