Waimea Commercial Property For
For Sale
$6,999,000
64-1015 MAMALAHOA HIGHWAY, Kamuela, HI 96743
Two fully occupied warehouse buildings with storage, retail, and residential uses.
Property Size14,935 SF
Price / SF$468.63
Days on Market251
Property Features for 64-1015 MAMALAHOA HIGHWAY
General Information
Standard status
Active
Size
14,935 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$20,262
Amenities
Dryer
Washer
Carpet Flooring
Vinyl Flooring
Building Details
Year Built
1987
Listing Agency:
KW BIG ISLAND
(808) 930-5900
Listed By:
CHIAKI YAMADA · License #RB-23465,HAWAII
Source:
Corcoran
Added: Dec 13, 2025
Changed: Aug 19
Last Checked: Aug 20 at 5:02AM
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 KW BIG ISLAND
Investment Insights
Based on property information with market context.
This fee simple commercial property in Waimea features two fully occupied warehouse buildings suitable for storage, retail, and residential purposes. Building 1 is a warehouse structure with three individual storage/garage bays totaling approximately 5,000 square feet (approximately 1,666 square feet each), and three one-bedroom, one-bath residential units totaling roughly 2,500 square feet. Building 2 includes two large warehouse bays totaling approximately 4,485 square feet, one with a mezzanine currently used as an office. Adjacent to the warehouse is a 1,450-square-foot retail space. Above the retail space, the second floor offers two one-bedroom, one-bath residential units with a laundry room totaling 1,450 square feet. The property is zoned Neighborhood Commercial 7.5, supporting services for nearby residents and workers, while accommodating a range of commercial and residential needs. All units in both buildings are fully leased, providing immediate income. The property is located 0.8 miles northeast of central Waimea. Waimea is home to approximately 10,000 residents and its economy is rooted in ranching, farming, and support services for the Mauna Kea observatories. The town also features two established private schools and a private hospital offering acute and emergency care. Parker Ranch is headquartered here, contributing to Waimea’s Paniolo heritage and expansive pastoral landscapes. The property size is 14,935 square feet.
Key Highlights
- Fully leased property provides immediate income.
- Two buildings offer a versatile mix of storage/garage, retail, and residential units.
- Zoned Neighborhood Commercial 7.5, supporting a broad range of commercial and residential uses.
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
$322,574
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
4.61%
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%
$6,451,480
$6.5M
Cap Rate 7%
$4,608,200
$4.6M
Cap Rate 9%
$3,584,156
$3.6M
Market Conditions
NOI Build-Up for 14,935 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
$492.9K $33.00/SF
− Vacancy
−$32.0K −$2.15/SF
EGI
$460.8K $30.86/SF
− OpEx
−$138.2K −$9.26/SF
NOI
$322.6K $21.60/SF
Area
Hawaii County, HI
Vacancy
6.50%
Lease Rate
$33.00 /SF/Yr
Expense Ratio
30.00%
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%
$6,451,480
Cap Rate 7%
$4,608,200
Cap Rate 9%
$3,584,156
Alternative Uses
Best Use
Retail
$4.61M
$4.03M – $5.38M
NOI $322,574 @ 7.0% cap · market cap 4.61%
Second Best
Mixed Use
$4.03M
$3.52M – $4.70M
NOI $281,851 @ 7.0% cap · market cap 4.03%
Theoretical Best
Specialty Retail
$5.10M
$4.46M – $5.95M
NOI $356,791 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96743, HI
13,339
Population
6,690
Households
2
Avg Household Size
44
Median Age
42%
College-Educated
95%
High-School Grad
292.3 sq mi
ZIP Area
46
Density / Sq Mi
$98,177
Median Household Income
$51,000
Median Earnings
$2,023
Median Rent
$724,700
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?
Mixed-use property - Two fully occupied warehouse buildings with storage, retail, and residential uses.
Where is this mixed-use property located?
The property is located at 64-1015 MAMALAHOA HIGHWAY Kamuela, HI.
What is the asking price?
The asking price for this property is $6,999,000.
What are key features of this property?
This property features: Fully leased property provides immediate income.; Two buildings offer a versatile mix of storage/garage, retail, and residential units.; Zoned Neighborhood Commercial 7.5, supporting a broad range of commercial and residential uses.
