Residential For Sale

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