Papakea Two-Bedroom
For Sale
Contact for pricing
K403-3543 Lower Honoapiilani Rd, Lahaina, HI 96761
Fourth-floor condominium interval with a loft, two bathrooms, and split-system air conditioning serving the full unit.
Property Size1,145 SF
Price / SF$22.71
Days on Market497
Property Features for K403-3543 Lower Honoapiilani Rd
General Information
Standard status
Active
Size
1,145 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR+loft/2BA
Multifamily Units
1
Amenities
pool areas with BBQs
covered clubhouses
jacuzzis
putting green
on-site security
tropical landscaping
Koi fish ponds
split a/c system
Listing Agency:
Keller Williams Realty Maui-L
Listed By:
Katie Zimmerman RS-75832
(808) 280-8986
Source:
Exprealty
Added: Jun 10, 2025
Changed: Oct 5
Last Checked: Oct 16 at 11:45AM
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 Keller Williams Realty Maui-L
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Investment Insights
Based on property information with market context.
This Papakea time-interval condominium includes two bedrooms, a loft, two bathrooms, and a split air-conditioning system that cools the entire residence. The interval is identified as PTIO K403 20B and is situated on the fourth floor of the K building. The occupancy period runs from August 29, 2026 through September 26, 2026. If closing occurs after October 10, 2026, the buyer’s occupancy would begin in August 2027.
Papakea amenities include two pool areas with BBQs, two covered clubhouses, two large jacuzzis, a putting green, on-site security, tropical landscaping, and koi ponds. The property is north of Kaanapali Beach and near shopping, beaches, and restaurants. Maintenance fees include property taxes, grounds and building maintenance, unit maintenance, reserves, and housekeeping. The 2026 weeks have been rented, with reservation information and income intended for transfer on a prorated basis according to the closing date.
The loft’s compliance with current building codes is under review, and an interior plumbing project is scheduled for K403 from January 12, 2026 through February 21, 2026. The condominium complex is in A1 or A2 zoning, and future short-term-rental regulations may affect use. Buyers should conduct their own diligence, as future rental income is not guaranteed.
Papakea amenities include two pool areas with BBQs, two covered clubhouses, two large jacuzzis, a putting green, on-site security, tropical landscaping, and koi ponds. The property is north of Kaanapali Beach and near shopping, beaches, and restaurants. Maintenance fees include property taxes, grounds and building maintenance, unit maintenance, reserves, and housekeeping. The 2026 weeks have been rented, with reservation information and income intended for transfer on a prorated basis according to the closing date.
The loft’s compliance with current building codes is under review, and an interior plumbing project is scheduled for K403 from January 12, 2026 through February 21, 2026. The condominium complex is in A1 or A2 zoning, and future short-term-rental regulations may affect use. Buyers should conduct their own diligence, as future rental income is not guaranteed.
Key Highlights
- Two bedrooms, a loft, and two bathrooms in PTIO K403 20B
- Fourth‑floor placement in Papakea’s K building
- August 29, 2026 through September 26, 2026 occupancy period
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,537
Suggested Prices Based on Cap Rates
Cap Rate 5%
$430,740
$430.7K
Cap Rate 7%
$307,671
$307.7K
Cap Rate 9%
$239,300
$239.3K
Market Conditions
NOI Build-Up for 1,145 SF
Gross rent
$41.2K $36.00/SF
− Vacancy
−$2.1K −$1.80/SF
EGI
$39.2K $34.20/SF
− OpEx
−$17.6K −$15.39/SF
NOI
$21.5K $18.81/SF
Area
Maui County, HI
Vacancy
5.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$430,740
Cap Rate 7%
$307,671
Cap Rate 9%
$239,300
Alternative Uses
Best Use
Apartment 5plus
$307.7K
$269.2K – $359.0K
NOI $21,537 @ 7.0% cap · market cap 82.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$463.2K
$405.3K – $540.4K
NOI $32,423 @ 7.0% cap · market cap 124.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Demographics for 96761, HI
23,167
Population
11,851
Households
2
Avg Household Size
42
Median Age
28%
College-Educated
93%
High-School Grad
95.3 sq mi
ZIP Area
243
Density / Sq Mi
$94,229
Median Household Income
$45,107
Median Earnings
$2,099
Median Rent
$905,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Short term rental property - Fourth-floor condominium interval with a loft, two bathrooms, and split-system air conditioning serving the full unit.
Where is this short term rental property located?
The property is located at K403-3543 Lower Honoapiilani Rd Lahaina, HI.
What are key features of this property?
This property features: Two bedrooms, a loft, and two bathrooms in PTIO K403 20B; Fourth‑floor placement in Papakea’s K building; August 29, 2026 through September 26, 2026 occupancy period
