Lono Kona Apartments

$2,650,000

  • MLS® #: 632588
  • Lono Kona Apartments
  • North Kona, Hawaii 96740

Lono Kona Apartments

$2,650,000

  • MLS® #: 632588
  • Lono Kona Apartments
  • North Kona, Hawaii 96740
16 Beds
16 Baths
7,240 Sqft
.37 Acres
1972
Year Built
  • HOA Fees $0
  • Overview 16 Beds, 16 Bath, 7240 SQ. Feet, 0.37 Acres
  • Listing Type Multi-Family
  • Office: Robert Vafaie dba Maui Property

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. * 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.

Essential Information

MLS® #632588
Price$2,650,000
Bedrooms16
Bathrooms16.00
Full Baths16
Square Footage7,240
Acres0.37
Year Built1972
TypeMulti-Family
Land TenureFee Simple
StatusActive
Assesed Value$799,000

Community Information

AddressLono Kona Apartments
SubdivisionLono-Kona Subdiv
Building NameLono Kona Apartments
StateHawaii
Zip Code96740

Amenities

ParkingAssigned
ViewOcean, Sunset
Floor CoveringCarpet, Laminate
Washer / DryerCoin

Interior

Appliances

Disposal, Microwave, Range/Oven, Refrigerator

Exterior

Lot DescriptionClear
RoofCustom/Specialty
ConstructionDouble Wall, Wood Frame
FrontageRoad/Street

Additional Information

Date ListedOctober 9th, 2019
Days on Market42
ZoningRM-1
HOA Fees0.00
Description Land TenureFee Simple

Listing Details

Office

Robert Vafaie dba Maui Property

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Listing information last updated on November 19th, 2019 at 9:40pm HST.