Mixed-Use Property with
For Sale
$741,000
48-5416 KUKUIHAELE RD, Honokaa, HI 96727
Commercial Sale, Honokaa, HI
Property Size2,784 SF
Lot Size0.24 Acres
Price / SF$266.16
Days on Market97
Property Features for 48-5416 KUKUIHAELE RD
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
CN-10
Bedrooms
1
Bathrooms
3
Full bathrooms
1
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bathroom 3
Parking features
Assigned
Security features
Security System
Interior features
ADA Accessible, ADA Compliant, Private Restroom, Track Lighting
Exterior features
Lighting
Appliances
Dryer, Freezer, Indoor Grill, Microwave, Range, Refrigerator, Washer
Subdivision
KUKUIHAELE
Standard status
Active
APN
3480070310000
Size
2,784 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4080
Utilities
Utilities
Water Available
Sewer type
Septic Tank
Heating system
Zoned
Cooling system
Wall/Window Unit(s), Zoned, Window Unit(s)
Water source
Public
Building Details
Year built
1925
Floors in Building
1
Flooring type
Laminate, Carpet
Listing Agency:
Kohala Coast Properties
(808) 886-6600
Listed By:
Kit Muhs · License #RB-22486
(808) 987-5426
Added: Jul 1
Changed: Sep 28
Last Checked: Oct 5 at 9:06AM
MLS# 731093
Copyright © 2026 Hawaii Information Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,784-square-foot property combines a retail gallery and café with a separate office and a furnished apartment. The 552-square-foot residence has one bedroom and one bathroom and is currently leased. Built in 1925, the building features koa and redwood construction. Recent work includes gallery air-conditioning units installed in 2024, electrical improvements in 2025, café flooring and cabinetry updates, and bathroom improvements, including an ADA-compliant bathroom.
The property occupies 0.2406 acres in Honokaa, a short distance from town and approximately half a mile from the Waipi'o Valley overlook. CN-10 zoning applies. Water is available from the public water source, and the property uses a septic system. The real estate offering consists of the land and building; the gallery business is being offered separately.
The property occupies 0.2406 acres in Honokaa, a short distance from town and approximately half a mile from the Waipi'o Valley overlook. CN-10 zoning applies. Water is available from the public water source, and the property uses a septic system. The real estate offering consists of the land and building; the gallery business is being offered separately.
Key Highlights
- 2,784‑square‑foot building with retail, café, separate office, and residential space
- 552‑square‑foot, furnished 1‑bedroom/1‑bathroom apartment is currently leased
- 0.2406‑acre parcel zoned CN‑10
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
$66,509
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
8.98%
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%
$1,330,180
$1.3M
Cap Rate 7%
$950,129
$950.1K
Cap Rate 9%
$738,989
$739.0K
Market Conditions
NOI Build-Up for 2,784 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
$93.5K $33.60/SF
− Vacancy
−$4.9K −$1.75/SF
EGI
$88.7K $31.85/SF
− OpEx
−$22.2K −$7.96/SF
NOI
$66.5K $23.89/SF
Area
Hawaii County, HI
Vacancy
5.20%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
25.00%
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%
$1,330,180
Cap Rate 7%
$950,129
Cap Rate 9%
$738,989
Alternative Uses
Best Use
Specialty Retail
$950.1K
$831.4K – $1.11M
NOI $66,509 @ 7.0% cap · market cap 8.98%
Second Best
Retail
$859.0K
$751.6K – $1.00M
NOI $60,130 @ 7.0% cap · market cap 8.11%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Demographics for 96727, HI
4,990
Population
1,642
Households
3
Avg Household Size
45
Median Age
24%
College-Educated
91%
High-School Grad
189.5 sq mi
ZIP Area
26
Density / Sq Mi
$83,534
Median Household Income
$37,124
Median Earnings
$1,218
Median Rent
$559,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail, café, office, and residential space share a 1925 building, with the apartment currently leased.
Where is this mixed-use property located?
The property is located at 48-5416 KUKUIHAELE RD Honokaa, HI.
What is the asking price?
The asking price for this property is $741,000.
What are key features of this property?
This property features: 2,784‑square‑foot building with retail, café, separate office, and residential space; 552‑square‑foot, furnished 1‑bedroom/1‑bathroom apartment is currently leased; 0.2406‑acre parcel zoned CN‑10
