$1,995,000
This is a leasehold property. Ideal property for 1031 Exchange. Reliable rental income property. This is a unique property with panoramic ocean views, three vertical units, each rental unit comprises four floors.
Each Unit has: The Ground floor is a 2-car enclosed garage. The 2nd Floor is the Kitchen/dining room, full bath, and lanai/bedroom or officeThe 3rd Floor is a large living room, bedroom, and loft, with a lanai that leads to the 4th floor deck
The 4th Floor is a rooftop deck with 360 degree panoramic ocean and mountain views. There is virtually nothing that compares with the experience of seeing Kapaa in a way that very few will ever have. The covered lanai decking is sealed with Elastomeric Roof Coating. Total sq footage for all 3 units is 4,536.and is designated "live/work by the County of Kauai. The building is located in downtown Kapaa, two blocks from the ocean/beach park and the oceanfront bike/walking path.
Restaurants, coffee shops, grocery stores, banks, and public transportation are within walking distance. Architectural drawings, for 6 additional rental units, will be prepared next month and submitted for permit approval in Dec. I would estimate the income to be $3,500. per unit x 6 = $21k a mo- Insurance, P Taxes thus the net, assuming no debt would be approx $18,500 mo + the existing building's Gross of $11,100 Mo, paying the approx $2,300 mo ground lease, P Taxes and Insurance, Existing Netting $8,500 Mo. + Estimated Total ,would be $27,000. Mo . See the attached rendering of the proposed 6 units. The ground lease extends to 2083 and is extendable.Existing Tri- Plex ( with 3 -2 car garages ) June 1, 26 will be ,per leases $12,550. mo Gross Proposed 2 -3 unit buildings over existing parking. 1 June, 27 Projection $24,000. Mo Gross.Proposed 9 unit gross rent is projected to be $36,550. MoThe property is lease Hold with known ground rent rates through 2084 ,lease is extendable then.The current monthly
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728017
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['Leasehold']
Tenure
4597 Lehua St Unit 3, KAPAA
Listing courtesy of eXp Realty.