Maili Sunset Marketplace For
For Sale
Contact for pricing
87-64 Farrington Hwy, Waianae, HI 96792
Premier shopping center on Waianae coastline, investment opportunity.
Property Size8,304 SF
Price / SF$451.59
Days on Market736
Property Features for 87-64 Farrington Hwy
General Information
Standard status
Active
Size
8,304 SF
Property subtype
Retail
Zoning
B-1 – Neighborhood Business District; R-5 – Residential District (Parking Lot)
Building Details
Year Built
1975
Listing Agency:
CUSHMAN & WAKEFIELD | ChaneyBrooks - Honolulu, Hawaii
Listed By:
Anthony Provenzano · License #HI RB-22101
(808) 387-3444
Source:
Crexi
Added: Sep 12, 2024
Changed: Sep 5
Last Checked: Sep 16 at 3:19PM
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 CUSHMAN & WAKEFIELD | ChaneyBrooks - Honolulu, Hawaii
Investment Insights
Based on property information with market context.
The Maili Sunset Marketplace is a premier shopping center situated on the Waianae coastline at 87-070 Farrington Highway. This three-story, multi-tenant commercial real estate property offers an investment opportunity, featuring a blend of businesses that draw both locals and visitors. The property is located directly across from Maili Beach. The property has 8,304 square feet of retail space.
Key Highlights
- Premier shopping center on the Waianae coastline.
- Prime location directly across from Maili Beach.
- Breathtaking ocean views.
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
$219,802
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
5.86%
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%
$4,396,040
$4.4M
Cap Rate 7%
$3,140,029
$3.1M
Cap Rate 9%
$2,442,244
$2.4M
Market Conditions
NOI Build-Up for 8,304 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
$329.8K $39.72/SF
− Vacancy
−$15.8K −$1.91/SF
EGI
$314.0K $37.81/SF
− OpEx
−$94.2K −$11.34/SF
NOI
$219.8K $26.47/SF
Area
Honolulu County, HI
Vacancy
4.80%
Lease Rate
$39.72 /SF/Yr
Expense Ratio
30.00%
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%
$4,396,040
Cap Rate 7%
$3,140,029
Cap Rate 9%
$2,442,244
Alternative Uses
Best Use
Retail
$3.14M
$2.75M – $3.66M
NOI $219,802 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.36M
$2.94M – $3.93M
NOI $235,502 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Demographics for 96792, HI
51,965
Population
15,516
Households
3.3
Avg Household Size
35
Median Age
16%
College-Educated
91%
High-School Grad
61.1 sq mi
ZIP Area
850
Density / Sq Mi
$83,927
Median Household Income
$39,666
Median Earnings
$1,820
Median Rent
$551,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Shopping center - Premier shopping center on Waianae coastline, investment opportunity.
Where is this shopping center located?
The property is located at 87-64 Farrington Hwy Waianae, HI.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Premier shopping center on the Waianae coastline.; Prime location directly across from Maili Beach.; Breathtaking ocean views.
