Sold

75-5730 ALAHOU ST 16

KAILUA - KONA HI, 96740

$2,250,000


$310.77 per sqft

Sold

16 Beds

7,240 sqft

Multi-family

Built in 1972

16 one bedroom/one bath units with ample parking. Easy walk to downtown Kailua-Kona. Views of Kailua Bay may be seen from many of the units. All units have closed lanais, adding to the total square footage. All units are separately metered for electric and are tenants responsibility.
* Property located in a designated Opportunity Zone (Qualified Opportunity Property, QOP) see:https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions
* Possible to convert to condos and/or short term vacation rental. Call for details.
* Expectation is to redevelop the existing property, in order to qualify for the Opportunity Zone tax incentives. This is not
ground-up development. No formal development approvals required; only building permits
* Redevelopment allows project to be substantially improved within the mandated 30-month period.
* No Rent Control (45-day eviction process) *In place Cash Flow
* Shortage of work force housing in Kona, central location and proximity to jobs * Market vacancy rate 2%
* Replacement costs well over $300,000/door
* Addition of in-suite washer/dryer, air conditioning and PV Solar, should increase market rent to $1,600 per unit
* Unoccupied storage space - potential to generate additional income
* Property to be put on Public Sewer system in next year with assumable bond at $5,450 per year.
* Less than two blocks from the soon to be New High End Retail Center Nui Malu, see: https://images3.loopnet.com/d2/TPRn9ic9YIq4_0tahA1pwJvJnoO0G6I94pEf9USOo8I/document.pdf
* Please consult with your trusted real estate agent or adviser, tax and other professionals. All information deemed reliable but not guaranteed.

632588

MLS ID

March 16, 2024

Updated

Map

75-5730 ALAHOU ST 16
KAILUA - KONA HI, 96740

Interior Features

Bedrooms

16


Full Bathrooms

16


Interior Features

Carpet, Laminate


Appliances

Disposal, Microwave, Range, Oven, Refrigerator


Floor Description

Carpet, Laminate


Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.37 Acres


Lot Features

Cleared, Sloped


Sewer

Septic Tank

Other Property Details

Area Name

North Kona


Taxes

$9,524


Tax Frequency

Annually


Days on Market

98


Garage

No


View

Yes


View Description

Ocean


Pool

No


Zoning

RM-1

 

Courtesy of Maui Property, Robert Vafaie Vafaie

Listing Contact:  

All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor Kris Hazard shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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