Sold
75-5730 ALAHOU ST 16
KAILUA - KONA HI, 96740
$2,250,000
$310.77 per sqft
Sold
16 Beds
16 Baths
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
February 3, 2020
Listed
March 16, 2024
Updated
Map
75-5730 ALAHOU ST 16
KAILUA - KONA HI, 96740
Interior Features
Bedrooms
16
Total 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:
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Data last updated 6:16 AM UTC, 3/16/2024