75-5730 Alahou St

    Kailua-Kona, HI 96740
    • $2,650,000
    • STATUS: Active
    • ON SITE: 9 days
    • MLS #: 632588
    UPDATED: 65 min ago
    $2,650,000
    • 16
      BEDS
    • 0.37
      ACRES
    • 16
      BATHS
    • 0
      1/2 BATHS
    • 7,240
      SQFT
    • $366
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1972
    Area:

    School Ratings & Info

    Description

    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 * To qualify for the seven year (5%) step up in basis, taxpayers should reinvest deferred gain into a QOP before 12/31/19 * 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.* Please consult with your trusted real estate agent or adviser, tax and other professionals. All information deemed reliable but not guaranteed.

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    © 2019 MLS Hawaii, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Aloha Kona Realty, Inc.. Data last updated: 2019-10-20T13:34:17.34.
    www.alohakonarealty.com/homes/99813224

    75-5730 Alahou St Kailua-Kona, HI 96740

    • Price: $2,650,000
    • Status: Active
    • Updated: 65 min ago
    • MLS #: 632588
    16
    Beds
    16
    Baths
    0
    ½ Baths
    0.37
    Acres
    7,240
    SQFT
    $366
    $/SQFT
    1972
    Built
    Neighborhood:
    Lono-Kona Subdiv
    Area:
    North Kona
    Property Description
    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 * To qualify for the seven year (5%) step up in basis, taxpayers should reinvest deferred gain into a QOP before 12/31/19 * 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.* Please consult with your trusted real estate agent or adviser, tax and other professionals. All information deemed reliable but not guaranteed.
    Exterior Features

    Design Double WallWood Frame Fence Chain LinkRock/Stone Frontage Road/Street Land Tenure Fee Simple Lot Description Clear Ocean Front N Pool N Roads Paved Topography Gentle Slope View OceanSunset

    Interior Features

    Appliances DisposalMicrowaveRefrigeratorRange/Oven Floors CarpetLaminate Washer Dryer Coin

    Property Features

    Assessed Value 799000 Assessment Year 2019 Building Units 16 Distressed Standard Sale Lava Zone 4 Lot Number 109 Oceanfront Unit N Phone Service Cable Power Overhead Project Name Lono Kona Apartments Property Type Multi-Family Sewer Sewer-Not ConnectedSeptic Solid Waste Disposal County-Charge Tax Key 375022060 Taxes 9524.00 Terms Agreement Of Sale Tv Availability Cable Vehicle Parking Assigned Water CountyMunicipalMeter Installed Zoning Rm-1

    Listing information © 2019 MLS Hawaii, Inc. All rights reserved.
    Listing courtesy of Robert Vafaie Dba Maui Property.


    © 2019 MLS Hawaii, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Aloha Kona Realty, Inc.. Data last updated: 2019-10-20T13:34:17.34.
     
    Aloha Kona Realty, Inc.
    75-5852 Alii Dr. V-14
    Kailua Kona HI, 96740