Kapaa Commercial/Industrial Condo
For Sale
$770,000
4525 AKIA RD #2, Kapaa, HI 96746
1,925 SF condo unit with 7 parking stalls in Kapaa.
Property Size1,925 SF
Price / SF$400
Days on Market170
Property Features for 4525 AKIA RD #2
General Information
Standard status
Active
Size
1,925 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,374
Listing Agency:
CHANEY, BROOKS & COMPANY, LLC
(808) 544-1600
Listed By:
JOSEPH T HAAS · License #RB-15404
Source:
Corcoran
Added: Mar 4
Changed: Aug 21
Last Checked: Aug 21 at 9:07AM
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 CHANEY, BROOKS & COMPANY, LLC
Investment Insights
Based on property information with market context.
This offering features a 1,925 SF commercial/industrial condominium unit located within the Oceanside Center at 4525 Akia Road, Kapaa, Kauai. The unit includes 7 deeded parking stalls. The project underwent an extensive renovation and condo conversion in 2019. Units 1 through 10 are currently available for purchase and may be acquired individually or in combination. The Oceanside Center is currently 80% leased. Each unit is equipped with an electric 12’x14’ grade level door (Unit 1 has a 10’x10’ grade level door) and a walk-in consumer door. The walkway fronting the building allows drive-in access. The roof was painted with a GE silicone roofing material which comes with a 20-year labor and material warranty. Each unit is equipped with 3 state-of-the-art fire detectors connected to a central alarm monitoring company. The units are separately check-metered for electrical and water. The units are constructed with floor to ceiling sound insulated steel studded demising walls. The exterior of the building was recently painted. Plans for ADA compliant restrooms for each unit have been prepared. The elevated parking lot was recently paved. The perimeter of the lot is secured with a fence and gates. The property is conveniently located in Kapaa with easy access to the main highway and readily accessible to Lihue and the North Shore of Kauai. It may be possible to add additional floor area by constructing mezzanines in the units.
Key Highlights
- Prime location in Kapaa with easy access to the main highway and Lihue/North Shore.
- Excellent investment opportunity with Oceanside Center currently 80% leased.
- Each unit includes 7 deeded parking stalls.
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
$33,033
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
4.29%
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%
$660,660
$660.7K
Cap Rate 7%
$471,900
$471.9K
Cap Rate 9%
$367,033
$367.0K
Market Conditions
NOI Build-Up for 1,925 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
$57.8K $30.00/SF
− Vacancy
−$6.9K −$3.60/SF
EGI
$50.8K $26.40/SF
− OpEx
−$17.8K −$9.24/SF
NOI
$33.0K $17.16/SF
Area
Kauai County, HI
Vacancy
12.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
35.00%
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%
$660,660
Cap Rate 7%
$471,900
Cap Rate 9%
$367,033
Alternative Uses
Best Use
Flex RnD
$471.9K
$412.9K – $550.6K
NOI $33,033 @ 7.0% cap · market cap 4.29%
Second Best
Industrial
$410.8K
$359.5K – $479.3K
NOI $28,757 @ 7.0% cap · market cap 3.73%
Theoretical Best
Specialty Retail
$770.4K
$674.1K – $898.8K
NOI $53,927 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96746, HI
19,991
Population
8,178
Households
2.4
Avg Household Size
43
Median Age
32%
College-Educated
95%
High-School Grad
29.8 sq mi
ZIP Area
671
Density / Sq Mi
$89,681
Median Household Income
$41,624
Median Earnings
$2,053
Median Rent
$830,500
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - 1,925 SF condo unit with 7 parking stalls in Kapaa.
Where is this flex space located?
The property is located at 4525 AKIA RD #2 Kapaa, HI.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: Prime location in Kapaa with easy access to the main highway and Lihue/North Shore.; Excellent investment opportunity with Oceanside Center currently 80% leased.; Each unit includes 7 deeded parking stalls.
