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Property profile & analytics
OFF-MARKET
Estimated value
$995,000
Industrial properties
16-213 Melekahiwa Pl, Keaau, HI 96749-8018
Entity Owned
4-yr Hold
Absentee Owner
Free & Clear
Property ID
US24-0356726
Property summary
AI-generated overview
This exceptional 2.8-acre industrial land parcel, located at 16-213 Melekahiwa Place in Keaau, Hawaii (zip code 96749), presents a significant development opportunity. The property, identified by APN (3) 1-6-146: 17, is zoned MG-20 and boasts a flat, clear, and expansive footprint ideal for various industrial projects. Its convenient location within the Shipman Business Park offers easy access to the Hawaii Belt Road, a major arterial highway circling the island. The proximity to Hilo International Airport, Hilo Harbor, and the Port of Hilo (less than 10 miles away) further enhances its strategic value. The large lot size offers high barriers to entry for competitors, and there's potential for condominium property regime (CPR) creation or subdivision into smaller lots, increasing investment potential. This fee simple property is listed at $1,500,000 and represents a rare opportunity to acquire a substantial industrial site in a desirable location on the Big Island of Hawaii. The property's size and zoning make it suitable for a wide range of industrial uses. Serious inquiries are encouraged.
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Lot
2.8 ac (121,898 SF)
Zoning code
MG-20
APN
3-1-6-146-017
UPID
US24-0356726
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$875k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$995k
Owner & transaction history
Pape Properties INC · 4 yrs held
Pape Properties INC
since 2021
Last sale
$1.2M
2 recorded transactions
Zoning & alternative use
MG-20 · Keaau, HI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Keaau submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Keaau submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$810,000
ML approach
$875,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$995k
Range $896k – $1.09M · ±10% · vs last sale $1.15M (Dec 31 2024)
Last sale anchor
$1.15M
Dec 31 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$10,132
Tax year 2024
Assessed value
$946,900
Assessed 2024
Previous assessed
$946,900
+0.0% YoY
Effective rate
1.07%
On assessed value
Assessed land
$946,900
Land market value
$946,900
Total market value
$946,900
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Heating
NONE
Lot
2.8 ac (121,898 SF)
Zoning code
MG-20
APN
3-1-6-146-017
UPID
US24-0356726
Jurisdiction
HAWAII
Zoning & alternative use
MG-20 · Keaau, HI
Zoning MG-20 · permitted uses
MG-20 · Keaau, HI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Keaau. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Heating
NONE
Lot
2.8 ac
Current owner
From public records · entity-resolved
Pape Properties INC
Entity
Free & Clear · 4 yrs held
Mailing address
355 GOODPASTURE IS RD STE #300, EUGENE, OR 97401-2119
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 21, 2021
$900,000
Pape Properties INC
W H Shipman Ltd
Limited Warranty Deed
—
Mar 25, 2004
$462,000
W H Shipman Ltd
Water Resources International
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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