Renovated Ground-Floor Medical
For Sale
$695,000
B-302 California Ave, Wahiawa, HI 96786
Modern medical suite with multiple exam rooms, support areas, and convenient access to common parking.
Property Size1,280 SF
Price / SF$542.97
Days on Market19
Property Features for B-302 California Ave
General Information
Standard status
Active
Size
1,280 SF
Property subtype
Business Opportunity
Additional Details
Floor
Ground Floor
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$23,299
Building Details
Year Renovated
2021
Listing Agency:
Ilar.Homes LLC
(808) 284-4185
Listed By:
Chona A Montesines Sonido
(808) 284-4185
Source:
Exprealty
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 28 at 12:49PM
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 Ilar.Homes LLC
Investment Insights
Based on property information with market context.
Located within the Wahiawa Medical Building, this ground-floor medical office suite provides 1,280 square feet arranged for clinical operations. The layout includes four examination rooms, a triage room, storage, a conference area that can function as an employee lounge, and a restroom. The interior was fully renovated in August 2021 and features a contemporary finish with a mural in the reception area.
The unit sits across from the building’s common parking areas and offers freeway access. Lease terms are structured as triple net, with water included in CAM. The property is being sold in as-is condition, and an AS IS Condition document is required with an offer.
The unit sits across from the building’s common parking areas and offers freeway access. Lease terms are structured as triple net, with water included in CAM. The property is being sold in as-is condition, and an AS IS Condition document is required with an offer.
Key Highlights
- 1,280‑square‑foot ground‑floor medical office suite
- Four examination rooms plus a dedicated triage room
- Renovated in August 2021 with modern interior finishes
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
$32,760
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
4.71%
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%
$655,200
$655.2K
Cap Rate 7%
$468,000
$468.0K
Cap Rate 9%
$364,000
$364.0K
Market Conditions
NOI Build-Up for 1,280 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
$49.9K $39.00/SF
− Vacancy
−$6.2K −$4.88/SF
EGI
$43.7K $34.13/SF
− OpEx
−$10.9K −$8.53/SF
NOI
$32.8K $25.59/SF
Area
Honolulu County, HI
Vacancy
12.50%
Lease Rate
$39.00 /SF/Yr
Expense Ratio
25.00%
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%
$655,200
Cap Rate 7%
$468,000
Cap Rate 9%
$364,000
Alternative Uses
Best Use
Office B
$468.0K
$409.5K – $546.0K
NOI $32,760 @ 7.0% cap · market cap 4.71%
Second Best
Healthcare Medical
$329.9K
$288.7K – $384.9K
NOI $23,095 @ 7.0% cap · market cap 3.32%
Theoretical Best
Specialty Retail
$518.6K
$453.8K – $605.0K
NOI $36,301 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Demographics for 96786, HI
41,217
Population
14,444
Households
2.9
Avg Household Size
28
Median Age
25%
College-Educated
94%
High-School Grad
89.2 sq mi
ZIP Area
462
Density / Sq Mi
$83,488
Median Household Income
$46,027
Median Earnings
$2,784
Median Rent
$724,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Modern medical suite with multiple exam rooms, support areas, and convenient access to common parking.
Where is this medical office space located?
The property is located at B-302 California Ave Wahiawa, HI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 1,280‑square‑foot ground‑floor medical office suite; Four examination rooms plus a dedicated triage room; Renovated in August 2021 with modern interior finishes
