Waipio Gentry Industrial
For Sale
$2,975,000
94-515 Ukee Street, Waipahu, HI 96797
Industrial space in high-demand Waipio Gentry submarket.
Property Size6,528 SF
Price / SF$455.73
Days on Market151
Property Features for 94-515 Ukee Street
General Information
Standard status
Active
Size
6,528 SF
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$29,955
Building Details
Building Size
6,528 SF
Year Built
1980
Listing Agency:
Nexus Estates LLC
Listed By:
Garrett H Kuroda · License #RB-23590
(808) 722-7775
Source:
Careyluxury
Added: Apr 20
Changed: Sep 3
Last Checked: Sep 16 at 10:13PM
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 Nexus Estates LLC
Investment Insights
Based on property information with market context.
Located in Waipio Gentry at Ukee Industrial Center, this fee simple industrial space offers a rare opportunity in a tightly held market. The property, comprised of Suites 208/209 and 307/308, totals approximately 6,528 square feet and includes 10 deeded parking stalls. Previously utilized as a self-storage facility, the space provides a flexible layout suitable for industrial, warehouse, or service-oriented businesses. This property is ideal for either an owner-user or an investor looking to establish a position in a submarket characterized by high demand and limited supply.
Key Highlights
- Rare fee simple industrial space: a unique opportunity in the tightly held Waipio Gentry area.
- Substantial size: approximately 6,528 square feet, providing ample space.
- Flexible layout: suitable for industrial, warehouse, or service‑oriented businesses.
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
$104,016
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
3.50%
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%
$2,080,320
$2.1M
Cap Rate 7%
$1,485,943
$1.5M
Cap Rate 9%
$1,155,733
$1.2M
Market Conditions
NOI Build-Up for 6,528 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
$123.8K $18.96/SF
− Vacancy
−$1.4K −$0.21/SF
EGI
$122.4K $18.75/SF
− OpEx
−$18.4K −$2.81/SF
NOI
$104.0K $15.93/SF
Area
Honolulu County, HI
Vacancy
1.13%
Lease Rate
$18.96 /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%
$2,080,320
Cap Rate 7%
$1,485,943
Cap Rate 9%
$1,155,733
Alternative Uses
Best Use
Warehouse
$1.49M
$1.30M – $1.73M
NOI $104,016 @ 7.0% cap · market cap 3.50%
Second Best
Industrial
$1.22M
$1.07M – $1.43M
NOI $85,661 @ 7.0% cap · market cap 2.88%
Theoretical Best
Specialty Retail
$2.64M
$2.31M – $3.09M
NOI $185,135 @ 7.0% cap · market cap 6.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Demographics for 96797, HI
78,109
Population
21,327
Households
3.7
Avg Household Size
41
Median Age
25%
College-Educated
90%
High-School Grad
19.3 sq mi
ZIP Area
4,047
Density / Sq Mi
$110,036
Median Household Income
$44,685
Median Earnings
$1,981
Median Rent
$798,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Self storage facility - Industrial space in high-demand Waipio Gentry submarket.
Where is this self storage facility located?
The property is located at 94-515 Ukee Street Waipahu, HI.
What is the asking price?
The asking price for this property is $2,975,000.
What are key features of this property?
This property features: Rare fee simple industrial space: a unique opportunity in the tightly held Waipio Gentry area.; Substantial size: approximately 6,528 square feet, providing ample space.; Flexible layout: suitable for industrial, warehouse, or service‑oriented businesses.
