Flex Space with Roll-Up
For Sale
$2,800,000
74-567 Honokohau Street, Kailua Kona, HI 96740
Commercial condominium bays combine warehouse access, elevated office buildout, mezzanine storage, and three-phase power.
Property Size7,920 SF
Price / SF$281.12
Days on Market109
Property Features for 74-567 Honokohau Street
General Information
Standard status
Active
Size
7,920 SF
Class
A
Total Parking Spaces
20
Property subtype
Industrial
Site & Location
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Warehouse Space
7,920 SF
Office Build-Out
1,020 SF
Mezzanine
1,020 SF
Three-Phase Power
Yes
Additional Details
Floor
2
Office Units
1
Building Details
Building Size
7,920 SF
Year Built
2004
Buildings
1
Stories
2
Construction
flex
Listing Agency:
SVN | GO Commercial
(808) 987-6446
Listed By:
Gregory Ogin · License #HI #RB-16053
(808) 987-6446
Source:
Svn
Added: May 14
Changed: Aug 29
Last Checked: Aug 30 at 1:35PM
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 SVN | GO Commercial
Investment Insights
Based on property information with market context.
This 2004 flex property comprises four commercial condominium bays with 7,920 square feet of warehouse space, 1,020 SF of second-floor Class A office construction, and another 1,020 SF of mezzanine storage. Roll-up doors provide access from both the front and rear, while three-phase power supports commercial operations. The layout includes 20 parking spaces, allocated at five spaces per unit.
The property is positioned above Honokohau Harbor at 74-567 Honokohau Street in Kailua Kona, between Kona International Airport and Kailua-Kona town. Its central Kona location places the building near both the airport and town services.
The property is positioned above Honokohau Harbor at 74-567 Honokohau Street in Kailua Kona, between Kona International Airport and Kailua-Kona town. Its central Kona location places the building near both the airport and town services.
Key Highlights
- 7,920 SF of warehouse space across four commercial condominium bays
- 1,020 SF of second‑floor Class A office space
- Additional 1,020 SF mezzanine storage area
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
$156,582
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
5.59%
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%
$3,131,640
$3.1M
Cap Rate 7%
$2,236,886
$2.2M
Cap Rate 9%
$1,739,800
$1.7M
Market Conditions
NOI Build-Up for 9,960 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
$186.5K $18.72/SF
− Vacancy
−$2.2K −$0.22/SF
EGI
$184.2K $18.50/SF
− OpEx
−$27.6K −$2.77/SF
NOI
$156.6K $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%
$3,131,640
Cap Rate 7%
$2,236,886
Cap Rate 9%
$1,739,800
Alternative Uses
Best Use
Warehouse
$2.24M
$1.96M – $2.61M
NOI $156,582 @ 7.0% cap · market cap 5.59%
Second Best
Office B
$2.03M
$1.77M – $2.36M
NOI $141,788 @ 7.0% cap · market cap 5.06%
Theoretical Best
Specialty Retail
$3.40M
$2.97M – $3.97M
NOI $237,940 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Paved road access
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial condominium bays combine warehouse access, elevated office buildout, mezzanine storage, and three-phase power.
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 $2,800,000.
What are key features of this property?
This property features: 7,920 SF of warehouse space across four commercial condominium bays; 1,020 SF of second‑floor Class A office space; Additional 1,020 SF mezzanine storage area
