High-Bay Flex Space with
New
For Sale
$675,000
74-567 Honokohau Street, Kailua Kona, HI 96740
Fee-simple commercial condominium with dedicated office, restroom, roll-up access, and reserved parking.
Property Size1,980 SF
Price / SF$340.91
Days on Market2
Property Features for 74-567 Honokohau Street
General Information
Standard status
Active
Size
1,980 SF
Total Parking Spaces
5
Property subtype
Industrial
Zoning
ML-1a
Additional Details
Warehouse Space
1,980 SF
Building Details
Building Size
1,980 SF
Year Built
2004
Listing Agency:
GO COMMERCIAL, LLC
Listed By:
Gregory Ogin · License #HI #RB-16053
(808) 987-6446
Source:
Svn-go
Added: Sep 20
Last Checked: Sep 21 at 6:18AM
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 offers 1,980 SF of high-bay warehouse area within a flex building completed in 2004. The unit includes an office, restroom, roll-up door, and five reserved parking spaces. ML-1a zoning supports its commercial warehouse configuration, and a new septic system is identified for 2026 installation.
The property is located above Honokohau Harbor at 74-567 Honokohau Street in Kailua Kona. It is near Kona International Airport and Kailua Kona town, with the future Queens Medical campus described as adjacent. The condominium format provides a defined commercial unit for an owner-user or investor.
The property is located above Honokohau Harbor at 74-567 Honokohau Street in Kailua Kona. It is near Kona International Airport and Kailua Kona town, with the future Queens Medical campus described as adjacent. The condominium format provides a defined commercial unit for an owner-user or investor.
Key Highlights
- 1,980 SF of high‑bay warehouse space
- Fee‑simple commercial condominium in a flex building completed in 2004
- Office, restroom, and roll‑up door included
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Fee-simple commercial condominium with dedicated office, restroom, roll-up access, and reserved parking.
Where is this flex space located?
The property is located at 74-567 Honokohau Street 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 in a flex building completed in 2004; Office, restroom, and roll‑up door included
