Kaloko Industrial Park Commercial
For Sale
$799,000
73-5568 MAIAU ST #104, Kailua Kona, HI 96740
Commercial property in a busy industrial park near Costco.
Property Size1,500 SF
Price / SF$532.67
Days on Market317
Property Features for 73-5568 MAIAU ST #104
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$5,039
Amenities
Central air
Dryer
Washer
Air Conditioning Cooling
Assigned
Zoned Cooling
Zoned Heating
Building Details
Year Built
1993
Listing Agency:
HAWAIIAN ISLE REAL ESTATE, LLC
(808) 987-1012
Listed By:
GRETCHEN OSGOOD
Source:
Corcoran
Added: Oct 22, 2025
Changed: Sep 3
Last Checked: Sep 2 at 8:29PM
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 HAWAIIAN ISLE REAL ESTATE, LLC
Investment Insights
Based on property information with market context.
Located at 73-5568 Maiau Street in the Kaloko Light Industrial Park, this commercial property resides in a busy commercial district near Costco. The property, known as Cal-Cam Center III, is a metal building with a concrete floor. The ground floor features a 2,036 square-foot warehouse bay, equipped with a 12-foot roll-up door and a standard door for pedestrian access. Previously, the space has served as a consignment business and a pest control company location. The property includes three assigned parking spaces and two non-assigned spots in front of the building. The upstairs area has been remodeled into an office of similar size, though without building permits. It features wood floors, a tropical wood bar, and carpeted outer rooms. The outer rooms offer ocean views. A large multi-purpose area provides space for dining, and there is also a media room with a pool table and a kitchen.
Key Highlights
- Prime commercial location in the busy Kaloko Light Industrial Park, near Costco.
- 2,036 sq ft warehouse bay with 12‑foot roll‑up door.
- Remodeled upstairs office space with ocean views.
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 - Commercial property in a busy industrial park near Costco.
Where is this flex space located?
The property is located at 73-5568 MAIAU ST #104 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: Prime commercial location in the busy Kaloko Light Industrial Park, near Costco.; 2,036 sq ft warehouse bay with 12‑foot roll‑up door.; Remodeled upstairs office space with ocean views.
