Top-Floor Resort
For Sale
$209,000
4603-1 Bay Dr, Lahaina, HI 96761
Fractional resort residence with ocean and Lanai views, dedicated concierge service, and access to on-site hospitality amenities.
Property Size2,065 SF
Price / SF$101.21
Days on Market759
Property Features for 4603-1 Bay Dr
General Information
Standard status
Active
Size
2,065 SF
Property subtype
Residential Income
Amenities
twice daily housekeeping
assigned concierge
in-residence dining
signature restaurant
kids programs
lagoon pools
Listing Agency:
Coldwell Banker Island Prop-KP
(808) 283-5166
Listed By:
Chris Haigh RS-67890
(808) 283-5166
Source:
Exprealty
Added: Jul 15, 2024
Changed: Aug 11
Last Checked: Aug 11 at 9:33AM
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 top-floor resort residence offers three bedrooms, three full baths, and one half bath across 2,065 square feet. The ownership interest is deeded and fractional, with one-twelfth ownership providing 21 deeded days annually. The schedule includes two consecutive weeks during weeks 8 and 9, along with one floating week between late August and early October.
Residence owners receive twice-daily housekeeping and assigned concierge service during their stays. On-site amenities include in-residence dining, a signature restaurant, children’s programs, and lagoon pools. The residence also provides views toward the ocean and Lanai. Additional stay days may be obtained on a per diem basis, subject to availability and applicable arrangements.
Residence owners receive twice-daily housekeeping and assigned concierge service during their stays. On-site amenities include in-residence dining, a signature restaurant, children’s programs, and lagoon pools. The residence also provides views toward the ocean and Lanai. Additional stay days may be obtained on a per diem basis, subject to availability and applicable arrangements.
Key Highlights
- Deeded one‑twelfth fractional ownership interest
- 21 deeded days per year, including weeks 8 and 9 plus one floating week
- Top‑floor residence with 3 bedrooms, 3 1/2 baths, and 2,065 SF
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
$12,359
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
5.91%
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%
$247,180
$247.2K
Cap Rate 7%
$176,557
$176.6K
Cap Rate 9%
$137,322
$137.3K
Market Conditions
NOI Build-Up for 2,065 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
$43.4K $21.00/SF
− Vacancy
−$17.3K −$8.40/SF
EGI
$26.0K $12.60/SF
− OpEx
−$13.7K −$6.62/SF
NOI
$12.4K $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%
$247,180
Cap Rate 7%
$176,557
Cap Rate 9%
$137,322
Alternative Uses
Best Use
Hotel Hospitality
$176.6K
$154.5K – $206.0K
NOI $12,359 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$835.4K
$730.9K – $974.6K
NOI $58,475 @ 7.0% cap · market cap 27.98%
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 - Fractional resort residence with ocean and Lanai views, dedicated concierge service, and access to on-site hospitality amenities.
Where is this resort located?
The property is located at 4603-1 Bay Dr Lahaina, HI.
What is the asking price?
The asking price for this property is $209,000.
What are key features of this property?
This property features: Deeded one‑twelfth fractional ownership interest; 21 deeded days per year, including weeks 8 and 9 plus one floating week; Top‑floor residence with 3 bedrooms, 3 1/2 baths, and 2,065 SF
