It is VERY possible, in fact most of the large landowners on island lease a significant portion of their land for agricultural purposes. This includes most of the papaya farms in lower Puna (most of the land is owned by large papaya corporations & leased to the farmers), some of the ranching in upper Puna (including the Bishop lands)
The market on ag land varies, as it is all about the land.... things like: soil vs un-ripped recent flow, elevation, current cover growing, precip profile...
anyhoo- this may help get an idea (they do large & fairly small leases- down to 1-5 acre - small lot leases may work for you, if you want a varied income stream & have drivable access through the lot...):
http://www.whshipman.com/agricultural-op...riculture/
Added: many of our neighbors lease land throughout the area, and one even offered to lease our very, VERY small orchard - We let him use it for free, as he is maintaining it, growing a veritable trove of veggies betwixt the trees... but if your neighbors are farmers, that may be a place to begin....