Pastureland with Warehouse and
For Sale
$785,000
681 HOAKA RD, Hilo, HI 96720
8.23 acres with warehouse, container home, and grazing fields.
Property Size2,394 SF
Lot Size8.23 Acres
Price / SF$327.90
Days on Market276
Property Features for 681 HOAKA RD
General Information
Standard status
Active
Size
2,394 SF
Lot size
8.23 Acres
Property subtype
Land or Vacant Lot
Taxes and HOA fees
Annual Taxes
$634
Amenities
Grassy
Ranch
Listing Agency:
CHRIS BRILHANTE REALTY, INC.
(808) 935-1007
Listed By:
HELENE H. TAJIRI · License #RB-16503
(808) 960-6287
Source:
Corcoran
Added: Dec 1, 2025
Changed: Sep 3
Last Checked: Sep 2 at 8:39PM
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 CHRIS BRILHANTE REALTY, INC.
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 = 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
$37,636
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
4.79%
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%
$752,720
$752.7K
Cap Rate 7%
$537,657
$537.7K
Cap Rate 9%
$418,178
$418.2K
Market Conditions
NOI Build-Up for 2,394 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
$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 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%
$752,720
Cap Rate 7%
$537,657
Cap Rate 9%
$418,178
Alternative Uses
Best Use
Warehouse
$537.7K
$470.5K – $627.3K
NOI $37,636 @ 7.0% cap · market cap 4.79%
Second Best
Industrial
$442.8K
$387.4K – $516.6K
NOI $30,995 @ 7.0% cap · market cap 3.95%
Theoretical Best
Specialty Retail
$817.0K
$714.9K – $953.2K
NOI $57,192 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
