75-5730 ALAHOU ST $2,650,000

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    75-5730 ALAHOU ST KAILUA-KONA, HI 96740

    • 16 Beds
    • 16 Baths
    • 7,240 sq.ft.
    • Multi-Family
    MLS# 632588 | Active
    Days On Market: 12 1 Views
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    Property Details

    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.

    • General Features
      • Location Lono Kona Apartments
      • Taxes Annual $9,524
      • Subdivision Lono-Kona Subdiv
      • Year Built Maximum 1972
      • Year Built Minimum 1972
    • Building Features
      • Appliances Disposal, Refrigerator, Range/Oven
      • Design Wood Frame
      • Full Bathrooms 16
      • Half Bathrooms 0
      • One-Qtr Bathrooms 0
      • Three-Qtr Bathrooms 0
      • TV Availability Cable
      • Interior Area Total 7,240
      • Pool N
      • Telephone Availability Cable
      • Washer Dryer Coin
    • Property Features
      • Fence Wall Rock/Stone
      • Land Area 16,062
      • Land Tenure Fee Simple
      • Water Municipal
      • Oceanfront Parcel N
      • Power Overhead
      • Roads Paved
      • Solid Waste Disposal Trash County-Charge
      • Vehicle Storage Parking Assigned
      • View Ocean

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    Neighborhood

    96740 (KAILUA-KONA) Demographics

    43Median Age
    157Population Density (per sq. mile)
    39%College Educated
    $66,482 Estimated Median Income
    7,889Estimated Total Home Owners
    4,850Estimated Total Renters
    62% / 38%Estimated Owner / Renter Divide
    3Estimated Average Household Size
    37,192Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days

    $525,000 Median Sales Price
    67 Homes Sold
    82 New On Market

    Average Days on Market

      Properties for Sale

        Property History

        Date Event Price Percent Change
        -- Current Price Source New Value: $2,650,000
        10/9/2019 10:48:00 PM New in Database Source

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        Based on information from MLS Hawaii, Inc. d/b/a Hawaii Information Service, listings last updated on 10/22/2019 8:50:58 AM. All information is deemed reliable but is not guaranteed and should be independently verified. All properties are subject to prior sale or withdrawal. Data may not be reproduced or redistributed and may not be used for any purpose other than individual consumer's use.

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        Cheryl Dillon, RB-18551, James W. Wright, RB-16206, 1-800-735-2100