Kilani Avenue Commercial Building For
For Sale
$1,775,000
Pending
650 Kilani Avenue, Wahiawa, HI 96786
4,500 sq. ft. building on a 9,964 sq. ft. lot.
Property Size4,500 SF
Lot Size0.23 Acres
Days on Market261
Property Features for 650 Kilani Avenue
General Information
Standard status
Pending
Size
4,500 SF
Lot size
0.23 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,096
Amenities
Central air
Concrete Flooring
On Site
One Unit Cooling
Building Details
Year Built
1957
Listing Agency:
LAU & ASSOCIATES, LLC
(808) 223-0074
Listed By:
STEVEN H LAU · License #RB-20307
Source:
Corcoran
Added: Dec 4, 2025
Changed: Aug 8
Last Checked: Jul 23 at 9:02AM
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 LAU & ASSOCIATES, LLC
Investment Insights
Based on property information with market context.
This commercial property features a free-standing concrete block building of approximately 4,500 square feet situated on a 9,964 square foot lot zoned B-2. The building includes office spaces, two repair bays equipped with automotive lifts, a large storage area, and restrooms. The front parking area is paved and can accommodate several vehicles. A driveway to the right of the property provides an access easement to the back. Previously used as a car dealership, the business is not included in the sale. The property may be sold together with the adjacent vacant land at 656 Kilani Ave, which comprises 54,700 sq. ft. of B-2 and R-5 zoned land.
Key Highlights
- Large, level 9,964 sq. ft. B‑2 zoned lot suitable for various business uses.
- Approx. 4,500 sq. ft. concrete block building with office spaces, two repair bays with automotive lifts, large storage area, and restrooms.
- Existing infrastructure for automotive repair, including two automotive lifts.
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
$119,112
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
6.71%
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%
$2,382,240
$2.4M
Cap Rate 7%
$1,701,600
$1.7M
Cap Rate 9%
$1,323,467
$1.3M
Market Conditions
NOI Build-Up for 4,500 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
$178.7K $39.72/SF
− Vacancy
−$8.6K −$1.91/SF
EGI
$170.2K $37.81/SF
− OpEx
−$51.0K −$11.34/SF
NOI
$119.1K $26.47/SF
Area
Honolulu County, HI
Vacancy
4.80%
Lease Rate
$39.72 /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%
$2,382,240
Cap Rate 7%
$1,701,600
Cap Rate 9%
$1,323,467
Alternative Uses
Best Use
Retail
$1.70M
$1.49M – $1.99M
NOI $119,112 @ 7.0% cap · market cap 6.71%
Second Best
Industrial
$843.6K
$738.1K – $984.2K
NOI $59,049 @ 7.0% cap · market cap 3.33%
Theoretical Best
Specialty Retail
$1.82M
$1.60M – $2.13M
NOI $127,620 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96786, HI
41,217
Population
14,444
Households
2.9
Avg Household Size
28
Median Age
25%
College-Educated
94%
High-School Grad
89.2 sq mi
ZIP Area
462
Density / Sq Mi
$83,488
Median Household Income
$46,027
Median Earnings
$2,784
Median Rent
$724,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Automotive property - 4,500 sq. ft. building on a 9,964 sq. ft. lot.
Where is this automotive property located?
The property is located at 650 Kilani Avenue Wahiawa, HI.
What is the asking price?
The asking price for this property is $1,775,000.
What are key features of this property?
This property features: Large, level 9,964 sq. ft. B‑2 zoned lot suitable for various business uses.; Approx. 4,500 sq. ft. concrete block building with office spaces, two repair bays with automotive lifts, large storage area, and restrooms.; Existing infrastructure for automotive repair, including two automotive lifts.
