9 Ahahele Street

9 Akahele Street
Maui Real Estate MLS # 331494 

Click above for Photos & MLS Listing

 

List Price $799,000

Original Price $1,389,900

AWESOME $250,000 PRICE REDUCTION!!! This property sits right across the street from the beach and is a money making machine! It grosses over $8500/month and is the perfect turnkey investment. Four different income streams leave for boundless potential including living here permanently with income for the mortgage, having a grand estate close to the beach or leaving yourself a vacation hideaway with returns. It is very close to surf, airport, restaurants and shops. This unique opportunity is a must see if you know Maui and are looking for an ideal investment opportunity on the island.  Lahaina is located on the west side of Maui where the Kings and Queens made their home. Protected by three islands the weather in Lahaina is near perfect. This home is across the street from the beach in the Mahinahina area which is located just south of the world famous Kapalua Resort and just north of the very popular Kaanapali Beach Resort.

Built in 1986 this is a single family residence with an attached ohana (mother-in-law quarters).  The main house has been split into three different "non-conforming" rental spaces by enclosing the garage into a studio, and separating the upstairs and downstairs living areas.  Each unit has it's own private entrance and cooking area.  This is not your typical multifamily fourplex.  However, the use is common to Maui and typical for this area.

All tenants are on a month-to-month lease with the property manager who charges 10%.  The rental income and rental rates in this area are strong.  There has not been a break in income for years.

This is a short sale and all offers will be subject to bank approval. 

Main House 3289 square feet

Ohana 445 square feet

Lot 7,644 square feet
 

Unit "A" - 3 bed/ 2.5 bath 1740sf upstairs with two decks
Unit "B" - 1bed/1bath Ohana 445sf private yard and lanai
Unit "C" - 3bed/1.5 bath 1104sf downstairs
Unit "D" - Studio/1bath enclosed garage 600sf
 

RENTS
Unit A  $3200

Unit B  $1500

Unit C  $2600

Unit D  $1200

Totals  $8500
 

MONTHLY EXPENSES (ALL APPROXIMATES)

GET 4	$340
Property Tax	$437
Water & Sewer	$245
Homeowner Insurance	$200
Trash	$15
Electric	$480
Pest Control	$203
Landscaping	$300
Management	$850
Maintenance	$250
Total Expenses	$3320

 

SALES PRICE (asking)	$799,000
Down Payment (25%)	$199,750
Amount Financed	$599,250
Monthly Interest Payment	$2,980

Monthly Profit    $2,200

Yearly Profit    $26,400

CAP Rate    13.2%

 

 

 

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