Waipahu Commercial Property on
For Sale
$1,730,000
Pending
94-875 Farrington Highway, Waipahu, HI 96797
High-visibility commercial property in Waipahu's business district.
Property Size3,450 SF
Lot Size0.22 Acres
Days on Market316
Property Features for 94-875 Farrington Highway
General Information
Standard status
Pending
Size
3,450 SF
Lot size
0.22 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,048
Amenities
Central air
On Site
One Unit Cooling
Building Details
Year Built
1969
Listing Agency:
CHINEN & ASSOCIATES, INC.
(808) 949-4148
Listed By:
MALCOLM T CHINEN
Source:
Corcoran
Added: Oct 10, 2025
Changed: Aug 8
Last Checked: Jul 23 at 7:45AM
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 CHINEN & ASSOCIATES, INC.
Investment Insights
Based on property information with market context.
Located on Farrington Highway in the business district of Waipahu, this fee simple property offers high visibility. The property is zoned BMX-3, presenting various current and future possibilities. It features a 3,450 square foot CMU and metal-framed structure on a 9,411 square foot land area. The property includes more than 4 parking stalls in front of the building. Situated near the Skyline rapid transit station, 7-Eleven, Taniokas, the Bus line, and a district park. Currently, the sublessee operates an auto repair business under a short-term lease.
Key Highlights
- High visibility location on Farrington Hwy in Waipahu's business district.
- Fee Simple ownership.
- BMX‑3 zoning offering diverse development possibilities.
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
$91,319
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
5.28%
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%
$1,826,380
$1.8M
Cap Rate 7%
$1,304,557
$1.3M
Cap Rate 9%
$1,014,656
$1.0M
Market Conditions
NOI Build-Up for 3,450 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
$137.0K $39.72/SF
− Vacancy
−$6.6K −$1.91/SF
EGI
$130.5K $37.81/SF
− OpEx
−$39.1K −$11.34/SF
NOI
$91.3K $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%
$1,826,380
Cap Rate 7%
$1,304,557
Cap Rate 9%
$1,014,656
Alternative Uses
Best Use
Retail
$1.30M
$1.14M – $1.52M
NOI $91,319 @ 7.0% cap · market cap 5.28%
Second Best
Industrial
$646.7K
$565.9K – $754.5K
NOI $45,271 @ 7.0% cap · market cap 2.62%
Theoretical Best
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,842 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail 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?
Auto shop - High-visibility commercial property in Waipahu's business district.
Where is this auto shop located?
The property is located at 94-875 Farrington Highway Waipahu, HI.
What is the asking price?
The asking price for this property is $1,730,000.
What are key features of this property?
This property features: High visibility location on Farrington Hwy in Waipahu's business district.; Fee Simple ownership.; BMX‑3 zoning offering diverse development possibilities.
