Multi-Building Flex
For Sale
$6,195,000
913 KANOELEHUA AVE, Hilo, HI 96720
Fee-simple commercial property combines warehouse, office, retail, and industrial occupancy across three buildings.
Property Size28,936 SF
Lot Size1.38 Acres
Price / SF$194.59
Days on Market27
Property Features for 913 KANOELEHUA AVE
General Information
Standard status
Active
Size
28,936 SF
Lot size
1.38 Acres
Property subtype
Industrial
Additional Details
Road Access
Yes
Mezzanine
2,200 SF
Taxes and HOA fees
Annual Taxes
$17,010
Building Details
Building Size
28,936 SF
Year Built
1951
Buildings
3
Tenancy
Multi
Listing Agency:
Yamanaka Enterprises Inc
(808) 938-5213
Listed By:
Vern M. Yamanaka
(808) 938-5213
Source:
Deepbluehi
Added: Aug 3
Changed: Aug 28
Last Checked: Aug 28 at 6:49AM
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 Yamanaka Enterprises Inc
Investment Insights
Based on property information with market context.
This fee-simple flex property includes three buildings totaling 31,836 sq. ft. under roof across two contiguous Tax Maps. The improvements include a 14,000+ sq. ft. steel-frame warehouse with multiple retail and industrial tenants, along with a 2,200 sq. ft. mezzanine and office area. A separate 12,000 sq. ft. corner warehouse adds storage and warehousing capacity, while the 3,236 sq. ft. office building is occupied by a radio station.
The property occupies 1.38 acres at the corner of Kanoelehua Ave and Pohaku St. in Hilo, HI. It is positioned one block north of the Prince Kuhio Shopping Center and the Walmart Center, placing the site within an established retail and industrial area. The buildings date to 1951.
The property occupies 1.38 acres at the corner of Kanoelehua Ave and Pohaku St. in Hilo, HI. It is positioned one block north of the Prince Kuhio Shopping Center and the Walmart Center, placing the site within an established retail and industrial area. The buildings date to 1951.
Key Highlights
- Fee‑simple ownership across two contiguous Tax Maps
- Three buildings with 31,836 sq. ft. under roof on 1.38 acres
- 14,000+ sq. ft. steel‑frame warehouse with 2,200 sq. ft. mezzanine/office 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
$500,496
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
8.08%
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%
$10,009,920
$10.0M
Cap Rate 7%
$7,149,943
$7.1M
Cap Rate 9%
$5,561,067
$5.6M
Market Conditions
NOI Build-Up for 31,836 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
$596.0K $18.72/SF
− Vacancy
−$7.2K −$0.22/SF
EGI
$588.8K $18.50/SF
− OpEx
−$88.3K −$2.77/SF
NOI
$500.5K $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%
$10,009,920
Cap Rate 7%
$7,149,943
Cap Rate 9%
$5,561,067
Alternative Uses
Best Use
Warehouse
$7.15M
$6.26M – $8.34M
NOI $500,496 @ 7.0% cap · market cap 8.08%
Second Best
Office B
$6.47M
$5.67M – $7.55M
NOI $453,209 @ 7.0% cap · market cap 7.32%
Theoretical Best
Specialty Retail
$10.86M
$9.51M – $12.68M
NOI $760,549 @ 7.0% cap · market cap 12.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Demographics for 96720, HI
46,615
Population
19,826
Households
2.4
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
287.8 sq mi
ZIP Area
162
Density / Sq Mi
$78,537
Median Household Income
$41,268
Median Earnings
$1,346
Median Rent
$458,100
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 - Fee-simple commercial property combines warehouse, office, retail, and industrial occupancy across three buildings.
Where is this flex space located?
The property is located at 913 KANOELEHUA AVE Hilo, HI.
What is the asking price?
The asking price for this property is $6,195,000.
What are key features of this property?
This property features: Fee‑simple ownership across two contiguous Tax Maps; Three buildings with 31,836 sq. ft. under roof on 1.38 acres; 14,000+ sq. ft. steel‑frame warehouse with 2,200 sq. ft. mezzanine/office area
