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    Turnkey Restaurant in Retail Center Title is generated by Realmo AI

    91-1121 Keaunui Drive, Ewa Beach, HI 96706

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    New
    For Sale
    $185,000

    COMMERCIAL - Ewa Beach, HI

    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 5:06 pm

    Property Features for 91-1121 Keaunui Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    1-9-1-149-065-0000

    Taxes and HOA fees

    Tax Annual Amount
    12

    Building Details

    Floors in Building
    1
    Building materials
    Concrete

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    Listing Contact
    Michael L Vuong

    Listing agent Michael L Vuong License #RB-24049

    Listing office Five Star Realty, Inc. 1500 S King Street Suite 200, Honolulu, HI

    Listing date Jun 2, 2026

    MLS# 202610748

    Copyright © 2026 HiCentral MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey restaurant space currently operating as Rakki Ramen in an Ewa Beach retail center
    • Fully built‑out dining room with ample seating and customer restroom
    • Commercial kitchen with prep areas, dishwashing stations, walk‑in refrigeration, and storage areas
    • Includes existing restaurant infrastructure plus storefront presence for customer‑facing service
    • Construction material listed as concrete

    Overview

    This turnkey restaurant space is currently operating and fully equipped for food service. The layout includes a built-out dining room with ample seating, a customer restroom, and a service counter. Behind the scenes, the commercial kitchen is supported by dedicated prep areas, dishwashing stations, walk-in refrigeration, and multiple storage areas, with existing restaurant infrastructure in place for day-to-day operations. The attractive storefront presence helps support visibility for customers entering the center.

    The property is located within a busy retail center in Ewa Beach and is surrounded by residential neighborhoods, schools, and daily-service businesses. That surrounding mix supports consistent neighborhood traffic and strong overall visibility, making it a practical choice for a dining use that benefits from walk-in and local customer demand.

    The ready-to-operate configuration makes this space especially appealing for an owner-operator who wants to take over a working restaurant without starting from scratch. It can also fit an investor looking for an established food and beverage setup, whether continuing the existing ramen concept or reimagining the unit for a different dining concept built on the same in-place improvements.
    Property Profile Location Intelligence

    Current Use by Public Records

    Supercuts Hair Salon CMC Enterprises Wedding Service Rainbow Car Rental Car Rental Facility Dana Foundation Association / Organization Ohana Christian Church Association / Organization

    Map

    City
    Ewa Beach
    County
    Honolulu
    State
    Hawaii
    Longitude
    -158.021655
    Latitude
    21.340566

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    FAQs

    What type of property is this?
    Conventional restaurant - Fully built-out restaurant with dining, kitchen, and refrigeration—ideal for owner-operators or investors seeking a ready-to-run concept.
    Where is this conventional restaurant located?
    The property is located at 91-1121 Keaunui Drive Ewa Beach, HI.
    What is the asking price?
    The asking price for this property is $185,000.
    What are key features of this property?
    This property features: Turnkey restaurant space currently operating as Rakki Ramen in an Ewa Beach retail center; Fully built‑out dining room with ample seating and customer restroom; Commercial kitchen with prep areas, dishwashing stations, walk‑in refrigeration, and storage areas
    (808) 220-3093
    We can help!
    Listing Contact
    Michael L Vuong
    Real Estate License ID: RB-24049
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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