Mauna Kea Center offers investors a fully stabilized, 100% occupied NNN medical office asset situated along Mamalahoa Highway in Kamuela (Waimea), on Hawaii’s Big Island.
The property is anchored by Hamakua-Kohala Health (6,139 SF), a federally qualified health center (FQHC) and HHS-funded 501(c)(3) non-profit serving medically undeserved communities across the Hamakua and Kohala coastlines. Operating one of four clinic locations at the subject property, Hamakua-Kohala Health is a nationally recognized Patient-Centered Medical Home (PCMH) with a well-established, mission-driven presence in the North Hawaii market.
The primary tenant recently renewed their lease for 5 years with 5% annual rent escalations and invested approximately $400,000 in plumbing and electrical improvements, demonstrating a substantive operational and financial commitment to the site. The secondary tenant, BMK Construction, occupies 275 sqft and has two 2-year options at fair market value no less than 105% of preceding lease year. Both tenants are on NNN leases and the building is currently 100% occupied.
The capital structure enhances returns from day one. The in-place assumable debt at a fixed interest-only rate option, well below today’s rates, delivers meaningful positive leverage. Waimea is one of Hawaii’s most supply-constrained medical submarkets, with no meaningful development pipeline and a small concentration of healthcare providers serving a broad area. This dynamic limits tenant relocation options and supports durable long-term occupancy. Mauna Kea Center represents a compelling, income-driven opportunity in a low-competition submarket with a creditworthy, federally supported anchor tenant.