High-Bay Flex
New
For Sale
$675,000
74-567 HONOKOHAU ST #7, Kailua Kona, HI 96740
Fee-simple commercial condominium with warehouse, office, restroom, roll-up access, and reserved parking.
Property Size1,980 SF
Price / SF$340.91
Days on Market3
Property Features for 74-567 HONOKOHAU ST #7
General Information
Standard status
Active
Size
1,980 SF
Total Parking Spaces
5
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,686
Amenities
Assigned
Building Details
Year Built
2004
Listing Agency:
GO COMMERCIAL, LLC
(808) 329-6446
Listed By:
GREGORY G. OGIN · License ##RB-16053
(808) 987-6446
Source:
Corcoran
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 21 at 7:38AM
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 GO COMMERCIAL, LLC
Investment Insights
Based on property information with market context.
This fee-simple commercial condominium provides a flexible commercial layout with 1,980 SF of high-bay warehouse space, an office, restroom, and roll-up door. The property was built in 2004 and includes five reserved parking spaces, supporting a range of business operations requiring warehouse and office components.
The condominium is positioned above Honokohau Harbor, with proximity to Kona International Airport and Kailua Kona town. It is also adjacent to the future Queens Medical Campus in Kona, adding a notable point of reference for the surrounding area.
The condominium is positioned above Honokohau Harbor, with proximity to Kona International Airport and Kailua Kona town. It is also adjacent to the future Queens Medical Campus in Kona, adding a notable point of reference for the surrounding area.
Key Highlights
- 1,980 SF of high‑bay warehouse space
- Fee‑simple commercial condominium
- Includes office and restroom areas
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
$31,128
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
4.61%
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%
$622,560
$622.6K
Cap Rate 7%
$444,686
$444.7K
Cap Rate 9%
$345,867
$345.9K
Market Conditions
NOI Build-Up for 1,980 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
$37.1K $18.72/SF
− Vacancy
−$445 −$0.22/SF
EGI
$36.6K $18.50/SF
− OpEx
−$5.5K −$2.77/SF
NOI
$31.1K $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%
$622,560
Cap Rate 7%
$444,686
Cap Rate 9%
$345,867
Alternative Uses
Best Use
Warehouse
$444.7K
$389.1K – $518.8K
NOI $31,128 @ 7.0% cap · market cap 4.61%
Second Best
Flex RnD
$402.4K
$352.1K – $469.5K
NOI $28,170 @ 7.0% cap · market cap 4.17%
Theoretical Best
Specialty Retail
$675.7K
$591.3K – $788.4K
NOI $47,301 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Fee-simple commercial condominium with warehouse, office, restroom, roll-up access, and reserved parking.
Where is this flex space located?
The property is located at 74-567 HONOKOHAU ST #7 Kailua Kona, HI.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 1,980 SF of high‑bay warehouse space; Fee‑simple commercial condominium; Includes office and restroom areas
