Listing Agency: CHRIS BRILHANTE REALTY, INC. Show Phone

Listed By: HELENE H. TAJIRI · License #RB-16503 Show Phone

Source: Corcoran

Added: Dec 1, 2025 Changed: Oct 16 Last Checked: Oct 16 at 8:45AM

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Investment Insights

Based on property information with market context.

This property, formerly Waiakea Uka Ranch, features 8.23 acres of partially fenced pastureland. The land, originally a ginger farm, includes multiple structures and all utilities. A spacious 2,394 square foot warehouse is present, equipped with a shower and bathroom, along with two office spaces or guest rooms. The property also features an outdoor prep counter and sink with a BBQ grill and picnic tables overlooking the landscape. An on-demand water heater is installed. Additionally, there is a 280 square foot mobile container home with a wet bar and full bath, along with other outbuildings. The property is suited for grazing and cultivating food crops and ornamental plants due to its fertile soil. Located above Hilo town, it offers convenient access to shopping and dining. The location experiences limited vehicular traffic and shares a border with state forest lands. The property may be suitable for a gentleman farmer.

Key Highlights

• 8.23 acres of pastureland with fertile soil, ideal for grazing or cultivation
• Features a 2,394 sf warehouse with shower, bathroom, and 2 office spaces/guest rooms
• All utilities are available on the property

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,636

Cap Rate

4.79%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$752,720 $752.7K

Cap Rate 7%

$537,657 $537.7K

Cap Rate 9%

$418,178 $418.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,394 SF

Gross rent

$44.8K $18.72/SF

− Vacancy

−$538 −$0.22/SF

EGI

$44.3K $18.50/SF

− OpEx

−$6.6K −$2.77/SF

NOI

$37.6K $15.72/SF

Area

Hawaii County, HI

Vacancy

1.20%

Lease Rate

$18.72 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$752,720

Cap Rate 7%

$537,657

Cap Rate 9%

$418,178

Alternative Uses

Best Use

Warehouse

$537.7K

$470.5K – $627.3K (±1% cap)

NOI $37,636 @ 7.0% cap · market cap 4.79%

Second Best

Industrial

$442.8K

$387.4K – $516.6K (±1% cap)

NOI $30,995 @ 7.0% cap · market cap 3.95%

Theoretical Best

Specialty Retail

$817.0K

$714.9K – $953.2K (±1% cap)

NOI $57,192 @ 7.0% cap · market cap 7.29%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Farms

Location Intelligence

Demographics for 96720, HI

46,615

Population

19,826

Households

2.4

Avg Household Size

43

Median Age

34%

College-Educated

95%

High-School Grad

287.8 sq mi

ZIP Area

162

Density / Sq Mi

$78,537

Median Household Income

$41,268

Median Earnings

$1,346

Median Rent

$458,100

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Farm - 8.23 acres with warehouse, container home, and grazing fields.

Where is this farm located?

The property is located at 681 HOAKA RD Hilo, HI.

What is the asking price?

The asking price for this property is $785,000.

What are key features of this property?

This property features: 8.23 acres of pastureland with fertile soil, ideal for grazing or cultivation; Features a 2,394 sf warehouse with shower, bathroom, and 2 office spaces/guest rooms; All utilities are available on the property