Flex Space With Warehouse
For Sale
Under Contract
$799,000
73-5568 MAIAU ST, Kailua Kona, HI 96740
Commercial Sale, Kailua-Kona, HI
Property Size1,500 SF
Price / SF$532.67
Days on Market305
Property Features for 73-5568 MAIAU ST
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
ML-1A
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Assigned
Window features
Blinds
Appliances
Dryer, Washer
Subdivision
KALOKO LIGHT INDUSTRIAL SUBDIVISION
View
Ocean
Standard status
Active Under Contract
APN
3730510440004
Size
1,500 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5039
HOA Fee
$576 Monthly
Utilities
Utilities
Cable Available
Sewer type
Septic Tank
Heating system
Zoned
Cooling system
Zoned
Amenities
tropical wood bar
media room with pool table
lunch room
Building Details
Year built
1993
Number of units
1
Listing Agency:
Hawaiian Isle Real Estate, LLC
(808) 987-1012
Listed By:
Gretchen Osgood
(808) 987-1012
Added: Oct 21, 2025
Changed: Aug 19
Last Checked: Aug 21 at 7:06PM
MLS# 724886
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.
Cal-Cam Center III is a 1993 metal flex property with a concrete floor and a ground-level warehouse bay. The bay includes a 12-foot roll-up door and a separate pedestrian entrance. The upper level has been remodeled for office use, with finished flooring, carpeted outer rooms, a tropical wood bar, and a multipurpose area that includes space for a lunch room and media room. Zoned heating and cooling serve the property.
The property is located at 73-5568 Maiau Street in the Kaloko Light Industrial Park, near Costco in Kailua-Kona. Three assigned parking spaces and two additional unassigned spaces are positioned at the building. Cable is available, and the property uses a septic tank. Outer office rooms have ocean views.
The property is located at 73-5568 Maiau Street in the Kaloko Light Industrial Park, near Costco in Kailua-Kona. Three assigned parking spaces and two additional unassigned spaces are positioned at the building. Cable is available, and the property uses a septic tank. Outer office rooms have ocean views.
Key Highlights
- Ground‑level warehouse bay with a 12‑foot roll‑up door
- Remodeled upper‑level office area with finished flooring and carpeted outer rooms
- Three assigned parking spaces plus two unassigned spaces
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
$23,582
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
2.95%
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%
$471,640
$471.6K
Cap Rate 7%
$336,886
$336.9K
Cap Rate 9%
$262,022
$262.0K
Market Conditions
NOI Build-Up for 1,500 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
$28.1K $18.72/SF
− Vacancy
−$337 −$0.22/SF
EGI
$27.7K $18.50/SF
− OpEx
−$4.2K −$2.77/SF
NOI
$23.6K $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%
$471,640
Cap Rate 7%
$336,886
Cap Rate 9%
$262,022
Alternative Uses
Best Use
Warehouse
$336.9K
$294.8K – $393.0K
NOI $23,582 @ 7.0% cap · market cap 2.95%
Second Best
Office B
$305.1K
$266.9K – $355.9K
NOI $21,354 @ 7.0% cap · market cap 2.67%
Theoretical Best
Specialty Retail
$511.9K
$447.9K – $597.2K
NOI $35,834 @ 7.0% cap · market cap 4.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 96740, HI
38,234
Population
19,119
Households
2
Avg Household Size
45
Median Age
35%
College-Educated
94%
High-School Grad
242.4 sq mi
ZIP Area
158
Density / Sq Mi
$94,091
Median Household Income
$42,605
Median Earnings
$1,692
Median Rent
$730,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Metal construction combines warehouse access with remodeled upper-level office space.
Where is this flex space located?
The property is located at 73-5568 MAIAU ST Kailua Kona, HI.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Ground‑level warehouse bay with a 12‑foot roll‑up door; Remodeled upper‑level office area with finished flooring and carpeted outer rooms; Three assigned parking spaces plus two unassigned spaces
