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Karrissa L. Gore

Realtor, RS-81987

  • Office 808-769-5111
  • Cell 808-430-6782
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Lono Kona Apartments, KAILUA-KONA, Hawaii – $2,495,000

  • 16 Beds
  • 16 Baths
  • 7,240 Sqft
  • .37 Acres
  • 16 Beds
  • 16 Baths
  • 7,240 Sqft
  • .37 Acres

Lono Kona Apartments

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.

Essential Information

  • MLS® #632588
  • Price$2,495,000
  • Bedrooms16
  • Bathrooms16.00
  • Full Baths16
  • Square Footage7,240
  • Acres0.37
  • Year Built1972
  • TypeMulti-Family
  • StatusContingent

Community Information

  • AddressLono Kona Apartments
  • SubdivisionLono-Kona Subdiv
  • CityKAILUA-KONA
  • DistrictNorth Kona
  • StateHawaii
  • Zip Code96740

Amenities

  • ParkingAssigned
  • ViewOcean, Sunset

Interior

Appliances

Disposal, Microwave, Refrigerator, Range/Oven

Exterior

  • Lot DescriptionClear
  • RoofCustom/Specialty
  • ConstructionDouble Wall, Wood Frame

Additional Information

  • Date ListedOctober 9th, 2019
  • Days on Market180
  • ZoningRM-1

Listing Details

Office

Robert Vafaie dba Maui Property

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Price Change History for Lono Kona Apartments, KAILUA-KONA, Hawaii (MLS® #632588)

Date Details Change
Status Changed from Active to Contingent
Price Reduced from $2,650,000 to $2,495,000 $155,000 (5.85%)

Robert Vafaie dba Maui Property.

IDX is deemed reliable but is not guaranteed accurate by the Hawaii Information Service, Inc. Listing Service. © 2020 Hawaii Information Service. All Rights Reserved.

Listing information last updated on April 6th, 2020 at 4:40pm HST.