75-5749 ALAHOU ST, #25, KAILUA KONA, HI 96740

Property details

Beds / baths

20BR · 25BA

Living area

6,297 sqft

Price / sqft

$1,409/sqft

HOA

—

Days on market

31 days

Year built

2012

Property type

Residential Income · Four Or More Units

Ownership

Full

Land tenure

Fee Simple

MLS #

730091

Status

Active

Location

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About this listing

Rare offering of stabilized apartment income property at Alahou Street Apartments. 25 units in two newer buildings, with 8 2-bedroom units in building A built in 2012 and 15 studio units plus 2 2-bedroom units in Building B built in 2018, both being in excellent condition. Total of 10 2-bedroom units and 15 studio units located in the heart of Kailua-Kona town. With a high barrier to entry due to lack of water and zoned land, there are no new competing projects planned in the area at this time, leading to consistent rental pressure over time and high occupancy, typically pushing 100%. Great parking and walking distance to shopping and dining add to the desirability of this project. Priced at $8,875,000, which represents a 5.5% capitalization rate on Trailing Twelve Months (T-12) financial performance, this Offering provides an excellent opportunity for investing in the Kailua-Kona market, one of Hawaii's most popular resort/residential markets. With the planned new hospital and other growth in the area, continued upward pressure on rents and high occupancy is very likely. Walkability score of 72. Potential to convert the project to a Condominium Property Regime is available.