SOLD 08/03/2021
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Commercial sold for $4,295,000 in 55 days
75-5663 Palani Rd 75-5663 Palani Rd, Kailua Kona, HI, 96740
Neighborhood: Kailua VillageOff the market Commercial/Industrial
EXCELLENT STABLE INVESTMENT WITH LONG-TERM UPSIDE OPPORTUNITY! PROFORMA 7.1% CAP RATE YEAR 2! The offering consists of the fee simple interest in the Kona Seaside Shops, a five-building resort-retail property situated on 33,411 square feet of resort-zoned land. Bordering Alii Drive & Palani Drive, the property is directly across the street from the Kona pier where cruise ships dock, is adjacent to the 125-room Kona Seaside Hotel and across the street from the Courtyard King Kamehameha Beach Hotel (452 rooms), providing excellent foot traffic on the main tourist thoroughfare in Kona. The property is currently ground lease through September 2022 at which point the improvements revert to the fee owner, providing a stable income source in the near term with long-term upside in 2022.
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Property details
1971 year built
Price per sqft
$501/sqft
Address
75-5663 Palani Rd, Kailua Kona, HI, 96740
City of Hawaii
Kailua Kona
Island
Big Island
Year Built
1971
Frontage
Main Street
Land tenure
FS - Fee Simple
Net Operating Income
133476.00
Neighborhood
Kailua Village
District
N. Kona
Nearby major retailers
Costco
Mercedes-Benz
BMW
Lowe's
Safeway
T-Mobile
Wholesale: 1
Car repair: 2
Car: 1
Do it yourself: 1
Supermarket: 1
Mobile phone: 1
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Interior Features
Concrete floors
Roof
Shingle
Property Condition
Average
Floor Covering
Concrete
Easements
Other
Documents Available
None
Garage & Parking
On Site
Utilities Included
Gas, Large Water Meter, Light Electricity
Amenities
None
Listed by
Sarah Ikioka, Standard Management LLC
Name
Sarah Ikioka
License number
RS-83473
Brokerage company
Standard Management LLC
MLS #
202115283
Payment calculator
Calculate your monthly payments
Mortgage
$13,187
Taxes
$1,677
HOA dues
$0
Mortgage
$859,000 / 20%
2.28%
30 years
Your amount
$13,187 / month
Exterior Features
Concrete Block, Wood Frame construction and more
Construction
Concrete Block, Wood Frame
Lot details
TMK #3750060170000
Parcel nr.
3750060170000
Kailua Village neighborhood info
Essentials nearby
Neighborhood stats
Walkability
Coffee shops
—
no data
Bus stop
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no data
Supermarket
—
no data
Costco
—
no data
Hospital
—
no data
Park
—
no data
Beach
—
no data
Elementary school
—
no data
Middle school
—
no data
High school
—
no data
Local airport
—
no data
People living in Kailua Village
25%
Families with children
National average: 39%
20%
Non family households
49,052
Population
$92,978
Average Income
Age & gender
Median age 42 years
More info
Commute types
84% commute by car
More info
Education level
26% have high school education
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Number of employees
20% work in entertainment services
More info
Vehicles available
40% have 2 vehicle
More info
Vehicles by gender
40% have 2 vehicle
More info
Housing market insights for 75-5663 Palani Rd
$787k
Neighborhood average
sales price*
sales price*
$674k
Neighborhood median
sales price*
sales price*
4
Number
of sales*
of sales*
Housing type
57% are single detacheds
More info
Rooms
45% of the houses have 4 or 5 rooms
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Bedrooms
66% have 2 or 3 bedrooms
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Owners vs Renters
67% are owners
More info
8.5 / 20
Below Average
►
15-20
Most Walkable
10-15
Above Average
5-10
Below Average
1-5
Least Walkable
Walkability according to the National Walkability Index
Price history
Sold Aug 3, 2021
Kailua Village Median sales price 2021
| Bedrooms | Med. price | % of listings |
|---|---|---|
| No data for selected period | ||
| Date | Event | Price | $/sqft | Source |
|---|---|---|---|---|
| Aug 3, 2021 | Sold | $4,295,000 | 501.75 | Public Record |
| Aug 3, 2021 | Price Decrease | $4,295,000 -4.45% | 501.75 | MLS #202115283 |
| Jul 1, 2021 | Pending | $4,495,000 | 525.12 | MLS #202115283 |
| Jun 10, 2021 | New Listing | $4,495,000 -4.36% | 525.12 | MLS #202115283 |
| Oct 2, 2020 | Withdrawn | $4,700,000 | 549.07 | MLS #202011757 |
| Aug 18, 2020 | Temporarily Withdrawn | $4,700,000 | 549.07 | MLS #202011757 |
| Apr 17, 2020 | New Listing | $4,700,000 | 549.07 | MLS #202011757 |
Taxes of 75-5663 Palani Rd, Kailua Kona, HI, 96740
X6 - Resort Mixed Use Precinct zoning / MLS #202115283
Current Property Taxes p/month
$1,677
Assessed Improvement value
$505,200
Assessed Land value
$981,200
Land Recorded
Land Court
Zoning
X6 - Resort Mixed Use Precinct
Flood Zone
Zone V
Total Assessed value
$1,486,400
Tax History
| Year | Taxes | Source |
|---|---|---|
| 2020 | $20,124 | MLS #202011757 |
About Tax & History Data: We obtain the price and history data from public records and / or from local MLS feeds. Please use the contact form on this page if you would like the most up-to-date information.
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Frequently Asked Questions about 75-5663 Palani Rd
What is 75-5663 Palani Rd?
75-5663 Palani Rd is a Exclusive Rights Commercial/Industrial property.
What is the rental income?
The net income is $133,476
*check with agent
What is the full address of this Commercial?
75-5663 Palani Rd, Kailua Kona, HI, 96740.
What comparable properties are nearby?
Comparable nearby commercial properties include 1039 11th Ave, Address undisclosed, 287 Wai Nani Way, 3112 Mokihana St, 254 Kaiulani Ave, 448 Kaiolu St.
Based on information from the Multiple Listing Service of HiCentral MLS, Ltd. Copyright 2024 by HiCentral Mls, Ltd. Listing courtesy of Standard Management LLC.
Our company may forward your question(s), email address, phone number, name, and any other information you may provide to a licensed real estate agent in the state where the property you are inquiring about is located. We forward your information to assist you in getting you the answers you are requesting. However, you are not obligated to work with this agent. The agent we forward your information to may or may not be the listing agent for the property. Please discuss with the agent regarding your options for representation. Information deemed reliable but not guaranteed.
Listing last updated: Aug 03, 2021
Verhouse Last checked 5 minutes ago
The closest grocery stores are KTA Super Stores, 0.29 miles away and Sack 'n Save, 0.33 miles away.
The Kailua Village neighborhood has a population of 49,052, and 25% of the families have children. The median age is 42.71 years and 84% commute by car. The most popular housing type is "single detached" and 67% is owner.